Types of Traditional Deposits

Date: August 8, 2017


  • 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.