What is a deposit balance?

What is a deposit account balance?

A deposit account is a bank account maintained by a financial institution where customers can deposit and withdraw money. Nowadays, customers can open accounts whenever they need one, simply by providing the required documents such as their national identity card or passport to the bank. Customers can then quickly register to open a deposit account.

The transaction is recorded in the bank's books; the balance recorded in the account is a debit to the bank and represents the amount the bank owes the customer.

The purpose of using this account is to conduct transactions such as monthly payments via money transfer, collection, and disbursement. With just simple steps, customers can make payments without having to deal with cash directly, saving time and effort.

In addition, creating and using this account allows businesses and consumers to earn interest on the money deposited into the account.

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Things to note regarding deposit accounts

Interest Rate Issues : Each bank has its own interest rate regulations, but they all comply with the State Bank of Vietnam's interest rate regulations. To attract customers, banks have launched deposit products with attractive interest rates and flexible deposit terms. Customers can compare options to find the most advantageous place to deposit their money.

Fee Payment Issues : Banks have their own regulations regarding the fees customers must pay for each type of deposit account. Typical fees include management fees, annual fees, SMS balance notification fees, etc. When opening an account, customers should clearly inquire about these fees to ensure they can pay them later.

Regarding withdrawals and transfers : Withdrawals and transfers at banks may or may not incur fees depending on the account and the amount of money transacted. Currently, some banks offer account upgrade services so that each transaction is free, provided that the customer maintains a balance of several million to several tens of millions of VND in their account.

This would be a good product that customers can consider to reduce the cost of transactions incurred during the month.

Account opening procedures: Creating a deposit account requires compliance with Vietnamese law. During the registration process at the bank, customers should carefully inquire about specific cases such as opening accounts for minors, individuals lacking legal capacity, or opening joint accounts, to receive the most complete and accurate guidance.

Minh Huong (compiled)

Source: https://vtc.vn/so-du-tien-gui-la-gi-ar852008.html