BANKING AFFAIRS

Detailed explanation-1: -Deposit products include savings accounts, checking accounts, certificates of deposit (CDs), and money market accounts. A checking account is a transactional account.

Detailed explanation-2: -A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.

Detailed explanation-3: -Savings deposits are also called deposit accounts. This is different from a current account because it’s a savings instrument and the only operations available are paying in or withdrawing money. A deposit account has a bankbook, which is where all the withdrawals and deposits are recorded.

Detailed explanation-4: -This is the most basic type of account you can open at any bank. A Savings Account, by definition, allows you to deposit your money, safe with the bank, so you don’t have to carry it around with you or hide it in that rusted old steel safe at home. Don’t worry, you can withdraw these funds when you need them.