First Published: April 23, 2011 | Last Updated:June 28, 2017. Every day, thousands of new job vacancies are listed on the award-winning platform from the region's top employers. Demand deposits If the funds deposited can be withdrawn by the customer (depositor / account holder) at any time without any advanced notice to banks; it is called demand deposit. 0000120117 00000 n Bank deposits are money placed into a deposit account at a banking institution, such as savings accounts, checking accounts and money market accounts.
Mainly, there are two types of deposits viz.
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0000141911 00000 n In case of Cash Book affairs, a Contra entry is an adjustment entry which does not affect your total fund position as debit and credit aspects of a single transaction are entered in the same account, but in different columns.
0000094876 00000 n Contra is a Latin word meaning “the other side” or “Opposite”. 0000076796 00000 n Foreign Currency Non-Resident Account Bank or FCNR (B) was first introduced in 1993. This account is opened by the NRIs in 6 designated currencies as follows: Please note that FCNR account is opened ONLY in the form of Term Deposits and NOT in the form of Demand Deposits.
0000137678 00000 n 0000035700 00000 n The Bank is High CASA ratio (CASA deposits as % of total deposits) are in a more comfortable position than the Banks with low CASA ratios , which are more dependent on term deposits for their funding, and are vulnerable to interest rate shocks in the economy, plus lower spread they earn.
One can withdraw the funds from these accounts any time by issuing cheque, using ATM or withdrawal forms at the bank branches.
0000094492 00000 n This rate varies from bank to bank.
0000056808 00000 n A Recurring Deposit can usually be opened for any period from 6 months to 120 months. © Copyright 2009-2019 GKToday | All Rights Reserved, Summits and Conferences in Current Affairs MCQs, Science & Technology Current Affairs MCQs, Important Days and Events Current Affairs MCQs, Awards, Honours & Persons in News Current Affairs MCQs, Environment & Biodiversity Current Affairs MCQs, Business, Economy & Banking Current Affairs MCQs, Government Schemes [India & States] Current Affairs MCQs, India Current Affairs [Nation & States] MCQs.
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0000225603 00000 n Time Deposits and Demand Deposits. In the Flexi Deposits amount in savings deposit accounts beyond a fixed limit is automatically converted into term-deposits.
Which of the following is not included in the category of cash? © 2000-2020 Bayt.com, Inc. All Rights Reserved.
Further, minimum balances may be prescribed in order to offset the cost of maintaining and servicing such deposits. 0000133123 00000 n For example, while we get an interest on savings accounts; no interest is paid on current accounts. endstream endobj 339 0 obj <>/Metadata 6 0 R/Pages 5 0 R/StructTreeRoot 8 0 R/Type/Catalog/ViewerPreferences<>>> endobj 340 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 341 0 obj <> endobj 342 0 obj <> endobj 343 0 obj <> endobj 344 0 obj <> endobj 345 0 obj <> endobj 346 0 obj <> endobj 347 0 obj [/Separation/PANTONE#202768#20C/DeviceCMYK<>] endobj 348 0 obj <>stream 0000142169 00000 n 0000100184 00000 n This account was introduced as NRE scheme in 1970. 0000153476 00000 n 0000003843 00000 n 0000076174 00000 n Click here to read about difference between current account and savings account. 0000088333 00000 n X��� �b C���bi&]�\�����93D�Kz�1K��lc(g�a���.��P# ��!�!�!�A��ˣ���5& �U[���Q���� �s`�a�䥂x����:YFƃ��~2��^�3�exΘ�Y 4�GK(Ϥ_.���ܯ�e`�` zX(2 The most common example of Time deposits is “Fixed Deposit”. If the funds deposited can be withdrawn by the customer (depositor / account holder) at any time without any advanced notice to banks; it is called demand deposit.
In India, the bank deposits are covered under the insurance scheme provided by DICGC.
Interest rate depends upon the tenure and amount of deposit. 0000050986 00000 n 0000094191 00000 n The journal entry will be as follows: Contra entry.,,,,,,,?????????????????????
��D�n�g � ,�LY���L�2���g��_��~۽��Z�(�(�o�ۣ��ٔ��lj���5O�kք�/j j����|8�KI�>z�wa��f� )4j���A�M*`z��ɧs����O-q�Vεqv����V���S��åBqb_A��ƀ��(x���E@�iN ��+0'О��>��)�,��8�`��ː5s��v���ղ�@7��m�4�! Further, banks also provide a combination of demand and time deposits in the form of various products. Why a bank , cash deposit say Credit, Withdraw say Debit why? As mentioned above, there are two types of demand deposits viz.
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Kristy May Falogme, Internal Auditor , Citimart Group of Companies, Answer added by suraj k.c, Sr. xref All time deposits are eligible for interest payments.
0000004648 00000 n The interest rate is generally higher for time deposits of longer tenure. 0000056707 00000 n Current Accounts and Checking Accounts A checking account — also known as a current account in some parts of the world — is a demand deposit account.
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0000076962 00000 n 0000088636 00000 n It Is Contra Entry Debit Bank A/c , Credit Cash A/c, contra entry --------------------------------------------------------------------. If a person has NRE account and wishes to transfer to FCNR, it is permissible without prior approval of the RBI. 0000100485 00000 n 0000000016 00000 n For deposits of tenure up to one year simple interest is paid and for deposits of tenure beyond one year the interest is compounded at half yearly rests. %%EOF
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@6�z��e�h�&k%�uY�@e}/,#��k�e�`�e���(B�@ j��C�8�����w� ��Zo�� ���$�8}^chi��=r�PJ�(qU��������p����l.#ZJu��])�Ң�$GM^�5w�A�Y�T� xnA+���0�%zFg�YYG�k���̸ @>3���7���4�% +���"v\~a 97����,0O�)'�����Tpϸs@8 ���� ��:�3R� �yp�6���Da�i�r�C�L�����tQ�����+�I���@Y%.�5���A5����é��Qԏ�4 �T/m"V�nS&��{�|Q��Cޚo3?�� Xڬm[��j�����.��E"����i���WT�����Q/���V0hS��Y�.��5ԺU�/$�W�z�oHk�J��n�$6�'HQ7/�������q����|&��[�)��ϔ0�����&@��C¬�ھ I������B��jܝ]�52�>_�8���-?wZZ�i����B�U9��S�/��t�T!�����JE���������1��c�����ߠ�3z�~߮7��p�1�M��� 1���� �O0�Loq�mG(��C�M�h.k���# �E����9����F-����0kd`/�B�\�X.��k0 �*n� 6HN�a:+8(x�� or log in Normally, when a resident becomes a non resident, his domestic rupee account gets converted into the NRO account.
0000154007 00000 n Types of Customers and Nature of Accounts - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online.
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Similarly, if a corporation has divisions or units that are not separately incorporated, the FDIC would combine the deposit accounts of those divisions or units with any other deposit accounts of the The number of partners, members, stockholders or account signatories established by a corporation, partnership or unincorporated association does not affect insurance coverage.
Banks are called custodians of public money and mobilization of the deposits from the public is the most important function of the commercial banks. 0000094465 00000 n
This helps the NRI to get his credits which accrue in India, for example rent or interest from investments. 0000002530 00000 n
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0000142549 00000 n 0000108716 00000 n For the Holiday Club May 4, 2020 Minimum