BANKING AFFAIRS

Detailed explanation-1: -Traditionally, you deposit money in your bank by visiting the nearest branch. Another way to deposit money in the bank account is through an ATM-cum-cash deposit machine. You do not need an ATM card to deposit money through ATMs.

Detailed explanation-2: -A deposit in finance is typically when you transfer money to a bank account like a checking account for safekeeping. However, it can have other meanings as well. For example, you may need to place a deposit, or a certain amount of money, with a business to secure goods or services such as for a rental.

Detailed explanation-3: -In financial terms, “deposit” means placing money into the care of a bank or other financial institution. Financial institutions and banks offer numerous types of deposit accounts with varying benefits.

Detailed explanation-4: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts. Each type has its advantages.