Call deposit
Call deposit is a specific type of interest bearing account that allows to withdraw money from the account without a penalty and without prior notification.
This type of deposit account can be opened with the same conditions as time deposit.
Usually, call deposits:
- have minimum amount and can allow replenishment, the replenishment amount usually has a minimum limit like 100$
- allow regular replenishments from your checking account (current account) to accumulate some amount for the end date of the call deposit
- have long-term duration like several years
- have higher rate of return than traditional savings account, but less rate than time deposit.
In some countries, interests rate of call deposit can be calculated on base of:
- minimum of everyday (every month) balance of the time deposit
- minimum of everyday (every month) balance of all your accounts in that bank
- etc.
All other conditions can be the same as for savings account or time deposit, and depend on the country and your bank.