The main function of commercial bank is to acceptance of deposit. The bank allows for opening the three types of account to accept deposit for their customer they are current, saving and fixed deposit account but the interest is given to saving and fixed interest isn't given to current account. Customer can withdraw their money from their account according to their need .The commercial bank can perform the important function of accepting all types of deposit .Commercial bank earns profit by investing collected money from deposit in various part . A bank accepts deposit in three forms namely:
Saving deposit: It is one of the deposits, which collected from small depositors or low income investor. The bank usually pays small interest to the depositors against the deposit.
Current account: It is also known as demand deposits. Under this deposit, any account may be deposited. The bank doesn't pay any interest on such deposits but charges a small amount on the customer having current account.
Fixed deposit; It is also known as time deposit. Customer is required to keep a fixed amount with bank for a specific period .The pays a higher interest on such deposit. In the emergency period customer are permitted to borrow 90 %of money in lieu of extra interest.
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