Types of Deposits and Bank Accounts

Types of Deposits and buzzword broadsides marges know money from the public by way of redress subscribes. The following types of pay offs are usually received by banks flow desexualiseSaving clingFixed depositRecurring deposit miscellaneous deposits on-line(prenominal) DepositAlso keyed demand deposit, genuine deposit can be with drawn by the depositor at whatsoever time by cheques. Businessmen generally open sure numbers with banks. Current accounts do not carry any raise as the total deposited in these accounts is re payable on demand without any restriction. Banks usually haste a sharp amount known as incidental charges on menstruum deposit accounts depending on the number of transaction.HSBCs current account takes the get at out of managing your daily finances. You wont need to rush around to pay your bills simply arrange for direct debit payments or issue a cheque and mail it at your convenience. Whats more, youll mictu evaluate approaching to your account and a wide range of banking transactions, 24 hours a day, seven days a week with our atmosphere Cards.MCB make your everyday banking simple. It is as well a entire gateway to a world of products and services designed to meet your inevitably.MCBs current account is analogous a swiss army dig easily accessible, it comes with multiple features that are perfect for your daily banking needs like cheque books, overdraft facilities, credits cards, mobile banking and so on. nest egg deposit/Savings Bank AccountsSavings deposit account is meant for individuals who wish to deposit small amounts out of their current income. A saving account can be opened with or without cheque book facility. There are restrictions on the rentls from this account. Savings account holders are also allowed to deposit cheques, drafts, dividend warrants, etc. drawn in their favour for collection by the bank. To open a nest egg account, it is necessary for the depositor to be introduced by a somebody having a current or nest egg account with the same bank.MCB s retirement political platform offer a comfortable retirement to old people. Start forthwith by putting aside as little as Rs 1,000 apiece month in your Retirement Plan. This can help old person to better enjoy their lives peacefully without depending on others.MCB also offer educational plan by which it can offer a good prox to your children. Education is key to your childrens future. But sport you thought about the comprise of higher(prenominal) studies? Start planning today by investing in our Education Plan. Planning your childs future, with the Education Plan, you only have to contribute a monthly minimum amount of Rs500. Our financial experts get out help you choose the investment funds that best suit your needs in our wide range of products.Barclays offer junior saving account. As a parent, you know its never too early for your child to apprise to save. And its a better way to teach them with a fun, golden way saving the junior way, enjoying high interest place. Your child entrust be able to see his money grow faster, thanks to a higher interest tempo than a normal savings account. wager is mensurable daily and credited half-yearly. Enjoy attractive interest rates as high as 1 months FD. Your Child is protected.MCB offers Junior 12-17. Teenagers have different expectations. Junior account 12-17 caters for their fast evolving needs while enable you to save for their future and benefiting fromFresh and rewardingStart saving with a minimum deposit of only Rs 500Earn interest on your savingsLet your child learn to manage money with a MCB Junior CardRegister for MCB Refill and your child can recharge mobile credits on the go (Emtel and Orange)Fixed depositThe terminus Fixed deposit means deposit repayable after the end point of a specified period. Since it is repayable only after a primed(p) period of time, which is to be determined at the time of opening of the account, it is also kno wn as time deposit. Fixed deposits are most useful for a commercial bank. Since they are repayable only after a fix period, the bank may invest these funds more fruitfully by lending at higher rates of interest and for comparatively eternal periods. The rate of interest on fixed deposits depends upon the period of deposits. The longer the period, the higher is the rate of interest offered.Barclays Bank- A Fixed Deposit Account can be a great way to save as it helps to remove the temptation to dig into your savings, all the while earning a higher rate of interest over a fixed term. As a Premier Banking customer you earn a significantly higher interest on your Fixed Deposits, with accounts available in both local and unconnected currencies. With your Fixed Deposit Account you getA fixed rate of return over an agreed period of 3 to 12 months calculated flat on the principal,Choice of account currency (SCR, GBP, EUR and USD)Minimal cost on analyseage of the deposit before adultho odYou may fall in for this account along with another applicant, where you may choose to have both parties be need to sign any instructions to debit the account or any of the parties sufficing for the transaction to be accepted. In addition, you may betoken for other parties to operate your Fixed Deposit Account on your behalf. We call such a nominated person an authorised signatory.To open a Fixed Deposit Account, you are required to have a current or savings account with us. Upon applying for your Fixed Deposit Account, you can abide us with instructions on how to manage the principal and interest in the account upon maturity of the deposit or provide the instructions when you receive your Renewal Notice. You may ask us to roll over the deposit plus interest at current rates, to roll over the deposit only and credit the interest your current or savings account, or to credit the principal plus interest to your current or savings account.While you are guaranteed a fixed interest on the principal, should you break your deposit former to maturity, you will be charged a break fee and the pro-rated interest calculated based on the prevailing here and now Savings Account interest rate and the period over which the deposit was held.SBM Our term deposit gives you the option of placing your money for a fixed term, thereby earning a higher rate of interest.FeaturesMinimum deposit of Rs 50,000Interest payable monthly, quarterly, half yearly or at maturityInterest gainful to Current / Savings account (CASA) / by chequeTerm Deposits offered for periods of 12, 24 and 36 monthWhat happens if I want to withdraw the money forward to the maturity date?Floating Rate Deposit Encashment of deposit prior to maturity is at the discretion of the bank.Interest may be forgo if funds are withdrawn within 3 months of date of deposit.A penalty of either 1% or the cost incurred by the Bank for backup of the Deposit (whichever is higher) may be charged at the Banks discretion.F ixed Rate Deposit Encashment of deposit prior to maturity is at the discretion of the bank.In addition to 1% penalty, customer opting for fixed rate of interest will have to bear the cost of replacement of funds in case of premature encashment.The penalty to be levied for encashment of a fixed rate deposit will be determined at the time of encashment. The penalty will depend on the market rate prevailing on the date of encashment.Recurring DepositsUnder this type of deposit, the depositor is required to deposit a fixed amount of money every month for a specific period of time. Each instalment may quit from Rs.5/- to Rs.500/- or more per month and the period of account may deepen from 12 months to 10 years. After the completion of the specified period, the customer gets back all his deposits along with the cumulative interest accrued on the deposits.Miscellaneous DepositsBanks have introduced several deposit schemes to attract deposits from different types of people, like theme Co nstruction deposit scheme, Sickness Benefit deposit scheme, Children Gift plan, senior age pension scheme, Mini deposit scheme, etc.ATMAn machine-driven Teller Machine (ATM) is a computerized machine that permits bank customers to gain access to their accounts with a magnetically encoded plastic card and a code number. It enables the customers to carry out several banking operations without the help of a teller, such as to withdraw cash, make deposits, pay bills, obtain bank statements, effect cash transfers.Advantages of ATM in MauritiusGet 24 hour access to your money free of charge to any HSBC accountholderSaves time since no need to queue up at the Bank counterWithdraw or Deposit exchangeTransfer FundsBalance EnquiriesBanksATM points in MauritiusMCBAround 91SBMAround 44HSBCAround 16BARCLAYSAround 33