Provides a lot of flexibility for deposits and withdrawal of funds from the account and also have cheque facility.

It is a special type of term deposit where you do not need to deposit a lump sum savings rather a person has to deposit a fixed sum of money every month.

These are the most liquid deposits and there are no restrictions on the number and the number of transactions in a day. Moreover, banks do not pay any interest on these accounts.

In this type of deposit, a fixed rate of interest is paid.