•“Savings deposits” means a form
of demand deposit which is subject to
restrictions as to the number of
withdrawals as also the amounts of
withdrawals permitted by the bank
during any specified period.
• “Term deposit” means a deposit
received by the bank for a fixed period
withdrawable only after the
expiry of the fixed period and includes
deposits such as Recurring/Short
Deposits/Fixed Deposits/ Monthly
Income Certificate/Quarterly
Income Certificate etc.
• “Notice Deposit” means term
deposit for specific period but withdrawable
on giving at least one complete
banking day’s notice.
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