Deposit Account

Deposit Account is a bank account in which people keep money that they want to save as savings account. It is interest earning account at a bank or other depository institution the withdrawals from which are limited to the amount of the account’s credit balance. “Deposit” is used by the banking industry in financial statements to describe the liability owed by the bank to its depositor, and not the funds that the bank holds as a result of the deposit, which are shown as assets of the bank. There are several different types of deposit accounts including current accounts, savings accounts, call deposit accounts, money market accounts and certificates of deposit (CDs).