Date: August 8, 2017
Transactional
- Current Account with checking facility or Savings Account
- With statement or a passbook.
- Transact at branches or self-service banking facilities (egs ATM, Internet Banking, Phone Banking or Cash Deposit Machine).
- On-Demand withdrawal at branches or self-service banking facilities. Allow salary credit, GIRO, bill payment facility or NETS transaction.
Special Savings
- Internet-only account or with regular savings feature (requires a fixed sum to be deposited monthly).
- Usually pays higher interest Some restrict or disallow withdrawals.
- Those which allow withdrawals normally impose a fees or pay lower interest.
Fixed/Time Deposit
- Funds have to be maintained for a fixed tenor.
- Interest rate is also fixed upfront at placement.
- Premature withdrawal will result in no / lower interest. Some may impose a penalty fee.
