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TYPES OF DEPOSIT ACCOUNTS
What is a Demand Deposit account?
A Demand Deposit is a bank account from which funds can be withdrawn at any time without prior notice, such as a savings or current account.
What is the maximum cash withdrawal limit per week under BSBDA?
BSBDA holders can withdraw up to Rs. 10,000 per week.
What distinguishes a Time Deposit from a Demand Deposit?
A Time Deposit (term deposit) requires funds to be kept with the bank for a fixed period, and premature withdrawal may attract a penalty, unlike demand deposits which are withdrawable on demand.
What is the maximum balance allowed in a BSBDA-Small account?
The maximum balance in BSBDA-Small account is Rs. 50,000.
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