Views Collection

In recent times, the banks have been maximizing the interest rate they offer in all kinds of savings. Top commercial banks of the nation are providing an interest of up to 15 percent per annum and that too without any conditions applied. Some times back, those commercial banks normally operated three kinds of accounts and now those three kinds seem to be narrowed to two kinds, viz. current and saving/fixed deposit account.

There’s some kind of cash shortage in the market and most of the banks are luring people to deposit their cash possession in respective banks with attractive interest rates. The difference between fixed deposits and saving deposits has slowly minimized and that leaves no difference at all. Basically, in a fixed deposit, there’s a stipulation of depositing fixed amount of cash for a specific time period. The cash can’t be withdrawn from the account unless the time duration expires. The interest rates on these kinds of accounts are generally higher than those of saving accounts.

In saving accounts, cash can be deposited and withdrawn at any given time. There is no limitation of depositing or withdrawing cash but these accounts yield less interest than those of fixed accounts.

But the current scarce of hard cash in the market, has seen banks luring customers by providing interest rates of a fixed deposit account and as well offering services of a saving account. However, there may be some hidden terms and conditions but as seen with a birds’ eye view, both fixed accounts and saving accounts seem to be very similar at least in this time.

Hence, this is the very biggest opportunity for people who can attract money with money. It is the chance for people who have money earned from illicit business and are illegitimate in government and administration books.