Types of Debris and Bank or investment company Accounts

Banks receive money from the general public via deposits. The following types of deposits are usually received by banking companies:

• Current deposit
• Saving deposit
• Fixed deposit
• Recurring deposit
• Miscellaneous deposits

Current Deposit

Also called 'demand deposit', current first deposit can be withdrawn by the depositor at any time by cheques. Businessmen generally open up current accounts with lenders. Current accounts do not carry any interest as the total amount transferred in these accounts is repayable on demand without any restriction. Bankers usually charge a small amount known as incidental charges on current first deposit accounts depending on number of purchase.

HSBC's current bill takes the trouble out of taking care of your daily money. You won't need to hurry around to pay your expenses; simply arrange for direct debit payments or concern a cheque and email it at your convenience. What's more, you'll have usage of your accounts and a variety of banking transactions, 24 hours per day, 7 days per week - with this ATM Cards.

MCB make your everyday banking simple. It is also a perfect gateway to an environment of products and services made to fit the bill. MCB's current bill is similar to a swiss army knife: easily accessible, it includes multiple features that are ideal for your daily banking needs like cheque catalogs, overdraft facilities, credits cards, mobile banking etc.

Savings deposit/Savings Bank Accounts

Savings deposit bank account is intended for those who desire to deposit small amounts out of the current income. A cutting down profile can be exposed with or without cheque e book facility. A couple of restrictions on the withdrawls out of this account. Checking account holders are also permitted to deposit cheques, drafts, dividend warrants, etc. used their favour for collection by the lender. To open a checking account, it is necessary for the depositor to be created with a person developing a current or savings account with the same bank or investment company.

MCB 's old age plan offer a comfortable retirement life to old people. Start today by putting aside as little as Rs 1, 000 each month in your Retirement Plan. This can help old person to raised enjoy their lives peacefully without depending on others. MCB also offer educational plan where it can provide a good future to your kids. Education is paramount to your children's future. But perhaps you have thought about the costs of higher studies? Start planning today by buying our Education Plan. Planning your child's future, with the training Plan, you merely have to contribute a monthly minimum amount of Rs500. Our financial specialists can help you choose the investment cash that best suit the needs you have in our vast range of products.

Barclays offer junior saving account. To be a parent, you understand it's never prematurily. for your son or daughter to learn to save. And it's an improved way to teach them with a great, easy way - saving the junior way, enjoying high interest levels. Your child can see his money develop faster, because of a higher interest than a normal savings account. Interest rates are calculated daily and acknowledged half-yearly. Enjoy attractive interest rates of up to 1 month's FD. Your Child is protected.

MCB offers Junior 12-17. Teenagers have different goals. Junior bank account 12-17 attracts their fast evolving needs while enabling you to save for their future and profiting from:

• Fresh and rewarding
• Start keeping with a minimum first deposit of only Rs 500
• Earn interest on your savings
• Let your son or daughter learn to take care of money with a MCB Junior Card
• Register for MCB Fill up as well as your child can reload mobile credits on the go (Emtel and Orange)

Fixed deposit

The term 'Permanent deposit' means first deposit repayable after the expiry of your specified period. Since it is repayable only after a set time frame, which is to be determined during opening of the consideration, it is also known as time first deposit. Fixed deposits are most readily useful for a commercial loan company. Being that they are repayable only after a set period, the lender may spend these funds more profitably by lending at higher rates of interest and then for relatively longer cycles. The interest on fixed deposits depends upon the time of deposits. The longer the period, the higher is the interest offered.

Barclays Bank- A Fixed Deposit Bill can be a great way to save lots of as it helps to eliminate the temptation to dig into the savings, even while earning a higher interest over a set term. To be a Premier Banking customer you earn a significantly higher interest on your Predetermined Deposits, with accounts available in both local and foreign currency. With your Permanent Deposit Profile you get:

• A set rate of come back over an agreed amount of 3 to twelve months calculated level on the principal,
• Choice of account currency (SCR, GBP, EUR and USD)
• Minimal cost on breakage of the first deposit before maturity

You may apply for this bank account along with another applicant, where you may choose to acquire both parties be required to sign any instructions to debit the accounts or any of the parties sufficing for the transaction to be accepted. Furthermore, you may obtain other parties to operate your Fixed Deposit Account on your behalf. We call such a nominated person an authorised signatory.

To open a set Deposit Account, you are required to have a present or savings account with us. Upon trying to get your Fixed Deposit Account, you can provide us with instructions how to manage the main and affinity for the account upon maturity of the deposit or provide the instructions when you receive your Renewal Notice. You may ask us to move over the deposit plus interest at current rates, to roll over the deposit only and credit the interest your present or checking account, or to credit the principal plus interest to your current or checking account.

While you are guaranteed a set interest on the main, in the event you break your deposit prior to maturity, you'll be charged a breakage payment and the pro-rated interest determined based on the prevailing Instant Savings Account interest rate and the period over which the deposit happened.

SBM - Our term first deposit gives you the choice of placing your cash for a fixed term, thereby getting a higher rate of interest.

Features:

• Minimum deposit of Rs 50, 000
• Interest payable each month, quarterly, half every year or at maturity
• Interest paid to Current / Checking account (CASA) / by cheque
• Term Debris offered for periods of 12, 24 and 36 month

What happens if I want to withdraw the money prior to the maturity night out?

Floating Rate First deposit -

• Encashment of first deposit prior to maturity is at the discretion of the lender.
• Interest may be forfeited if funds are withdrawn within three months of time frame of deposit.
• A charges of either 1% or the price incurred by the Bank for alternative of the Deposit (whichever is higher) may be costed at the Bank's discretion.

Fixed Rate Deposit -

• Encashment of deposit prior to maturity reaches the discretion of the lender.
• In addition to 1% charges, customer opting for fixed rate of interest will have to bear the expense of replacement of funds in case there is early encashment.
• The penalty to be levied for encashment of a set rate deposit will be decided at the time of encashment. The penalty will rely upon the marketplace rate prevailing on the day of encashment.

Recurring Deposits

Under this kind of deposit, the depositor is required to deposit a fixed sum of money on a monthly basis for a specific time frame. Each instalment can vary greatly from Rs. 5/- to Rs. 500/- or more per month and the time of account can vary greatly from twelve months to a decade. After the conclusion of the given period, the client gets again all his deposits along with the cumulative interest accrued on the deposits.

Miscellaneous Deposits

Banks have unveiled several deposit schemes to attract deposits from different types of individuals, like Home Structure deposit system, Sickness Benefit deposit scheme, Children Item plan, Old age pension scheme, Minuscule deposit plan, etc.

ATM

An Automated Teller Machine (ATM) is a computerized machine that permits bank customers to gain access to their accounts with a magnetically encoded plastic card and a code number. It enables the shoppers to execute several banking procedures without the help of a teller, such concerning withdraw cash, make debris, settle payments, obtain bank statements, effect cash transfers.

Advantages of ATM in Mauritius

• Get 24 hour usage of your money
• Free of demand to any HSBC accountholder
• Saves time since you don't need to queue up at the Bank counter
• Withdraw or First deposit Cash
• Transfer Funds
• Balance Enquiries