What is the deposit account balance?

A deposit account is a bank account maintained by a financial institution, in which customers can deposit and withdraw money. Currently, when customers have a need, they can open an account, just need to provide all required documents such as citizen identification, passport ... to the bank to be able to quickly register to open a deposit account. Customers can deposit money into and withdraw money from the account.

The transaction that takes place is recorded in the bank's books, the balance recorded in the account is the bank's debit and represents the amount the bank owes the customer.

The purpose of using this account is to make transactions such as monthly payments by money transfer, receipts, payments... With just a few simple steps, customers can make payments without having to transact directly in cash, which is time-consuming and laborious.

In addition, establishing and using this account also helps businesses and consumers earn interest based on the amount deposited into the account.

Things to note about deposit accounts

Interest rate issue : Each bank will have its own interest rate regulations but still ensure compliance with the interest rate regulations of the State Bank. To attract customers, banks have launched deposit products with attractive interest rates and flexible deposit terms. Customers can compare options to find the most profitable place to deposit money.

Fee payment issue : Banks have their own regulations on the fees that customers must pay for each type of deposit account. Typical fees include management fees, annual fees, SMS balance notification fees, etc. When registering to open an account, customers need to ask clearly about these fees to ensure payment later.

Withdrawal - transfer issue : Withdrawal - transfer at the bank will be charged/free depending on the account and the amount of transaction. Currently, some banks provide account upgrade service so that each customer transaction is free, on the condition that the customer must ensure to maintain a balance in the account from a few million to a few tens of millions.

This will be a good product that customers can refer to to reduce costs for transactions arising during the month.

Account opening issues: Creating a deposit account requires compliance with Vietnamese law. During the registration process at the bank, customers should ask carefully about cases such as opening an account for minors, people without civil capacity, opening a joint account... to receive the most complete and accurate instructions.

Minh Huong (synthesis)