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Deposit account is similar to a time-deposit or CD in the US. It is an interest-earning savings account that you open with a bank in a foreign country.

The rates of interest offered to Deposit Accounts vary according to the currency of the account and the length of time for which the money is deposited. The longer the money is deposited, the higher the interest rate. Aside from the legth of the deposit, the size of the deposit also helps determine the interest rate. Most deposit accounts require a minimum deposit of $2,500 or more.

Deposit accounts are not as liquid as current accounts, and you may be prevented from withdrawing your money for a period of time. As with a current account, you will receive a semiannual statement of the account's activity.







deposit account

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