Residential deposits are essentially savings, accumulated from people depositing in banks and earning interest, so what types of residential deposits are there?

Residential deposits are a type of savings deposit, considered a part of people's income deposited in banks for the purpose of accumulation. Banks offer many different forms of residential deposits for customers to choose from, including:

Payment deposit

Payment deposits are a type of non-term deposit, often used in payment transactions via banks such as: online money transfer, cash checks... To maintain payment deposits, customers need a bank account.

Payment deposits have many advantages such as: safety, flexibility, profitability, easy transaction management...

Step-up savings deposits

Step-up savings is a term deposit product that brings many benefits to customers with increasing interest rates. With this form, when saving at the same term, the higher the deposit amount, the higher the interest rate. Interest will be calculated according to each step according to the increased deposit amount.

Accordingly, customers will save a large amount of money in the future by gradually increasing the amount of savings after each certain period of time.

There are 2 types of ladder savings deposits: savings with ladder interest based on deposit period and savings with ladder interest based on deposit balance.

Savings deposit

Savings by installment is a form of daily or monthly deposit into a savings account according to the initial agreement between the bank and the depositor. During the deposit period, the customer deposits a fixed amount of money according to the time registered in the first deposit.

When the withdrawal deadline comes, if the customer does not withdraw the money, the interest will be added to the principal and transferred to the non-term savings type.

With this form, customers can accumulate small savings daily or monthly and accumulate them into a large amount to achieve future financial goals.