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How do certificates of deposit differ from other types of bank account?
Wiki User
∙ 13y ago
A Fixed Deposit (also called a Certificate of Deposit) is the bank account that has the highest effective annual return. A FD Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit
Wiki User
∙ 13y ago
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Difference between current account and call deposit account?
A call deposit account is a hybrid form of Current account and general saving account which allows us to withdraw money at any time as in current account and provides us interest on the deposit amount as in other saving account.
How do you write a check for deposit into another one of your other accounts?
If you have more than one account with the same bank you can simply transfer money from one account to the other (i.e. savings to chequing or vice versa). This can be done online if you have online banking or at the till. You could even withdraw money from an ATM out of one of your accounts and then deposit it into another.Assuming that the accounts are not with the same bank and you want to write a check to "transfer" from one account "source" to deposit into the other bank account "target".You can make the check out to "Cash" and endorse it (sign the back).It would be wise to write your "target" bank account number in the memo portion of the check preceeded by the word "deposit". Just be sure to get a deposit receipt and ensure that it was deposited into your account. Be aware that the bank may place a hold on the deposit amount until it receives the funds from the other bank (your check does not bounce).
How long for a check to clear the account?
It depends on various factors. Let us take a look assuming you have got a check from a friend who has an account in ICICI Bank, Chennai: a. If you visit any ICICI Bank branch in Chennai and deposit the check into your ICICI account - Usually the same day b. If you visit any ICICI Bank branch outside Chennai and deposit the cheque into your ICICI account - Usually the same or next working day c. If you visit any other bank in Chennai and deposit the check into your account - 2 to 3 business days d. If you visit any other bank outside Chennai and deposit the check into your account - 3 to 5 business days
How long does a cheque take to clear after being presented?
It depends on various factors. Let us take a look assuming you have got a cheque from a friend who has an account in ICICI Bank, Chennai:If you visit any ICICI Bank branch in Chennai and deposit the cheque into your ICICI account - Usually the same dayIf you visit any ICICI Bank branch outside Chennai and deposit the cheque into your ICICI account - Usually the same or next working dayIf you visit any other bank in Chennai and deposit the cheque into your account - 2 to 3 business daysIf you visit any other bank outside Chennai and deposit the cheque into your account - 3 to 5 business days
What happens if you put someone else's name on a banking account?
They also become a joint holder or owner of the bank account and the account becomes a joint account. You and the other person you put into the account can operate the account independently and can carry out transactions like deposit, withdrawal, balance inquiry etc.
Is bank account an a bank deposit account the same?
No. A bank account can be a checking or savings. It is the account in your name where you deposit and withdrawl funds from. A bank deposit is when you put money into the account either by you walking into the bank and handing them cash or a check and the bank teller processes it to be put into your account. They are two different things but they are related.
What are certificates of deposits?
Certificates of deposit are a good idea because they are a high interest deposit and offer a higher interest rate than a savings account and treasury bills and notes. Because National Bank Of Kansas City is FDIC insured, your CD deposit is less risky than a lot of other investments too. bankofkc.com /personal/cdfaqs.aspx
Difference between current account and call deposit account?
A call deposit account is a hybrid form of Current account and general saving account which allows us to withdraw money at any time as in current account and provides us interest on the deposit amount as in other saving account.
Is it possible to deposit SSS check into any other bank?
A person can deposit a SS check in an account as long as the account is in your name. The check also has to be in your name.
Can you deposit someone else's check into their bank account?
Yes, most all banks allow anyone to deposit money into an account of anyone else. When doing this, the receipt they give you showing the deposit will not show the balance of the other persons account, as this is private information.
If you have zero balance account in PNB branch can you deposit money in any other branch in same bank?
yes you can deposit money in any other branch of pnb bank.
How do you write a check for deposit into another one of your other accounts?
If you have more than one account with the same bank you can simply transfer money from one account to the other (i.e. savings to chequing or vice versa). This can be done online if you have online banking or at the till. You could even withdraw money from an ATM out of one of your accounts and then deposit it into another.Assuming that the accounts are not with the same bank and you want to write a check to "transfer" from one account "source" to deposit into the other bank account "target".You can make the check out to "Cash" and endorse it (sign the back).It would be wise to write your "target" bank account number in the memo portion of the check preceeded by the word "deposit". Just be sure to get a deposit receipt and ensure that it was deposited into your account. Be aware that the bank may place a hold on the deposit amount until it receives the funds from the other bank (your check does not bounce).
What does TTEE mean?
TTEE is an abbreviation for "trustee." The trustee on a trust or on a other deposit account controls the assets in the trust or the funds in the account.
How is checking account credit defined?
Its a transaction deposit account where you can deposit or withdraw money from using checks or automated cash machines. It allows more than one withdrawal and that's what makes it different from other accounts.
Is there a certain amount of money required to open a free checking account at most banks?
The Answer is Yes, most and if not all banks require an initial deposit of $100.00 dollars to Open a new account. Other bank require a higher initial deposit but to the best of my knowledge for the most part a one hundred dollar deposit will do to open an account.
Can a bank freeze a new account?
Yes. If the opening deposit is a check, they will probably not let you withdraw very much of it until the check has been accepted by the issuing bank. That could be overnight or a few days if the other bank is in the US, or several days if it is drawn on a foreign bank. If the deposit is a sight draft or other collection item, your account will not even be credited with the deposit until it has been collected. If you open the account with a cash deposit, the funds should be available immediately.
What is involved in setting up direct deposit pay on a checking account?
To set up direct deposit pay on a checking account, you will need to provide your employer with the necessary information, such as your bank account number and routing number. They will then initiate the direct deposit process by sending your pay electronically to your checking account. Once set up, your pay will be automatically deposited into your account on the designated pay dates.
