The following are some of the deposit schemes available in banks:
1.
Current
Account
2.
Savings
Account
3.
Term
Deposit/Fixed Deposit/ Recurring Deposit Account
4.
Multi
Option Deposit Account
The
first three accounts were already discussed in Class XI and the last type is
discussed below:
Multi
Option Deposit Scheme
is a term deposit which is not fixed at all and comes with a unique
break-up facility which provides full
liquidity as well as benefit of higher rate of interest, through the savings
bank account. One can also keep that deposit intact by availing an overdraft facility,
to meet occasional temporary funds requirements. Individual banks have their
own deposit schemes to suit the current as well as future needs of the people.
You may visit nearby branches of the banks and collect information about
different types of deposit accounts to ascertain the comparative advantages and
limitations of the different types of deposit schemes.