How to choose a suitable deposit?

Bank deposit is the most understandable and secure way to save money. In addition, it allows you to earn at the expense of bank remuneration. A monetary deposit is placed by the depositor in the bank for a certain or indefinite period on the basis of an individual agreement. The bank stores money and pays remuneration to the depositor as a percentage of the balance amount according to a pre-agreed schedule.

Types of bank deposit products

There are three types of bank deposits-term, non-term, and savings deposits. Some depositors will find it easier to maintain a current bank account, and more experienced in Finance may find it interesting to purchase a certificate of deposit.

A deposit will help you not only save your savings but also create your own financial strategy, depending on the tasks at hand. What types of deposits allow you to manage money during the term of the deposit agreement-partially or completely withdraw money from the deposit, report? Consider each of the three types.

Term bank deposit

This is a deposit for a certain period, from one month to a year, or for several years. It can be either top-up or not top-up. Conditions for partial withdrawal may also differ from bank to bank. At the end of the term, the depositor can withdraw the money available on the deposit or extend the term of the deposit for the next period to prolong the agreement. Automatic prolongation of the agreement can also be provided in the agreement itself, in case the depositor does not contact the bank on the day of the agreement expiration.

If the early withdrawal of money is not provided the money necessary, the investor always has the right to terminate the contract, in this case, the bank will recalculate the yield on the deposit, depending on the actual period of storage of money and the money will be paid within 7 calendar days of receipt of a depositor.

Non-urgent bank deposit

This deposit, which allows it to serve the current financial needs of the investor: money is refundable fully or partially on demand of the depositor, the depositor shall have the right to remuneration due to him separately from the deposit amount. Interest rates for such deposits are usually lower than for term deposits.

Savings bank deposit

This is a deposit for a certain period from one month to a year, or for several years. The depositor may request a refund ahead of time, but in this case, the remuneration will be paid at the rate of the deposit on demand. Unlike a term deposit, where the amount can be claimed in full or in part, in a savings deposit, the payment will only be made in full. The payment period in this case will be 30 calendar days.

Banks offer the highest remuneration for savings deposits: depositors can get up to 13.5% on deposits in tenge.

Current account

Bank accounts are opened and maintained free of charge. This account must be opened for the client to issue a bank card, to transfer pensions and benefits (except for payments from the State pension payment center). The bank will only carry out current account expenditure operations within the amount available on the account, based on the client’s written instructions when contacting the bank or in the Internet banking system. Having a current account, the client will be able to pay for goods and services in the Internet banking system.

The bank has the right to set a commission fee for operations on withdrawing money or transferring it to another account, but some banks may also charge a fee on the account balance. Transactions related to business activities on current bank accounts are not allowed.