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Retail bank accounts Main Features

The types of bank accounts are, in essence, an accounting record opened by the client with a certain banking institution. This process is arranged through a contract between the parties to preserve their respective rights and obligations according to applicable rules, customs and procedures.

Retail banking services encompass a variety of bank accounts’ types. Labels and conditions of each type vary from one bank to another, but the majority of these accounts fall into three basic categories: current account, savings account and time deposit account.

Each bank’s account type, "current, savings and time deposit," has its own features that distinguish it from the other types. In addition, there are differences within the same account type that occur from one bank to another.

Current Account Features

- No interest is paid on the account balance.
- Can be opened without any fees.
- No minimum deposit required to open the account.
- The client can receive an ATM card with this account type.
- Allows the client to perform a host of traditional banking operations 
  such as deposit and withdrawal using ATMs.
- Ability to deposit and withdraw money as long as the account is active 
  and has a credit balance.
- Allows you to shop and pay for purchases at points of sale, any time 
  and within the balance available in the account.
- The account holder is allowed to request a checkbook.
- Through this account, the checks can be cleared for payment or 
- Service bills can be paid from the current account directly via 
   telephone or online banking.
- The account enables you to send and receive money domestically and 
- You can open a joint current account.
- The bank does not pay any profits or interest on funds held in the 
   current account.
- The bank issues a periodic statement that details the operations 
  performed by the client, and shows its current balance.

Saving Account Features

- A bank account that allows client to transact with his bank by  
  withdrawing or depositing money at any time.
- Can be used as a means of savings or to apply short-term investment 
- Not subject to a specified period term.
- Provides the client with a safe way to save his money.
- Some banks require a minimum deposit to earn interest on your 
- Savings accounts pay a specified interest on the outstanding balance.
- The method of calculating profits varies depending on your agreement 
   with the bank; interest may be applied daily or monthly.
- Some banks provide their savings account clients with ATM cards.
- Checkbooks could be provided with such accounts, but some banks    
  may not offer this privilege.
- No salary transfer required.
- Client can use e-banking services over internet, mobile and phone.
- The client can obtain a quarterly statement of his account.

Time Deposit Account Features

- The account allows you to deposit money with your bank.
- This account type is also called "fixed deposit account", "term deposit" 
  or "investment deposit".
- This account requires a minimum deposit amount.
- The bank pays a specified interest in return for having money held in 
  the account at its disposal for a specified time.
- The deposit period starts from one week.
- Fees are charged if the client requests for premature withdrawal of 
  deposit before it expires. 
- The client may not receive the profits earned on the account if he 
   requests to break a fixed deposit.
- The client does not receive a checkbook.
- The client does not receive an ATM card.
- The client earns interest on the deposit.
- The client can extend the maturity of deposits to a new term.
- Return on time deposit accounts is often higher than the interest paid 
  on savings accounts.

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