The concepts of demand deposits and savings are often seen as two similar things. However, they are two different things. You need to understand the difference between savings and demand deposits to have sufficient knowledge to distinguish between the two. This way, you’ll know which one is suitable to answer your needs. Thanks to the mobile banking application, saving money on demand deposits is now easier. Check out the full explanation below!
What is Savings?
Savings is one of the banking products in the form of deposits. Usually, savings are owned by individuals or companies. This deposit service has provisions regarding the number of funds you can withdraw and the maximum storage. Customers can adjust based on their needs and abilities.
What is a Demand Deposit?
A demand deposit is a banking product that you can use to make transactions and store money in the form of demand deposits (securities that can be converted into cash through the bank itself or by using the post office services).
Difference between Savings and Demand Deposits
Many people see savings and demand deposits as the same because both are banking products that function as money storage media. To distinguish between the two, let’s take a look at the difference between savings and demand deposits below!
- Transaction Limit
You can see the difference between savings and demand deposits from the maximum number of transactions these two can make. Generally, savings have a limited maximum transaction value compared to demand deposits because demand deposit products are usually aimed at business needs and thus require a higher transaction limit. - Cash Out
The next difference between savings and demand deposits lies in the disbursem*nt of money. For personal savings, the cashout process is often done through an ATM. In addition, customers who have savings can also withdraw cash through a teller at the bank. The account holder can only carry out the cashout for this savings product.
Meanwhile, cash out for billets is not limited to ATMs. You can also make cash out using a check and billet. Other parties with these checks and billets can also withdraw money from the bank. - Target User
Another very obvious difference lies in the target user. Savings are usually intended for individuals or companies that rarely have financial transaction activity. Meanwhile, individuals and companies with relatively large financial transaction activities often use demand deposits. You can consider which product is more suitable for you, savings or checking accounts. - Transaction Time
If you look from the time of the transaction, savings can be made at any time without the need to write down the effective date first. The transaction time is limited for the demand deposit itself because there is an issue date and an effective date in the billet itself.
After reading the explanation above, have you determined which product best suits your current needs? Whether it's savings or demand deposits, PermataBank provides a varied selection of products that you can choose from. You don't even need to go to a PermataBank branch office to open an account because you can use the PermataMobile X mobile banking application.
For new PermataBank customers, after downloading the PermataMobile X mobile banking application via the App Store or Play Store, open the application and select 'Start'. On the question 'Do you have a PermataBank account?', select 'no'. The system will also direct you to PermataStore for account opening. At PermataStore, you can choose the type of product that suits your needs.
The PermataMobile X mobile banking application simplifies opening new accounts and has hundreds of other advanced features, including transfers, bill payments, top-ups, bank account checks, and more.
The bank account check feature is undoubtedly essential, and you will probably use it often. Using PermataMobile X mobile banking app, you can check your account mutation for up to 12 months. With this, you can access the details of your transaction history whenever you want and wherever you are—no need to wait for an email or come to the bank.
The PermataMobile X mobile banking application is a breakthrough in the world of digital banking that you should not miss. Not only can you check bank accounts, but you will also feel the ease of doing banking transactions with hundreds of features. So, what are you waiting for? Download PermataMobile X right now!
