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MK Finserve > Deposits

Deposits

Deposits :

Deposits are funds or a certain amount of money placed into an account at a bank in order to increase the available balance of the account. There are three main types of deposit accounts you can use to save money for meeting your financial needs. Depending on your needs, one or more of the account will be an instrument to meet your specific financial goals or to save money for future for emergency purposes. Choose the right type of deposit for a secure life. Here are the descriptions of three types of bank accounts.

  • Demand Deposits Account: Demand deposits are the kind of deposits which are repaid when demanded by the customers. Demand deposit consists of Current account deposits, Savings bank deposits, and Call deposits. Current account deposits are not eligible for interests but for Savings bank deposits, interests are given to encourage saving habit in the community.
  • Term Deposits Account: Term deposits are repaid only on maturity as agreed. They are Fixed deposits and Recurring deposits. Fixed deposits are repayable on a prefixed maturity date whereas the customer deposits a fixed sum into the account at a pre-fixed frequency (generally monthly / quarterly) for a specified period. Specific rate of interests are given to the customer for term deposits.
  • Flexi Deposits: Hybrid deposits or flexi deposits are the combination of demand and term deposits. This is for the convenience of the customers to meet their various financial needs.
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