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Call Accounts
Posted:
Monday, 5th January, 2009
These are accounts mostly operated by Corporates who want to benefit from
interest incomes on their deposits while enjoying flexibility at the same time.
They enable the customer to withdraw any amount of money at any time without
prior notice to the Bank.
The interest rates on these deposits are mostly negotiated between the customer and the Bank. Interest is however calculated daily.
To maximize the yield on one’s investment, a customer could operate both a current account and a call account in which case instructions could be given that balances above a certain threshold on one’s current account could be transferred to the call account so as to earn higher interest.
In the event of the customer’s current account not being able to meet an anticipated debit, instructions could be given for a transfer from the customer’s call account to his current account to meet the debit.
