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Bank Deposit Account Types Explained

This document outlines the basic types of bank accounts and transactions. It discusses savings accounts, checking/current accounts, time deposit accounts, ATM accounts, and the preparation and use of deposit and withdrawal slips. Savings accounts provide incentives to save and allow deposits and withdrawals. Checking accounts allow withdrawals by check and have lower interest rates. Time deposit accounts have fixed terms. Withdrawal and deposit slips are used to take money out of or put money into an account and require information like the account name, number, date, and amount.

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Amimah Balt Guro
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56 views51 pages

Bank Deposit Account Types Explained

This document outlines the basic types of bank accounts and transactions. It discusses savings accounts, checking/current accounts, time deposit accounts, ATM accounts, and the preparation and use of deposit and withdrawal slips. Savings accounts provide incentives to save and allow deposits and withdrawals. Checking accounts allow withdrawals by check and have lower interest rates. Time deposit accounts have fixed terms. Withdrawal and deposit slips are used to take money out of or put money into an account and require information like the account name, number, date, and amount.

Uploaded by

Amimah Balt Guro
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Basic

Documents
and
Transactions
Related to
Bank
Deposits
Business usually
maintains two
types of account:
(1) savings
account
(2) checking or
current account
Savings Accounts
 These are
intended to
provide an
incentive for the
depositor to save
money.
 The depositor
can make
deposits and
withdrawals
using the form
provided by the
bank. .
 Some savings
accounts have a
passbook, in
which
transactions are
logged in a
small booklet
that the
depositors keep
Checking or
Current
Accounts
 Money held
under a
checking
account can be
withdrawn
through
issuance of a
check.
 Banks usually
allows
numerous
withdrawals
and unlimited
deposit under
this type of
account.
 The interest
rate for
checking
account is
usually lower
as compared to
a savings
account.
Time deposit
account (or a
certificate of
deposit
account)
which is a type
of a savings
account that is
held for a
fixed-term and
can be
withdrawn
only after the
lapse of the
agreed period
and by giving
notice to the
bank.
ATM
(Automated
Teller
Machine)
account-
wherein
withdrawals
can be made
through
designated
machines. This
is a 24 hour
teller machine
and the funds
can be
withdrawn
anytime.
Preparation of
bank deposit
and withdrawal
slips
A withdrawal
slip and deposit
slip are written
orders to the
bank. These slips
are used to take
out money or to
put in money to
the depositors
account.
Without a
withdrawal slip,
the bank will not
allow you to get
money from your
account. The
required
information in
the withdrawal
slip are:
 Account Name
 Account
Number
 Date of the
withdrawal
 Type of
account -
savings or
current
 Currency
 Amount to be
withdrawn - the
amount that the
depositor wishes
to withdraw
from his
account. The
amounts in
words and in
figures are
indicated.
 Signature of the
Depositor
Deposit Slip
The bank
provides deposit
slip that the
depositor will
fill up every
time the
depositor will
put in money to
his account. The
usually required
information in a
deposit slip are:
 Account
Name
 Account
Number
 Date of Deposit
 Type of
Account
 Currency
 Amount in
words and in
figures
A check is a
document that
orders a bank to
pay a specific
amount of money
from a person's
account to the
person in whose
name the cheque
has been issued.

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