Call Deposit Account

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Call Deposit Account is an account wherein a customer does not have complete access to his funds and will have to inform Bank's in advance about his intentions to withdraw part or the complete amount available in the account.

Such accounts are opened by customers who are looking for a higher interest with flexibility to withdraw money if a requirement arises. The interest rate offered in such accounts is generally higher than the interest rate offered in savings account but is less than the interest rate offered for fixed deposits. Generally, customers are requested to provide a 2 day notice to the Bank to arrange for the amount to be available in its branches for the customer to withdraw.

No cheque books are offered for such accounts and minimum balance is required to be maintained in such accounts as per the Banks regulations. Failure to maintain the required balances will attract a minimal charge at the end of each month which will be debited from the customers account.

Also, call deposit accounts are very attractive for people who are on the lookout for higher interest rate than the savings account and also wants easy access to their funds. Information about Fixed deposits will be shared in my next blog and would also provide the basic difference between a call deposit account and a fixed deposit account.

Banks offer this account in various currencies as per their rules and regulations and these accounts as mentioned in my previous blogs are also subject to Bank's approval. Remittances can be received and sent from these accounts but cash withdrawals are subject to prior notice being provided.