Types of deposits with features and deposit

making process

Introduction:
Money and banking are an integral part of everyday life. Banks provide a variety of financial
products to assist you in managing your money on a daily basis. The bank is one of those
places where we may put money and have it remain safe while also earning interest over
time. This is referred to as a deposit, and each deposit is given a unique identification by the
bank, which is referred to as an account. Each deposit is associated with a distinct account,
and vice versa. We utilise numbers to uniquely identify accounts on purpose. It’s called the
account number. It could also be a string of alphanumeric characters. For different people,
bank deposits serve different objectives.
On the basis of purpose they serve, bank deposit accounts may be classified as follows:
Savings Bank Account
Current Deposit Account
Fixed Deposit Account
Recurring Deposit Account

Savings account- A minimum initial deposit, that varies by bank, is required to start this sort
of account. Money can be transferred into this account at any time. Withdrawals can be done
by filling out a withdrawal form, writing a check, or using an ATM card. The number of
withdrawals from this account is generally restricted by the bank.

Current deposit account- Savings bank accounts are not ideal for them because they have
limits on the number of withdrawals they can make. The bank does not pay interest on the
balance of this deposit. Rather, the account holder pays an annual operational charge of a
certain amount. These accounts also contain a feature known as an overdraft. Banks also
allow accountholders to withdraw funds in excess of their deposit balance for their
convenience.

Fixed Deposit Account- This sort of deposit account allows you to make a one-time deposit
for a fixed period of time. This deposit period can last anything from 15 days to three years or
longer, during which no withdrawals are permitted. The depositor, on the other hand, can
request that the money be withdrawn before the maturity date. In this scenario, banks offer a
lesser rate of interest than what was originally agreed upon.

Recurring Deposit Account- A customer must agree to deposit a certain sum once a month
for a fixed period of time when opening an account. On maturity, both the principal and
interest on the deposit are due.
The account can be opened by an individual, jointly with another, or in the name of a minor
by a guardian. The rate of interest allowed on the deposits is higher than a savings bank
deposit, but lower than a fixed deposit rate for the same term.
Banks chosen:
Public sector bank- SBI
Private sector bank- HDFC
Co-operative bank- GUJARAT STATE CO. BANK ltd.

1. HDFC bank.

 HDFC Bank offers Term Deposits and Fixed Deposits as investment options.
FDs allow an investor to park any excess funds for the purpose of earning
interest. This plan has a fixed interest rate and a set time period. A fixed
deposit can be opened with HDFC Bank for a period ranging from 7 days to
10 years. On FDs, the lender pays interest ranging from 2.50 percent to 5.50
percent each year. The interest rates for the HDFC Bank FD programme range
from 2.50 percent to 5.50 percent per annum. Senior citizens are entitled to a
rate that is 0.50 percent greater than the standard rate. The internet banking
facility can be used to open or close an FD account. Take use of the Sweep-in
feature, which allows you to transfer money from your FD to your savings or
current account if the amount in your savings or current account falls below a
particular threshold.
Take advantage of the Super Saver facility to take advantage of the cash in your
savings or current account. You can link your savings or current account to your FDs
and use an overdraft facility for your needs.
HDFC Bank FD Eligibility Criteria
Indian resident
Member of the Hindu Undivided Family
Firms with Sole Proprietorship
Firms with partnership
Trusts
Limited Companies
How to Open an FD Account with HDFC Bank
You can open an HDFC account both online and offline. The following are the stages
for both methods:
Step 1: Create an account with HDFC Net Banking.
Step 2: Select the 'Transact' section next.
Step 3: Select 'Open Fixed Deposits' from the drop-down menu.
Step 4: Fill in all of the required information, such as HDFC branch, nominee, FD
tenure and amount, and so on.
Step 5: After filling out the information, click 'Continue' and then 'Confirm.'

