What are the types of bank deposits?
In the fourth part of the guide video, we have discussed the issue of bank deposits. In this section, we examine the types of bank accounts and mention their advantages and disadvantages.
Article three of the second chapter of the law on interest-free banking operations states that banks can open deposits under the following headings:
A) Qarzul-Hasna deposits including: current deposit and savings deposit
b) Term investment deposits
How many types of bank accounts can be opened?
As a result of this division, the accounts that are currently opened in banks can be divided into five categories:
1. Qarzul-Hasna savings account: It is a deposit that does not earn interest and is mostly used for the spiritual reward of lending. Until a few years ago, they held a lottery for this type of account to make people interested in opening this type of account. But after the complaints made by the authorities, the lottery will no longer be held there.
In opening this type of account, it is generally assumed that you hand over this money to the bank for its spiritual reward. It means you don’t expect profit. Besides this, you can also use bank services. The purpose of this account is to increase investment for economic development and growth.
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2. Current loan account: It is a deposit without interest for payment and withdrawal in the future. This account is used for checkbook. Withdrawal or transfer from this account can be done through check, passbook or electronic cards.
One of the most important advantages of this type of account for customers is issuing checkbooks. Of course, the current account itself has two types: one with a checkbook and one without a checkbook.
3. Short-term deposit account: It is the most used bank account to which cards and internet banks are connected. Investment deposits, both short-term and long-term, provide interest to the depositor. But because fixed interest is an example of usury in Islam and we cannot have it in the banking system.
Therefore, in the third to sixth articles of Islamic banking, it is stated that these banks receive the deposits of customers in the form of Islamic contracts and invest on their behalf as a lawyer. But they insure the principal of the customer’s money and pay the profit from the investment to the customer.
In short-term investment deposits, the customer’s money must remain with the bank for at least three months for the first time. After these three months, the account holder can withdraw his money whenever he wants. But the interest that will be given to him will be in proportion to the lowest balance in each month.
4. Long-term deposit account: It is a deposit that you provide to the bank for a certain period (one year or more) to work with it and pay you a specified and guaranteed interest.
5. Planned deposit account: In order to attract more capital, banks sometimes offer special plans that are outside of these usual models and the conditions may be slightly different from conventional models.
How is the bank interest rate determined?
Bank interest rates are announced by the Money and Credit Council every year. This council includes the Minister of Economic Affairs and Finance, the Governor General of the Central Bank, the Chairman of the Country Planning and Budget Organization or his deputy, two ministers chosen by the Cabinet, the Minister of Industry, Mining and Trade, two experts and monetary and banking specialists as suggested by the Chairman. The entire central bank and the approval of the president, the attorney general of the country or his deputy, the head of the Chamber of Commerce, Industries, Mines and Agriculture of Iran, the head of the cooperative chamber and the representatives of the economic and planning and budget commissions and calculations of the Islamic Council (one person each) as supervisors elected by the assembly. The Chairman of the Council is the Governor General of the Central Bank.
The bank interest rates set for the year 1400 have been announced as follows:
Normal short-term deposit: 10%
Special three-month short-term deposit: 12%
Special six-month short-term deposit: 14%
Long-term deposit with a maturity of one year: 16%
Long-term deposit with maturity of two years: 18%
In most parts of the world, including our own country, bank deposit is one of the most common investment methods. This deposit is made in different ways that everyone can choose according to their needs. In our country, banks open two types of accounts: “Karzad Al-Hasna” and “Long-Term Investment” accounts, each of which has different types