Explanation of Deposits, Types, and How to Save
Netgenz - Stock | Hello friends, on this occasion we will discuss Investment continuously about So Want, Investment - Indonesia's Popular Investment Type, namely about Explanation of Deposits, Types and How to Save. Deposits can simply be concluded as a collaborative process between the customer and the bank faction to save some money within a certain period at the same time as mutually agreed between the bank faction and its customers or prospective customers. Deposits as a savings program such as simple investments from banks with prospective interest rates remain fixed for a certain period. The current period offered by the bank faction starts from 1,2,3,6,12,18 or 24 months. In contrast to ordinary savings, in the step of saving deposits, interest rates are only paid at the end of the investment period. Each bank has different and competitive interest rates.
One of the types of deposits and the method of saving deposits that are often used in general is to transfer funds to other parties for capture, in other words, money is transferred by investors to a savings account placed in a bank. The status of the money placed is still owned by someone who keeps the money, and that person can withdraw the money at any time, can transfer the money to someone's account, or use the money for other purposes.
To start a deposit a person is required to create a new account and submit some money with a predetermined minimum. Before you start saving on deposits, first know the following types of deposits and how to save a good deposit.
If you are interested in opening a deposit account, you must first know what type of deposit you need and expect. Because deposits hold for a certain period, therefore, if the time has not yet fallen to make a withdrawal, you cannot withdraw the money. If you make a withdrawal prematurely, then you will be subject to a final fine. Besides that, you must also understand how to save deposits correctly and well so that you don't go the wrong way. There are three types of time deposits, namely Time Deposits, Certificates of Deposit, and On-Call Deposits.
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This type of deposit is the type of deposit that is often used. A time deposit is a type of time deposit within a certain period according to the agreement starting from 1,2,3,5,12,18 or 24 months. Until the withdrawal that has been made by the customer can only be carried out at certain times. Steps to save a time deposit, the mechanism for saving money is implemented where you are required to save money at a certain time. Time deposits can be circulated on behalf of individuals or institutions. The bank faction will give interest to the customer's deposit savings, the interest rate offered by the bank is higher than that of ordinary savings.
Certificate of Deposit
A certificate of deposit is a type of deposit that does not refer to the name of a particular person or agency because the certificate can later be transferred or traded to other parties. Deposits that have been made by customers are given the option of a period of 3.6 or 12 months accompanied by a certificate. Disbursement of interest that has been made in advance can be carried out every month, or every maturity date.
And the type of on-call deposit is a relatively fast time deposit with a minimum period of 1 week or a maximum of a month. Generally, on-call type deposits are circulated in fairly large amounts. Interest disbursement can be carried out at the time of deposit disbursement provided the customer has been notified initially if the savings will be withdrawn or disbursed.
How to save a time deposit and choose it
Many people often want to try to save deposits but do not understand how to save deposits correctly. Many of them ultimately decide to keep their money or important certificates at home. Next, if you have understood how the difference between savings and deposit products and have studied the types of deposits. So if you want to open a deposit, here are the steps for saving a deposit and how to choose a deposit.
- Look at and compare the track record of the bank you want to choose to open your deposit account. Make sure the bank you choose has a good track record and meets the qualification standards from Bank Indonesia. Thus you also feel safe when you choose to save deposits.
- Compare which type of deposit is right for you. Compare the interest payment mechanism and the rate peddled by each bank.
- Be wary of offering high-interest rates. You have to be careful with banks that offer high-interest rates above the provisions of the Debt Guarantee Agency.
Deposit Submission Stages
How to save a deposit itself is not so difficult, if you are interested in starting to save a deposit, here are the general levels of deposit submission levels:
- Specify the bank to register the deposit.
- Prepare valid identity files such as KTP and NPWP as a condition for opening a deposit.
- Prepare materials.
- Prospective customers are generally required to have an account at the bank where you will register your deposit.
- Set the tenor and type of deposit based on the products offered by the bank faction.
- Fill in the deposit registration form completely and truthfully.
- Follow the Customer Service instructions when opening a deposit.
- Make a deposit to open an account.
- After confirming success, you will receive a billet as proof of deposit ownership.
The Difference Between Deposit and Savings
The fundamental difference between ordinary savings and time deposits is that ordinary savings are intended for saving only, and deposits are for investing. Savings are more intended to save money to be used for daily needs and withdrawals can be made at any time. Steps to save deposits and savings are also different.
On the other hand, deposits are a low-risk investment product. Because of the investment, this product has a period for us to be able to take deposits. How to save a deposit with regular savings itself is very different, seen from the timing of when you can put your money in the bank.
Just as previously explained, to take deposits between savings and deposits there are other ways. Where in ordinary savings you can take your savings anytime and anywhere. And how to save on deposits is different because it has a maturity date, the same is the case with saving wherein savings you can save money at any time. And for the step of saving deposits, you can only save money at the same time as agreed upon.
The limit for the amount of money when opening an account is different between deposits and savings, wherein savings products you only need to prepare a few hundred thousand. And for your own deposit, you have to prepare quite a large amount of money up to several hundred million rupiahs.
When compared, interest rates on deposits are higher than savings. If in general, the bank interest on savings is the highest at 3%, the interest on deposits can reach 5% to 7% / year. The interest given on deposits is of course not the same depending on the bank you specify.
Generally, when you open a savings account, you will be given a passbook and an ATM card. But on deposit products, you will only get a deposit slip, which is proof that you are the owner of the money deposited.
For those of you who are called beginners, to open a deposit at a bank, of course, you must first know how to save a deposit properly, so that you are not deceived and the deposits you keep in the bank are safe. The steps for saving deposits vary according to the program and the agreement you have with the bank faction. You must also be careful when you are looking for the right bank option to open a deposit. Make sure you get a complete and clear tutorial on how to save deposits from the bank faction.