The highest rate for HDFC Bank Fixed Deposits is 5.50 percent p.a. for deposits
under Rs.2 crore, with terms ranging from 5 years 1 day to 10 years. A minimum
deposit of Rs.500 is required to open a standard FD account. A Tax Saving Term
Deposit requires a minimum deposit of Rs.100. TDS exemption can be obtained by
filing Form 15G or 15F.
  Minimum Balance Requirement for HDFC Regular Savings Accounts 10,000 rupees
(metro/urban branches)5000 rupees (semi-urban branches), 2,500 rupees (Rural
Branches. The annual interest rate is 4%.
In India, there are around 11000 ATMs and a large network of branches.
Sweep-in Facility Fixed Deposit will be automatically dissolved due to a lack of funds
in the Savings Account BillPay Pay your utility bills on the phone or online.
For the first year, the Demat Account Annual Maintenance Charge (AMC) is waived.
Withdrawals of cash
Free cash withdrawals from other banks' ATMs
HDFC Savings Account Interest Rates, 2022
Bank Balance Interest Rate (% p.a.)

Below Rs. 50 lakh 3.00

 Rs 50 lakh to less than Rs 1000 crore 3.50

Rs. 1000 crore and above 4.50

HDFC Savings Accounts Types

1. Regular Savings Account

2. Women's Savings Account
3. HDFC Savings Max Account
4.HDFC Specialé Platinum and Specialé Gold
5.HDFC Youth DigiSave Account
6. Senior Citizen's Account at HDFC
7.Kids Advantage Account at HDFC

An HDFC Savings account can be opened online through the HDFC Bank website or
the HDFC mobile app.
Documents Required for Opening an HDFC Savings Account
PAN Card
Address & Identity Proof (any of the following)
Aadhaar Card
Voter’s Card
Driving License
Passport
Certificate issued by the government
Passport-sized photograph

 HDFC Bank offers a recurring deposit with a minimum deposit of Rs. 1,000
and a maximum deposit of Rs. 14.99 per month, with a 6-month minimum
term and a 10-year maximum term.
 To fulfill the needs of various businesses, HDFC Bank offers 18 different
kinds of current accounts. Current accounts primarily deal with liquid deposits
and allow for easy withdrawal of funds. They do not have a limit on the
number of transactions that can be made per day.
 2. SBI :
 Fixed deposit
The minimum deposit period is seven days. The maximum deposit period is ten
years. All branches have them. The minimum deposit is Rs. 1,000/-, with
subsequent deposits in multiples of Rs. 100/-. The maximum deposit is: There is
no upper limit. Bulk deposits are those that are worth more than Rs. 2 crore. The
depositor receives interest on a Term Deposit quarterly from the date of issue or at
maturity, along with the principle. In the case of Term Deposits with terms of
twelve months or more, interest may be paid at monthly, half-yearly, or yearly
intervals on the depositor's request. Only individual nominations are available.
Transferability is permitted between our branches.

 recurring deposits
Deposit timeframe 12 month minimum, 120 month maximum. The minimum
monthly deposit is Rs. 100/- (followed by multiples of Rs. 10/-). Maximum Deposit Amount:
There is no maximum deposit amount. Non-deposit of monthly instalments carries the
following penalty: Rs. 1.50 per Rs. 100/- each month for a/cs with a maturity duration of 5
years or less Rs. 2.00 per Rs. 100/- every month for a/cs having a maturity duration of more
than 5 years On Recurring Deposit accounts paid out on or after the maturity date, where
there is a default in payment of three or more consecutive instalments and the account has not
been regularised, an AA service charge of Rs. 10/- would be imposed. If six consecutive
instalments are not received, the account will be terminated early and the remaining balance
will be paid to the account holder.
At the time of account opening, instructions for the disposition of maturity proceeds are
accepted. Individual nominations are the only ones that are available. The Universal
Passbook is now available. It is possible to get a loan or an OD against a deposit.
Transferability is permitted between our branches. Rate of Interest for Public and Senior
Citizens Term Deposits.

