What is the difference between a savings deposit and a time deposit

Savings deposit refers to a type of deposit set up for individual residents to accumulate monetary assets and earn interest. Savings deposits are basically categorized into two types: demand and time deposits. Although demand savings deposits can be withdrawn at any time, the certificate of withdrawal - passbook can not be circulated and transferred, and can not be overdrawn.

1, demand deposits is a type of savings deposits. Refers to the term is not stipulated, you can access the cash at any time a kind of savings. Demand deposits to 1 yuan for the starting point. More deposits are not limited. Account issued by the bank when the passbook, with the passbook access, an annual settlement of interest.

2, time deposits, also known as "time deposit". Banks and depositors in the deposit of the two sides agreed in advance period, interest rate, the maturity of the deposit to withdraw the principal and interest. Some time deposits can be sold in the market before maturity when the depositor needs the money; some time deposits cannot be transferred, and if the depositor chooses to withdraw the money from the bank before maturity, he needs to pay a certain fee to the bank.

The difference is as follows:

1, different concepts: demand savings deposits is a deposit period is not certain, customers can withdraw money at any time, access to the amount of unrestricted savings. Demand deposit is a bank deposit, the depositor can deposit or transfer money at any time without prior notice.

2. Different forms: forms of demand deposits include checking deposit accounts, certified checks, cashier's checks, traveler's checks and letters of credit. Demand savings account. Demand savings deposits start at $1 and are not limited to more than $1. The bank will issue a passbook or credit card. Once the account is opened, the passbook or card can be accessed at any time.

3. Different interest rates: the interest rate on demand deposits is usually higher than that on call deposits.

Extended information:

Bank Deposit Notes:

1, check in person The amount of the deposit, after checking correctly fill out the deposit slip.

2, when the deposit, the staff to the completion of the process, check the name of the deposit, the amount of money to match, the deposit period and type of term or call, do not put the call and term deposit error, that will affect the interest earnings.

3, when someone recommended products higher than the bank interest rate for the same period, it is necessary to verify whether the deposit or insurance. If it belongs to insurance, it may cause loss of earnings if it is withdrawn in the middle, and the principal may suffer loss if it is withdrawn within the payment period.

4. When signing a contract, you have to see whether it is a bank or an insurance company. The most direct evidence to determine whether it is a deposit business or an insurance business is the contract.

Baidu Encyclopedia - Demand Savings Deposit

Baidu Encyclopedia - Demand Deposit