Description: Accepting Deposit, Accepting Deposits || Functions of Commercial Banks || Primary Functions, primary functions - accepting Deposit, Functions of Commercial Bank | Accepting Deposit | Money and Banking | 12th | Commerce - TG Campus
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Deposit may refer to:
A deposit account is a savings account , current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer. Some banks may charge a fee for this service, while others may pay the customer interest on the funds deposited.
Subject to restrictions imposed by the terms and conditions of the account, the account holder (customer) retains the right to have their money repaid on demand. The customer may or may not be able to pay money into or out of the account by cheque , internet banking, EFTPOS or other channels, depending on those terms and conditions.