What are the five types of passive credit savings, and explain them?
The five types of deposits in the form of passive credit are as follows
- Savings
- Giro
- Certificate of deposit
- Time Deposit
- Securities
The explanation is as follows:
- Securities are promissory notes and bonds, which are commonly traded in the capital market and money market.
- Time Deposit is a deposit in a bank account that cannot be withdrawn before a set date or for which notice of withdrawal is required.
- A certificate of deposit is a certificate issued by a bank to a person depositing money for a specified length of time or time deposits whose proof of deposit can be traded.
- Giro is a deposit that can be used as a means of payment, and withdrawals can be made at any time by using a check or other means of payment by the government.
- Savings are deposits that can only be withdrawn according to certain agreed conditions but cannot be withdrawn by check.
