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Bank Deposits

Non-Resident Accounts

Welcome to today's lesson on non-resident bank accounts. These are accounts held by Indian nationals and Persons of Indian Origin residing abroad, foreign nationals, and foreign companies in India. Our bank branches have the authority to open ordinary non-resident accounts in the names of private individuals. However, there are certain conditions that must be met. The initial deposit must be received from abroad through an approved manner or in foreign currency during a visit to India. Alternatively, the funds can be transferred from the existing non-resident account of the same person. Let's dive deeper into the details.

Demand deposits

Deposit refers to the money that a bank receives from a customer, which can be withdrawn at any time by the customer. In banking terms, this is known as a demand deposit, as...

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Recurring Deposit or Cumulative Deposit Account

A bank account that requires a depositor to deposit a fixed amount (in multiples of Rs 5 or Rs 10) every month is known as a recurring deposit account. This deposit is typic...

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Savings bank account

's deposits Let's discuss a financial term that may seem commonplace but holds significant importance in the world of banking and finance - the savings account. This type of ...

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Receipt

A vital document demonstrating an investor's deposit to a bank, known as a certificate of deposit. It provides essential information such as the deposited amount, interest p...

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