This document discusses various banking deposit products including savings accounts, current accounts, fixed deposits, recurring deposits, and accounts for non-resident Indians (NRI) such as NRO, NRE, and FCNR accounts. It provides details on the key features of each type of account such as eligibility, interest rates, minimum balances, withdrawal limits, and tax treatment. The different account types available to residents and NRIs are compared in a table focusing on aspects like repatriation ability, tax treatment, currency, and exchange rate risk.

1. BANKING PRODUCTS DEPOSITS

2. Team- 8
M.RASHMIKA - 19M024
BHUSHAN - 19M008
G.VENKATESH - 19M050
B.AKHIL - 19M003

3.  Bank deposit
 Types of deposits
 Saving account
 Current account
 Fixed deposits
 Recurring deposit
 NRE
 NRO
 FCNR
 Difference between NRO,NRE,FCNR

4. A deposit is a transaction involving
a transfer of money to another party
for safekeeping.
Bank allows money to be deposited
and withdrawn by the account holder.
Bank Deposit

5. Types of deposits
 Demand deposits
 Time deposits

6. Demand deposits:-
Customers able to withdraw money at any time
 These include savings account, current account
Time deposits:-
 Any deposit which is not repayable on
demand is a time deposit
 These include fixed deposits & recurring
deposit

7. Products of banking - deposits
 Savings account
 Current account
 Fixed deposit
 Recurring account
 NRO,NRE,FCNR

8. Savings account
 A savings account is an interest-bearing deposit account held at a bank
 People who wish to save apart of current income to meet the future needs
 Customer should maintain the minimum balance in his account
 Minimum balance is varies from bank to bank
 Usually 500 RS is the minimum balance
 interest is credited twice in a year
 Interest is paid on quarterly basis on the minimum balance
 calculated between 10th and 30th of every month
 interest rate is 4%
 Cheque book is issued

9. INTEREST PAYMENTS

10. Current accounts
 Current accounts are opened by business men & corporates
 No interest is paid on this deposits
 Mandatory maintenance of a minimum credit balance in the account
 No restriction on number / amount of withdrawal
 Overdraft
 Loans and advances are given

11. Fixed deposits
 Fixed deposits also called as Term deposit
 Deposit money for fixed period
 High interest rates
 Which is repayable on the expiry of a specified period

12. Interest payments
Interest may be paid on monthly, half yearly
or quarterly
 Withdraw is not permitted through cheques
Interest rate is varies from bank to bank
Depends up on the amount and period of time
Time period for fixed deposits is 7 days to 10 years

13. SBI Term Deposit interest rates: Below Rs.2 crore

14.  Recurring Deposits provides customers with the flexibility to invest an amount
of their choice each month and save money with ease
 The interest rate usually ranges from 5% - 7%
 The period of deposit starts at six months and the maximum period of deposit is
ten years
 The rate of interest is equal to that offered for a Fixed Deposit
 The bank may allow to close the account before the maturity period
Recurring deposit

15. Non resident external rupee account
The NRE account is an Indian rupee denominated account
The foreign currency you deposit into the account is converted to INR
You can transfer your funds to a foreign account from a NRE account without any
complications and restrictions
The international debit card enables you to transaction and withdraw money 24/7

16. Non-resident ordinary account
An NRO account is a savings or current account held by NRIs in India to manage their
income earned in India
Account holders can deposit and manage their accumulated rupee funds without any
hassle
The account allows you to receive funds in Indian or Foreign currency
You can apply for an NRO account jointly with a resident Indian or even an NRI
However , the interest you earn in this account is subject to Tax Deducted at Source

17. FCNR Account
A Foreign Currency Non-Resident bank account allows you to transfer your
foreign income to India in the same currency as your resident country
It is a term deposit with a minimum tenure of 1 year and a maximum of 5 years
Interest from FCNR deposits is exempt from Indian income tax
A number of banks in India offer FCNR accounts to NRIs
Like SBI,ICICI,AXIS,HDFC,IDBI,YES banks

18. Basis N.R.O N.R.E FCNR
Who can open such
accounts
NRI , resident before becoming
An NRI
NRI NRI
Type of accounts Current / savings/fixed deposits Current / savings/fixed deposits Fixed deposits
Repatriation Interest can be repatriated but limit
on principal amount is $1Mill
Can be repatriated Can be repatriated
Tax Taxed as per applicable slab rate Tax free Tax free
Period of fixed
deposits
For the periods as announced by the
deposit taking bank
For the periods as announced by
the deposit taking bank
For terms not less than 1 year
and not exceeding 5 years

19. Rate of interest Banks are free to determine interest
rates
Banks are free to determine
interest rates
Banks are free to determine
interest rates within the ceiling
Joint accounts
NRI along with NRI/Resident of
India
Only be opened by NRIs NRI along with NRI/Resident
of India
Deposits Can deposit in foreign and Indian
currency
Can deposit only in foreign
currency
Can deposit only in foreign
currency
Exchange rate risk Not prone to risk Prone to risk Not prone to risk
Currency INR INR Us dollars , pounds, Euro