{"id":4917,"date":"2019-02-16T14:09:17","date_gmt":"2019-02-16T08:39:17","guid":{"rendered":"http:\/\/astan.lk\/al_virtualclassroom\/?p=4917"},"modified":"2019-02-16T12:28:24","modified_gmt":"2019-02-16T06:58:24","slug":"types-of-deposits","status":"publish","type":"post","link":"https:\/\/astan.lk\/al_virtualclassroom\/types-of-deposits\/","title":{"rendered":"Types of Deposits"},"content":{"rendered":"
Commercial banks maintain the following types of deposits<\/p>\n
Current Account (Demand deposit) <\/strong><\/p>\n
A type of account where there is no interest on the balance and transactions are done by issuing cheques. Overdraft facilities and telermachine facilities are also available \nSavings account <\/strong><\/p>\n
The purposes of introducing the type of account is to promote the saving habit among the people by providing on interest on the balance. Cash can be withdrawn and de posited at anytime. Transactions via Telermachine is also available. \nFixed Deposit <\/strong><\/p>\n
A deposit for a specific period of time and with a fixed interest rate. A High interest rate is paid on this deposit. \nFacilities rendered to businessmen through the current account <\/strong><\/p>\n
\u2022 Payment can be made through cheques.<\/p>\n
\u2022 Remittance facilities<\/p>\n
\u2022 Overdraft facilities<\/p>\n
\u2022 Statement of accounts<\/p>\n
\u2022 Standing order facilities \nThe types of loan facilities in commercial banks.<\/strong><\/p>\n
\u2022 Over draft<\/p>\n
\u2022 Loans<\/p>\n
\u2022 An overdraft is a facility given by a bank to a customer issuing a cheque above the balance available in the current account.<\/p>\n
\u2022 Overdraft can be categorized as temporary overdraft, permanent overdraft<\/p>\n
\u2022 A bank loan is an amount of money given by the bank to be paid on a specific interest. It is given on certain conditions. \n\u2022 Loans can be categorized as bank loans, business loans and consumer loans.<\/p>\n
![](\"http:\/\/cdncache-a.akamaihd.net\/items\/it\/img\/arrow-10x10.png\"){kind=icon}
<\/a>, medium or long term and consumer loans are given for the purchase of long term fixed assets and sudden expenses.<\/p>\n","protected":false},"excerpt":{"rendered":"