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Types of deposits: how to use them correctly

One of the classic and all the favorite ways to store your savings are bank deposits. Despite the relatively low profitability, this option is chosen much more often than, say, investments in business or trade on stock exchanges. Commercial banks now advertise a wide variety of deposit offers, which are called beautifully, "packaging" the usual standard contract in a bright attractive wrapper.

To understand what is really a good and profitable proposal, and that only seems to be a lucrative and profitable option, let us consider what types of deposits are now in the financial services market.

The main types of deposits, their characteristics and conditions

According to the duration of the contract, bank deposits are divided into urgent and unlimited. In the first case, the client grants the financial institution the right to use its funds for a certain period of time - from 3 months to 2-3 years. Typically, the longer the term of the deposit action, the higher the interest rate on it. The types of "on demand" deposits are convenient in that you can withdraw the required amount at any time or withdraw the deposit completely, but the income from them is small. Moreover, commission charges for banking services sometimes reduce it to almost zero. It's a way to keep money until the right moment, without worrying about what cash can steal.

There is also a deposit in the form of a deposit line, which can be replenished at any time, with a limited or unlimited maximum amount. Such types of deposits are often called "Kopilkas" and similar in context words, because in this way it is convenient to make savings for some big purchase or just for the future.

Different types of bank deposits and the currency in which they are accepted. Some banks, for example, Sberbank, offer almost all types of deposits in different currencies, and there are also multi-currency deposits. Depending on the choice it varies and the interest rate - the more reliable and stable the currency, the lower it is.

As for the payment of interest, there are also possible options: payment of them monthly or at the end of the contract, or capitalization (addition to the principal amount of the deposit) every month or quarter. It is convenient, when there is an opportunity to choose, or to report interest itself via Internet banking. Such a service is offered by many leading Russian banks.

This is almost all the classic types of deposits, their combinations and variations generate a whole sea of special offers from financial institutions. Conditionally high income from deposits can be compared with the level of risk for the client: the higher the amount of investment and the term of the contract, the higher the rate. Increase the profit opportunities such as capitalization and replenishment of the account.

There are also exclusive offers from financial institutions. These are so-called indexed deposits, the profits from which are tied to a certain factor, for example, the price of precious metals or oil, the stock market indicator, etc. They already belong to the category of investment, and have their own peculiarities and nuances.

Important to remember

When choosing the type of deposit, you need to pay attention not only to the conditions, but also to additional payments, fees and penalties. Different types of deposits have their own nuances and features. For example, if the contract is terminated prematurely, there may be a recalculation of interest for the entire period of its validity, and for charging the account, withdrawing interest and other banking services, they may charge a separate fee. It is also worth noting that only those deposits are insured, the amount of which does not exceed 700,000 rubles.

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