The most well-known activities of banks, in general, are banking intermediary operations, in which a bank allows public monies to be accessed through what is known as the activity of receiving bank deposits. let us talk about different types of bank deposits.
Various bank accounts have been created to satisfy the needs and aspirations of depositors, with current accounts, savings accounts, and deposit accounts being the most prominent divisions of accounts based on their contractual substance.
Below, we’ll discuss these accounts and explain their benefits, as well as highlight the most notable findings on these accounts from the perspective of the Islamic economy, as a model that offers a different perspective than the traditional economy.
What are the different types of Bank Deposits?
Bank deposits: current accounts
Introducing current accounts
Current accounts, also known as current bank deposits or demand deposits, are bank accounts in which the customer deposits monies with the bank with the understanding that the bank is bound to restore these funds to them without increase once they request them.
The current account pays no interest to the bank and allows the consumer to conduct a variety of financial transactions, including depositing and withdrawing monies from the bank or from ATMs using a debit card.
This card can also be used to pay the value of purchases at any time at stores and shopping places that accept debit cards, provided that the balance available in the account allows it, and it is possible to obtain a checkbook and pay by or collect it through current accounts, and service bills can be paid directly from the current account through the telephone banking service or the Internet, depending on the service.