Demand deposit means a deposit received by the Sina Bank, which is withdrawable on demand. The advantage of having a demand deposit is that Banks pay interest for the savings. The demand deposit holder is allowed to withdraw money from the account as and when required.
The account opening forms and other material containing details of information to be furnished and documents to be produced for verification and for record would be provided to the prospective depositor. The official opening the account will explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when customer approaches for opening a deposit account.
Demand deposit accounts can be opened for real and legal persons with at least IRR 100,000. Interest on demand deposit account is paid at the rate decided by the Central Bank of Iran. The rate of interest on demand deposit account will be prominently displayed in the branch premises. Calculation of interest on demand deposit account is made by the Bank on a daily product basis.
There is no maturity period but demand deposits must not be closed earlier than one month. No limits on the number of withdrawals or transfers are put on an account holder.