What's the difference between a current account and a fixed account?

Time deposit is a kind of time deposit with agreed deposit period, one-time deposit of principal and one-time withdrawal of principal and interest at maturity.

Current account is a service with unlimited deposit term. Cash can be accessed at any time through the counter or through bank self-service equipment with bank card or passbook and reserved password during bank business hours. Rmb demand deposit 1 yuan, and the initial deposit amount of foreign currency demand deposit is not less than 20 yuan equivalent to foreign exchange. Demand is that deposits can be withdrawn at any time, and the funds are flexible, but the interest is low.

Time limit:

The term of a deposit in a bank can range from 3 months to 5 years, from 10 years. Generally speaking, the longer the deposit term, the higher the interest rate.

Traditional time deposits include not only certificates of deposit, but also passbooks, also called passbook time deposits. However, 90 days is the basic interest-bearing days, and no interest will be calculated after 90 days. Compared with demand deposits, time deposits are more stable and have lower operating costs, and the deposit reserve ratio held by commercial banks is correspondingly lower. Therefore, the capital utilization rate of time deposits is often higher than that of demand deposits.