Apart from banks people keep deposits in other institutions such as housing societies, companies, post office schemes, etc. Discuss how is that different from bank deposits?

Apart from banks people keep deposits in other institutions such as ho

1.	Apart from banks people keep deposits in other institutions such as housing societies, companies, post office schemes, etc. Discuss how is that different from bank deposits?
Answer» In bank deposits, there will be security for the cash as the banks work under the norms of the RBI. Post office also offers good security. Other than post office and banks, the security for deposits is less. There will not be any locking period for the banks. Whereas in societies and other companies, there will be locking period. Premature cancellation is possible with the bank deposits which is not possible for other deposits.