A deposit account is a current account, savings account, or other type of bank account, at

a banking institution that allowsmoney to be deposited and withdrawn by the account holder. These
transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the
bank, and represent the amount owed by the bank to the customer. Some banks charge a fee for this
service, while others may pay the customer interest on the funds deposited.

Major types

 Checking accounts: A deposit account held at a bank or other

financial institution, for the purpose of securely and quickly providing
frequent access to funds on demand, through a variety of different
channels. Because money is available on demand these accounts are
also referred to as demand accounts or demand deposit accounts.

 Savings accounts: Accounts maintained by retail banks that

pay interest but can not be used directly as money (for example, by
writing a cheque). Although not as convenient to use as checking
accounts, these accounts let customers keep liquid assets while still
earning a monetary return.

 Money market account: A deposit account with a relatively high

rate of interest, and short notice (or no notice) required for
withdrawals. In the United States, it is a style of instant access deposit
subject to federal savings account regulations, such as a monthly
transaction limit.

 Time deposit: A money deposit at a banking institution that cannot

be withdrawn for a preset fixed 'term' or period of time. When the term
is over it can be withdrawn or it can be rolled over for another term.
Generally speaking, the longer the term the better the yield on the
money.
hecking Account:

This is the simplest form of account, you are provided with a check book and/or a
check card and can make unlimited deposits and withdrawals limited only by the
amount of money you have in your account. You can easily access your money by
writing a check, hitting the ATM, or using your check card. Some banks will even
offer an interest bearing checking account so even your spending money can earn
some interest. Typically the interest bearing accounts are going to pay you very little,
but that little bit is more than you were getting before.

Savings Account:

A savings account is a more permanent place to keep your money, typically these
types of accounts are going to pay you more interest than an interest bearing checking
account but they will also come with more restrictions. Oftentimes you will see a
minimum deposit restriction along with a minimum balance restriction. In addition
there is a restriction in place on how often you can withdrawal funds from the
account. There is a limit of 6 withdrawals from a savings account in any given
calendar month or statement cycle. This is a federal regulation and not a quirk of the
bank so make sure you are staying within the limits of this rule, otherwise you should
look at using just a regular checking account.

Money Market Deposit Account:

These are glorified, easy access, savings accounts. You will typically see these
marketed as a savings account with a check card. Keep in mind though that these are
still savings accounts and are subject to the 6 transaction limit. While that limit does
not apply to ATM transactions it does apply to other forms of electronic
transfer/payment. If you need a checking account get a checking account, if you need
a savings account then get a savings account. Do not try to mix the two together, it
will just confuse you and make things worse.

Time Deposit (CD):

This is where you agree to deposit a specified amount of money for a specified
amount of time. If you choose to withdraw your money prior to reaching the agreed
upon maturity date you risk losing some or all of the interest earned on your initial
investment. These types accounts typically show up in the US as Certificates of
Deposit (CDs). In order to maximize the return on investment and minimize the
amount of time before you can access your funds people will build a CD Ladder.
Time deposit accounts are a great way to earn more with your stagnant money without
significantly increasing your risk and playing the stock market.
Depository institutions may offer a great variety of accounts, but they
generally fall within one of these five types of bank accounts:

Checking Accounts
a checking account is a type of bank account from which you use checks to
withdraw your money. You may use checks to pay your bills, purchase
products and services (at businesses that accept personal checks), send
money to friends and family, and many other common uses. You can also use
checks to transfer money into accounts at other banks and financial
institutions. You have quick, convenient, and, if needed, frequent-access to
your money. Typically, you can make deposits into the checking account as
often as you choose. Many banking institutions will enable you to withdraw or
deposit funds at an automated teller machine (ATM) or to pay for purchases at
stores with your ATM card.

Some checking accounts pay interest; others do not. A regular checking

account - frequently called a demand deposit account - does not pay interest,
while a negotiable order of withdrawal (NOW) checking account does.

Banks and financial institutions may impose fees on checking accounts,

besides a charge for the checks you order. Fees vary among banks. Some
institutions charge a bank account maintenance or flat monthly fee regardless
of the balance in your checking account. Other institutions charge a monthly
fee if the minimum balance in your checking account. Other institutions charge
a monthly fee if the minimum balance in your checking account drops below a
certain amount any day during the month or if the average balance for the
month drops below the specified amount. Some banks charge a fee for every
transaction in your bank account, such as for each check you write or for each
withdrawal you make at an ATM. Many institutions impose a combination of
these banking fees.

