Solid material left or laid down by a natural process. For example, deposits can include layers of sand and mud left by streams, an accumulation of stones and debris left by a melting glacier, or a layer of coal formed over many years as decomposing plant material became fossilized.
- You can make unlimited deposits into your Money Market, Online Savings and Interest Checking accounts. If you are using Ally eCheck Deposit℠, you’re only allowed to deposit checks totaling $50,000 in a single day and up to $250,000 every 30 calendar days.
- Certificate of deposit (CD) definition. A CD is a type of savings account that has a fixed rate and a maturity date. Typically, the rate (APY) on a CD is higher because you must keep your funds in.
A deposit is the act of placing cash (or cash equivalent) with some entity, most commonly with a financial institution, such as a bank.
The deposit is a credit for the party (individual or organization) who placed it, and it may be taken back (withdrawn) in accordance with the terms agreed at time of deposit, transferred to some other party, or used for a purchase at a later date.
Deposits are usually the main source of funding for banks.[citation needed]
Types[edit]
A deposit may take a number of forms, including:
Demand deposit[edit]
A demand deposit is a deposit which is deposited for regular withdrawal like saving bank account or current bank account etc.
- Transactional account (checking account or current account, by country), the depositor has the right to use the money at any time, sometimes short notice periods are agreed. Also called call deposit or sight deposit.
Time deposit[edit]
Deposits which are kept for any specific time period are called time deposit or often as term deposit.
- Term deposit (or time deposit), bear a fixed time and fixed interest rate[1]
- Fixed deposit in India [2]
- Certificate of deposit in the U.S. and Canada
- Overnight lending occurs usually from noon to noon, using a special rate to give as security or in part payment.
See also[edit]
References[edit]
- ^term deposit, Investopedia, accessed 2012-05-14.
- ^[1], Deposit your trust in Fixed Deposits, siliconindia.com
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