It is known that the financial well-being of a person cannot be achieved without certain knowledge. The correct information about all the services of the bank will help you invest money correctly and extract the maximum percentage of profit from it. In this article, you will learn more about the concept of a deposit account and what it is intended for.
So, let's try to give an exact definition of this financial term. A deposit account allows you to keep your money organized. At the same time, it opens for a fixed period of time and is intended mainly to extract additional profit. Deposit account involves the calculation of certain interest. Here lies the benefit to the customer. Interest on such a deposit is always higher than on current accounts. They depend on the time period in which you will notify the bank in advance that you intend to terminate your contract ahead of the time specified in it.
Both individuals and legal entities can open a deposit account. It contains free cash from the current deposit. This also accrues interest. After the expiration of a certain period, discussed in bank documents, money is returned back.
It is also worth noting that the interest accrued on the account also depends on their current rate. A deposit account can be opened both in certain types of foreign currency and in rubles. What is more profitable? At the moment, experts argue that it is better to open an account in rubles, because the situation with foreign currencies can hardly be called stable.
Before using this advantageous banking service, it is necessary to carefully study the conditions that are offered to depositors. Nowadays, a similar account can be opened in virtually any bank in Russia. A person has a choice. Usually, the main factor that affects the decision to open a deposit account with a bank is the interest rate.
Consider the benefits of this financial service. Such accounts are the most popular form of investment. Why? This is a very simple way to increase money, which is available to every person; certain knowledge is not needed to use it.
As you know, the world has not yet recovered after a wave of financial crisis, and the economic situation is extremely unstable. At the moment, interest rates on deposits and accounts are quite low. However, this does not mean at all that such banking services have lost their relevance. A deposit account is your chance, if you do not increase money, then at least save them from inflation. That is why such a service is popular among the broadest sections of society.
There are two types of deposit accounts - demand and urgent. The first option is short-term. It is worth noting that demand accounts have fairly low interest rates. The next type of service is more profitable in this regard. Time accounts always have high interest rates. They are intended for the storage of funds for a long period. What explains the difference between interest rates? Everything is very simple. Urgent accounts allow the bank to use the funds of the depositor for a sufficiently long time. This, in turn, brings additional profit. A demand account is short-term and, therefore, less profitable for banking institutions.
Now you know what a deposit account is. However, do not forget that before you decide to use this service, you need to clarify all the conditions that a particular bank offers to its depositors.