First of all, the definition is different.
Installment deposit is a kind of fixed-term savings deposit, which requires pre-agreed deposit amount, monthly deposit according to the agreed amount, and one-time withdrawal of principal and interest at maturity; Lump sum deposit and withdrawal refers to another kind of time savings deposit in which customers choose the deposit period, deposit all the principal in one lump sum, and withdraw the principal and interest at maturity.
Second, the initial deposit amount is different.
The minimum deposit amount for lump-sum withdrawal is 5 yuan RMB; The minimum initial deposit for lump-sum withdrawal is 50 yuan RMB or foreign exchange equivalent to RMB 65,438+000.
Third, the deposit term is different.
The deposit period of lump sum deposit and withdrawal mainly includes one year, three years and five years; The term of lump-sum deposit and withdrawal can be three months, half a year, one year, two years or three years and five years.
Fourth, the deposit interest rate is different.
If the deposit amount is the same as the deposit period, the interest rate of lump-sum deposit and withdrawal will be higher than that of zero deposit and withdrawal. But it should be noted that you must deposit a fixed sum of money every month. If you forget to save it that month, you need to make it up next month. If it can't be filled, it will be void, and it can't be renewed and filled after being void.
Five, the interest calculation method is different.
The interest calculation formula of lump-sum deposit and withdrawal is: interest = monthly deposit amount × monthly product × monthly interest rate. The interest calculation formula of lump-sum deposit and withdrawal is: interest = deposit amount × interest rate × deposit time (year).
Which is better, lump sum deposit or lump sum withdrawal?
Personally, I don't think there is an absolute difference between the two. The flexibility of lump-sum deposit and withdrawal is relatively high, but the interest is not as good as lump-sum deposit and withdrawal; The interest rate of lump-sum deposit and withdrawal is higher, but it is not as flexible as lump-sum deposit and withdrawal. The key is to see which one suits you better.
Relatively speaking, lump-sum deposit and withdrawal are more suitable for ordinary migrant workers. Although the funds on hand are insufficient, those who can save a sum of money every month can withdraw it indefinitely at one time, which can meet the sudden economic needs. And lump sum deposit and lump sum withdrawal are more people with certain assets. Generally, such people have a lot of liquidity at hand, and may not necessarily use bank deposits to prevent accidents. In fact, no matter what kind of deposit, it can be withdrawn in advance, but the interest on the part withdrawn in advance needs to be calculated according to the current interest rate.