What are the 4 types of deposit?
Commercial banking institutions categorize customer funds into four primary deposit classifications based on liquidity and withdrawal terms. The first is demand deposits, encompassing standard checking accounts that permit immediate, unrestricted fund withdrawals on demand without prior notice. The second is savings deposits, which offer secure storage for personal funds while earning modest interest, subject to standard regulatory withdrawal guidelines. The third is time deposits or certificates of deposit, requiring funds to remain locked with the bank for a fixed maturity period in exchange for higher interest yields. The fourth is recurring or cumulative deposits, allowing savers to deposit fixed monthly amounts over a specified timeframe to achieve long-term savings goals.
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