Define: Call Deposit Account

A call deposit account is a type of bank account that allows customers to deposit funds and withdraw them on demand, similar to a checking account. However, the interest rates on call deposit accounts are typically higher than those on regular checking accounts.

With a call deposit account, customers can deposit funds into the account and earn interest on their balance. They can also withdraw funds from the account whenever they need them, without any restrictions or penalties.

Yes, call deposit accounts are generally considered safe. They are typically offered by reputable banks and are subject to regulatory oversight. However, it is always important to choose a reliable bank and ensure that the account is insured by a deposit insurance scheme.

Yes, most banks offer online banking services for call deposit accounts. This allows customers to conveniently manage their account, view their balance, and make transactions online.

Some banks may have a minimum balance requirement for call deposit accounts. This means that customers need to maintain a certain amount of funds in the account to avoid fees or account closure. It is important to check with the specific bank for their minimum balance requirements.

Yes, call deposit accounts typically earn interest on the deposited funds. The interest rate may vary depending on the bank and prevailing market conditions. It is advisable to compare interest rates offered by different banks before opening a call deposit account.

Yes, many banks allow customers to link their call deposit accounts to other accounts, such as savings accounts or investment accounts. This can provide flexibility in managing funds and transferring money between accounts.

Yes, customers can have multiple call deposit accounts with different banks or even with the same bank. This can be useful for segregating funds or taking advantage of different interest rates or services offered by different banks.

Yes, customers can generally close their call deposit account at any time. However, it is important to check with the bank for any specific procedures or requirements for closing the account, such as providing a written request or visiting a branch in person.