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This deposit matures on a specific date in the future, along with all the deposits made every month. Recurring deposit schemes allow customers to build up their savings through regular monthly deposits of a fixed sum over a fixed time. The minimum period of a recurring deposit is six months, and the maximum is ten years. [3]
The term fixed deposit is most commonly used in India and the United States. It is known as a term deposit or time deposit in Canada, Australia, New Zealand, and as a bond in the United Kingdom. A fixed deposit means that the money cannot be withdrawn before maturity unlike a recurring deposit or a demand deposit. Due to this limitation, some ...
It was established on 15 July 1978 under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits , such as saving, fixed, current, recurring deposit for up to the limit of Rs . 500,000 of each depositor in a bank.
It is possible for a bank to engage in business with no local deposits at all, all funds being brokered deposits. Accepting a significant quantity of such deposits, or " hot money " as it is sometimes called, puts a bank in a difficult and sometimes risky position, as the funds must be lent or invested in a way that yields a return sufficient ...
The Marathi Vishwakosh (lit. ' Marathi Encyclopedia ') is an online free encyclopedia in Marathi language, funded by the Government of Maharashtra, India. [1] [2]The project to create the encyclopedia started as a print project and was inaugurated in 1960, and Lakshman Shastri Joshi was named the first president of the project.
The Marathi Wikipedia (Marathi: मराठी विकिपीडिया) is the Marathi language edition of Wikipedia, a free and publicly editable online encyclopedia, and was launched on 1 May 2003.
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts , current accounts or any of several other types of accounts explained below.
The deposit account is a liability of the bank and an asset of the depositor (the account holder). On the other hand, a bank can lend some or all of the money it has on deposit to third parties. Such accounts, generally called loan or credit accounts, are subject to similar but reverse principles of a deposit account.