What is a Call deposit?
A call deposit account is a bank account for investment funds that offers the advantages of both a savings and a checking account. Like a checking account, a call deposit account has no fixed deposit period, provides instant access to funds, and allows unlimited withdrawals and deposits.
What is call deposit in Sri Lanka?
Place a deposit for a short period of time at a higher interest rate.
What is the difference between a term deposit and a call deposit?
Call deposits are basically accounts that require you to keep a minimum balance in exchange for a higher interest rate. Unlike time deposits, you have ready access to most of your cash, yet are still able to earn a higher return.
What is call deposit in India?
In deposit terminology, the term Call Deposit refers to a specific type of interest bearing investment account that allows a person to withdraw their money from the account without a penalty. In many cases the money can be withdrawn from a Call Deposit account without prior notification to the bank.
What is 7 day call deposit?
The 7-day call account is an alternative to investing funds into long term fixed deposit accounts. This account carries a higher rate of interest than ordinary savings accounts but gives the customer the flexibility of withdrawals provided that 7 days notice is given.
What is call deposit receipt?
Call Deposit Receipt (CDR) is the amount of money kept by the customer on call i.e. the customer may come to the bank anytime asking for the withdrawal of the money.
What is the interest rate for fixed deposit in Sri Lanka?
Term Deposits W.E.F. 01/06/2022
| Details | Minimum Deposit | Annual Interest Rate(%) |
|---|---|---|
| Fixed Deposit 36 Months (Triple A) | 25,000/- | 15.00 |
| Fixed Deposit 36 Months (Triple A) | 5,000,000/- | 14.25 |
| Fixed Deposit 24 Months | 1000/- | 14.75 |
| Fixed Deposit 12 Months | 1000/- | 12.00 |
Who can open a call account?
Be 16 years or older. ID copy (or passport if not an SA citizen)* Proof of residence not older than 3 months.
Is call money secured?
This borrowing and lending is on unsecured basis. ‘Call Money’ is the borrowing or lending of funds for 1day.
What is CDR in tender?
Call Deposit Receipt is a form of non-profitable guarantee certificate issued to Government & Semi-Government Institutions, Corporations and Semi-Autonomous Bodies as a security deposit in favor of any tender. The beneficiary can at any time deposit the CDR in their account.
What is CDR instrument in banking?
Khushhali Call Deposit Receipt (CDR) is a non-negotiable instrument issued on behalf of customers for guaranteed payments to beneficiary such as Government/ Semi-Government/ Private Organization & Individuals.