A deposit account is a type of bank account which permits the account holder to deposit and withdraw his money, whenever needed. Some of the banks charge a service fee; others offer interests on the basis of the deposited fund. Below are given some of its types.
A checking account is that sort of deposit account from which you can withdraw cash quickly and securely whenever needed. They are not meant for savings or earning interest. In these accounts the customer can deposit and withdraw any sum of fund he wishes to. The savings accounts offer interest. But you cannot withdraw fund directly and to earn it you have keep aside a good part of your liquid assets.
A money market account offers a substantially good rate of interest (on the basis of current rate of interest) and demands a high amount of balance too. A very short notice is needed for withdrawal. The time account does not allow the withdrawal of cash for a fixed period of time.