Deposit Account

1. Certificate Of Deposit Account
2. Money Market Deposit Account

Set Up or Change Your Direct Deposit of Benefit Payment

1. A savings account is a bank or building society account that pays interest on your money. It’s a good way to make your cash work harder than it might do in a current account, Some current accounts pay attractive rates of interest but usually have conditions attached, such as having to pay in a certain amount each month and running direct debits.
2. Fixed Deposit Account: A Fixed deposit account is an account where by funds are deposited for a fixed period of time at a fixed interest rate. The minimum period of time allowed is three months. A Fixed Deposit Account earn interest on the deposited amount for the specified period and no withdraw is allowed before the expiry of the agreed time period otherwise penalty fee may be charged to the.

What is Direct Deposit? Direct deposit is a simple, safe, and secure way to get benefits. If you need us to send your payment to a bank or credit union account, have all of the following information ready when you apply. Deposit Account Control Agreement (DACA) — A tri-party agreement among a customer (debtor), a secured party (lender) and a bank that allows the lender to perfect a security interest in the customer’s funds by taking control of the deposit account (UCC § 9-104).

Do you want to set up or change the direct deposit of your benefit payment? We are constantly expanding and improving our online services, including the ability to set up or change your direct deposit information. If you already receive Social Security or Supplemental Security Income (SSI) benefits and you have a bank account, simply log in to or create your personal and secure mySocial Security account.

What is Direct Deposit?

Direct deposit is a simple, safe, and secure way to get benefits. If you need us to send your payment to a bank or credit union account, have all of the following information ready when you apply.

• Social Security number
• Bank routing transit number
• Account type (checking or savings)
• Account number

How to Set Up or Change Direct Deposit of Benefit Payment Online

1. Log in to your account.
2. Sign in and Select the blue Benefits & Payment Details link on the right side of the screen.
3. Scroll down and select the Update Direct Deposit button, and choose if you are the owner or co-owner of the bank account.
4. Enter your bank account information and select Next.
5. Review and verify your banking information and select Submit then select Done.
6. You can also decide when your change will take effect, by simply using the My Profile tab within mySocial Security.

Don't have a mySocial Security Account?

Creating a free mySocial Security account takes less than 10 minutes, lets you set up or change your direct deposit and gives you access to many other online services.

Additional information related to this service

As of March 1, 2013, you are required to receive your payments electronically. If you applied for benefits before that date and did not sign up for electronic payments at that time, we strongly urge you to do so now. For more information regarding switching to an electronic payment if you don’t have a bank account, visit Treasury’s Go Direct website or call the helpline at 1-800-333-1795.

Still have questions?

If you have questions or need help understanding how to set up or change direct deposit online, call our toll-free number at 1-800-772-1213 or visit your Social Security office. If you are deaf or hard of hearing, call our toll-free TTY number, 1-800-325-0778, between 8:00 a.m. and 5:30 p.m. Monday through Friday.

What Is A Current Account?

A current account is for use by sole proprietors, companies, partnerships, associations, trusts, etc. to make current transactions. All business transactions are conducted through a current account. A current account does not have an end or maturity date.

What Is A Deposit Account/Savings Account?

A savings account is a basic deposit account for an individual to carry out day-to-day transactions and withdrawals. A deposit account can be held individually or jointly by two or more people. A savings account does not have an end or maturity date as well.

Difference Between Current Account And Deposit Account

Some of the differences between a current account and a deposit account are:

• Interest

Interest applies to the minimum balance available in a deposit account. The interest is applicable on the minimum account balance, every day. Banks offer interest rates of 4% or more on savings accounts. Current accounts, on the other hand, are non-interest accounts. There is no interest for any balance in a current account. Although, this may change in the future.

• Transaction rates

Transaction rates apply for withdrawals made over the limit of free withdrawals (usually 3-5) made in deposit accounts. Thus, a savings account holder will have to pay the transaction rate applicable by the bank (eg: INR 20, 25, 50, 90, etc.). Conversely, there are no transaction rates applicable on current accounts. Businesses transact more than individuals and thus, there is no transaction rates or limits on current accounts.

• Minimum balance

Deposit account-holders must maintain a daily average minimum balance in their account. This amount varies from bank to bank and some banks even offer zero-balance deposit/savings accounts. In this case, current account-holders also must maintain a minimum balance in their bank accounts. The minimum balance required for a current account is much higher than the minimum balance required for deposit accounts.

Certificate Of Deposit Account

• Overdraft facility

Money Market Deposit Account

Deposit account-holders can only withdraw what balance is in their saving account. Banks do not offer overdraft facilities on saving accounts unless the customer is a salaried account-holder (approved companies). Whereas, current account-holders can withdraw over and above the balance in an account. Overdraft facilities help businesses to make up cash flows when there is a shortage of funds. Interest is applicable to the overdraft amount taken.