Types of Deposited services or Account

Saving Account

• It can be opened with a minimum deposit of $50


• Person who open this account will be given a pass book

• Will be given low rate of interest

• Can withdraw at any time they like where they need to fill in withdrawal slip or use the ATM and use the deposit slip to keep money

• Suitable for depositors who wish to save small amount of money



Current Account
 
• It can only be opened with a certain minimum sum ($500 in some banks)


• Will be given a cheques book

• No interest will be paid

• Can withdraw anytime by using cheques

• Bank will sent bank statement every end of the month

• Suitable for businessman as it is a convenient and safe method of making payments and deposits

• It allow other services such as standing order, direct debit and credit transfer

 
Fixed Deposit Account
 
• It can be opened with a minimum of $500 (or $1000 in some banks)


• Account holder will be given a fixed deposit certificate of acknowledgement

• High interest will be paid

• Cannot withdraw at any time. Need to wait for certain date

• Suitable for depositors who have extra money and wish to earn high interest