There is a lot of things to consider when it comes where to investing your money. You can deposit all you money into your bank account to get reasonable interest rate. If you are thinking to deposit your money then here is something that you should know. Previously, there were only four major types of bank deposits, savings account, current account, fixed deposits and recurring deposits. However, in the modern time, most of banks have come up with some new banking deposits having the combined features of two or more types of accounts like 2-in 1 deposit, smart deposit, power saving deposit. If you want to know about new banking rules then you can visit https://thebankingnews.com/.
Different types of accounts
Saving Account
It is the most popular ones offering you high liquidity, providing lot of flexibility in terms of deposit and withdrawal. The interest rate of the bank deposit can be 4% and some of the banks also provide up to 6-7%. In such types of account deposits, there is no limit for deposit and withdrawal. A person can take out full amount from his account if he wants and same goes with deposit. He can deposit as much as he wants. If you are confused in calculating your interest then there are several agencies offering you interest calculating services. If you want to calculate then you can visit https://rdcalculatorpro.com/.
Recurring deposit
It is especially a term deposit, in which you don’t have deposit lump sum amount rather you have to deposit fixed amount of money every month. The amount could be any figure but not less than Rs 100, it has the maturity period ranging from 6 to 120 months, you can ask your bank to withdraw the amount from your saving account and deposit to your recurring deposit.