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What is deposit and its types?

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Answer:

PRIMARILY, banks offer two kinds of deposit accounts. These are demand deposits like current/saving account and TERM deposits like fixed or recurring deposits. When you open a deposit account in a BANK, you become an account holder or a depositor. Saving accounts are used to meet daily on-demand REQUIREMENTS of cash.

Explanation:

Types of Deposits

Savings Bank Account.

Current Deposit Account.

Fixed Deposit Account.

Recurring Deposit Account.

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