Various Deposits in Bank

Demand Deposit
A Demand deposit is one which can be withdrawn at any time, without any notice or penalty.
e.g. money deposited in savings account in a bank. 

Time Deposit
Time depot is one which  cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term.

Fixed Deposits 
FDs are the deposits that are repayable on fixed maturity date along with the principal and agreed interest rate for the period. Banks pay higher interest rates on FDs than the savings bank account. 

Recurring Deposits 
These are also called cumulative deposits and in recurring deposit accounts, a certain amount of savings are required to be compulsorily deposited at specific intervals for a specified period. 

Savings Account 
Savings account is an account generally maintained by retail customers who deposit money (i.e. their savings) and can withdraw them whenever they need. Funds in these accounts are subjected to low rates of interest.
In these accounts the money can be withdrawn at any time whenever they need. So it is subjected to low interest rates.

Current Accounts 
These accounts are maintained by the corporate clients or business peoples that can be operated any number of times in a day, There is a small maintenance charge for the current accounts for which the holders enjoy facilities of easy handling, overdraft facility etc 

FCNR Accounts
Foreign Currency Non-Resident accounts are the ones that are maintained by the NRIs in foreign currencies like USD., DM, and GBP etc. These account is a term deposit with interest rates linked to the international rates of interest of the respective currencies. 





NRE Accounts
Non Resident External Accounts are the ones in which NRIs remit money in any permitted foreign currency and the remittance is converted to Indian rupees for credit to NRE accounts. This account can be in any form of current, saving, FDs, recurring deposits. The interest rates and other terms of these accounts are as per the RBI directives.