 Multi option deposit scheme

The account will be cancelled early if six consecutive instalments are not received,
and the remaining balance will be paid to the account holder. Instructions for the
disposition of maturity proceeds are accepted at the time of account opening.
The only nominations that are accessible are for individuals. The Universal Passbook
can now be purchased. A deposit can be used to secure a loan or an OD.
Between our branches, transferability is allowed.
Term Deposit Interest Rates for the Public and Senior Citizens.
Features. Term Deposit (TD) account / Special Term Deposit (STD) account
Minimum deposit period is one year, maximum deposit period is five years
MOD Creation Minimum Term Deposit Amount: Rs. 10,000/- (in multiples of Rs.
1,000/- afterwards). Individual nominations are the only ones that are available.
The Universal Passbook is now available to buy. An OD or a loan can both be secured
with a deposit.
 3. Gujarat state co. bank:
 Savings account:
An SB account can be formed in one person's name or in the names of two or more
people. In the case of a joint account, it can be used jointly or separately, with either a
survivor or former survivor clause. A minor's account can also be opened and handled
by a natural guardian. A club, a society, or an association can open an account. Only
Rs.500/- is required to open a Features Account.
Net Banking is available for free. There is no requirement for an average quarterly
balance in order to use the free mobile banking service. Passbook is available for free.
RTGS, NEFT, IMPS, and UPI have no fees. Outward Clearing/Funds Transfer
transactions

 Fixed deposit:

https://gscbank.co.in/products/fix-deposits/

 Current account:

Who can open a Current Account in GSB?

 Individual – Single / Joint account
 Sole Proprietorship firm
 Partnership firm & LLP
 Hindu Undivided Family
 Limited company – Private / Public
 Trust ,Club, Association & Society
 Government / Semi – Government Bodies / Department

Individuals (excluding illiterates, undischarged solvents, and lunatics), sole proprietorship

firms, partnership firms, private and public limited corporations, HUFs, local bodies, clubs,
societies, associations, trusts, executors, administrators, liquidators, and others may open
CAs.
Individuals can open accounts with Rs.1000/- and non-individuals can open accounts with
Rs.5000/-. Net Banking is available for free.
There is no requirement for an average quarterly balance in order to use the free mobile
banking service. RTGS, NEFT, IMPS, and UPI have no fees. Outward Clearing/Funds
Transfer transactions have been given more time. Personalized chequebooks are available.
Offering Personalized RuPay Debit Card featuring a slew of benefits, including unique offers
on shopping, dining, and more (in collaboration with RUPAY)

ANNUAL REPORTS

1. HDFC BANK
2. SBI BANK
Innovation/Change in practice due to COVID 19
 1. HDFC BANK
HDFC Bank, a private lender, reported on Monday that advances increased by 16
percent in the September quarter compared to the same period last year, while
deposits increased by 20%. According to an exchange filing, the lender's total
advances at the end of September were Rs 10.37 lakh crore, up from Rs 8.9 lakh crore
the previous year. On the liabilities side, the lender saw a 20% increase in deposits,
bringing the total to Rs 12.2 lakh crore, up from Rs 10.2 lakh crore the previous year.
Despite the fact that both loans and deposits climbed by 3% sequentially. HDFC Bank
CEO Aditya Puri said the firm will tap into pent-up demand from retail customers to
help the bank reach pre-shutdown levels, anticipating borrowers taking out new loans
to buy vehicles, appliances, and other consumer goods during the festive season. Puri
had previously stated, "HDFC Bank is back to pre-Covid levels; there is no burden on
our balance sheet, and we have solid capital adequacy levels." "People have begun to
spend, and things are looking up."
2. SBI
SBI has taken steps to delay instalments and interest/EMIs on Term Loans payable
between 01.03.2020 and 31.05.2020 as part of the RBI COVID 19 regulatory
package. As a result, the total repayment time will be three months longer than it was
originally.

Reference:
1. https://www.sbi.co.in
2. https://www.hdfc.com/investor-relations
3. https://gscbank.co.in
4. https://www.paisabazaar.com/hdfc-bank/savings-account/