Learn how to invest wisely and securely in banks to make money. Protect your funds and make the most profit with proven investment strategies.
A savings account is an interest-bearing deposit account held at a bank or other financial institution.
Advantages:
✅ Safe and reliable instant deposit or withdrawal, and money transfer facility for cash deposits for short-term needs.
Disadvantages:
❌ Interest rates are relatively low.
❌ Some savings accounts require a minimum balance; otherwise, interest is not calculated
DPS is a savings deposit where customers put in a set amount of money each month for a certain period. They get interest and their money back when it matures. Customers need to pick how long they want to save and how much they want to put in each month.
Advantages:
✅ Deposit profit with fixed profit after a fixed period with small savings.
✅ Low investment risk.
Disadvantages:
❌ Once your money is deposited, it cannot be withdrawn until the expiry date.
❌ If early withdrawal is required from a term deposit, a penalty will be payable, and the interest rate will be reduced.
A fixed deposit, also called a time deposit, is when someone puts money into an account and earns interest on it. The interest is paid after a set period of time.
Advantages:
✅ Guaranteed profit against fixed deposits after a specified period; hence, a safe investment.
✅ Opportunity to get a loan against the deposit.
Disadvantages:
❌ As interest rates are fixed, withdrawals before a certain period fail to counter inflation risk and
❌ interest rates fall.
❌ Limited interest rate.
A monthly benefit (profit) scheme is a special type of deposit scheme where the depositor earns a fixed amount of profit every month without disturbing the principal amount.
Advantages:
✅ Monthly profit gain.
✅ Opportunity to get a loan against the deposit.
Disadvantages:
❌ If the deposit is withdrawn before the scheme period, the monthly profit paid earlier will be deducted.
This scheme is especially for those customers who have already saved enough money and now want to make safe investments to double their money.
Advantages:
✅ Opportunity to get a loan against the deposit and double the profit from the scheme at the end of the specified period.
Disadvantages:
❌ If the deposit is withdrawn before the scheme period, the promised interest will not be paid.
This scheme is especially for those customers who have already saved enough money and now want to make safe investments to triple their money.
Advantages:
✅ Opportunity to get a loan against the deposit and earn three times the profit from the scheme at the end of the specified period.
Disadvantages:
❌ If the deposit is withdrawn before the scheme period, the promised interest will not be paid.