Although a checking account that pays interest may appear more attractive
than one that does not, it is important to look at fees for both types of checking
accounts. Often checking accounts that pay interest charge higher bank fees
than do regular checking accounts, so you could end up paying more in fees
than you earn in interest.

Money Market Accounts

Most banks and financial institutions offer a type of interest-bearing account
that allows you to write checks called a money market account. This type of
bank account usually pays a higher rate of interest than a checking or savings
account does. Money market accounts often require a higher minimum
balance to start earning interest, but they frequently pay higher rates for
higher balances. Withdrawing funds from a money market account may not be
as convenient as doing so from a checking account. With a money market
account, each month, you are limited to six transfers to another account or to
other people, and only three of these transfers can be by check. As they do
with checking accounts, most banks and financial institutions impose fees on
money market accounts.

Savings Accounts
Another type of bank account, a savings account, allows you to make
withdrawals, but without the flexibility of using checks to do so. As with a
money market account, the number of withdrawals or transfers you can make
on the savings account each month is limited.

Many banking institutions offer more than one type of savings account -- for
example, passbook savings and statement savings. With a passbook savings
account you receive a record book in which your deposits and withdrawals are
entered to keep track of transactions in your savings account; this record book
must be presented when you make deposits and withdrawals. With a
statement savings account, the bank regularly mails you a statement that
shows your withdrawals and deposits for the savings account.

As with other types of bank accounts, a bank may assess various fees on
savings accounts, such as minimum balance fees.

Certificate of Deposit, CD, Time Deposits

Time deposits, often called certificates of deposits or CDs, are also among the
various types of bank accounts commonly offered. They usually provide a
guaranteed rate of interest for a specified term, such as one year. Banks and
financial institutions offer certificates of deposit that allow you to choose the
length of time, or term, that your money is on deposit. CD terms can range
from several days to several years. Once you have chosen the term you want,
the bank will generally require that you keep your money in the certificate of
deposit account until the term ends, that is, until "maturity". Some banks will
allow you to withdraw the interest you earn even though you may not be
permitted to take out any of your initial deposit (the principal).
Because you agree to leave your funds for a specified period, the bank may
pay you a higher rate of interest than it would for a savings or other type of
bank account. Typically, the longer the term, the higher the annual percentage
yield.

Sometimes a bank allows you to withdraw your principal funds before

maturity, but a penalty is frequently charged. Penalties vary among banks,
and they can be hefty. The penalty could be greater than the amount of
interest earned, so you could lose some of your principal deposit.

A bank will notify you before the maturity date for most certificate of deposit
accounts. Often certificates of deposit renew automatically. Therefore, if you
do not notify the bank at maturity that you wish to take out your money, the
certificate of deposit will roll over, or continue, for another term.

Basic or No Frill Banking Accounts

Many institutions offer a type of bank account that provides you with a limited
set of services for a low price (often referred to as "basic" or "no frill"
accounts). Basic accounts give you a convenient way to pay bills and cash
checks for less than you might pay without an account. They are usually
checking accounts, but they may limit the number of checks you can write and
the number of deposits and withdrawals you can make. Interest generally is
not paid on basic accounts. Compare basic and regular checking accounts for
the best deal in low fees or low minimum balance requirements.

Credit Union Accounts

Credit unions offer accounts that are similar to accounts at other depository
institutions, but have different names. Credit union members have "share
draft" accounts (rather than checking), "share" accounts (rather than savings),
and "share certificate" accounts (rather than certificate of deposit).

.fixed deposit account

2.saving account
3.current account
4.home saving account
5.family saving account
4.2.1 Deposit accounts

All the Islamic banks have three kinds of deposit accounts: current, savings and
investment.

4.2.1.1 Current accounts

Current or demand deposit accounts are virtually the same as in all conventional
banks. Deposit is guaranteed.

4.2.1.2 Savings accounts

Savings deposit accounts operate in different ways. In some banks, the depositors
allow the banks to use their money but they obtain a guarantee of getting the full
amount back from the bank. Banks adopt several methods of inducing their clients to
deposit with them, but no profit is promised. In others, savings accounts are treated as
investment accounts but with less stringent conditions as to withdrawals and
minimum balance. Capital is not guaranteed but the banks take care to invest money
from such accounts in relatively risk-free short-term projects. As such lower profit
rates are expected and that too only on a portion of the average minimum balance on
the ground that a high level of reserves needs to be kept at all times to meet
withdrawal demands.

4.2.1.3 Investment account

Investment deposits are accepted for a fixed or unlimited period of time and the
investors agree in advance to share the profit (or loss) in a given proportion with the
bank. Capital is not guaranteed.