Types Of Bank Account
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Account Types ● ● ● ● ● ●
Saving Account Current Account Salary Account NRI Account Recurring Deposit Account Fixed Deposit Account
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Savings Account A savings account helps depositors to save money. The depositors gets interest for the amount they deposit. A savings account has no limit on the amount of money that can be saved. Depending on your bank, the number of transactions you can do may be limited. Benefits ● Low minimum balance required ● Get interest for the amount deposited ● Can do online transactions
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Current Account Current accounts are mostly used by business, where money is frequently transferred between financial accounts. There is no limit to how much money can be put in a current account. There is no transaction limit in current account. The minimum balance required is high compared to a savings account. Consumers don't earn any interest for the amount they deposit. Benefits ● No transaction limit ● Overdraft facility
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Salary Account Banks open these accounts at the request of large enterprises and businesses that pay their personnel through the banking system. Each employee is entitled to have a salary account into which their employer deposits their monthly salary. A salary account has no limit on the amount of money that can be deposited. Benefits ● A salary account is a zero balance account ● These accounts can be converted into savings accounts at any point in time.
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NRI Account Non-resident Indians who want to keep a bank account in India can open one of these accounts. There are three different types of NRI accounts available: ● Non- Resident Ordinary Account(NRO) ● Non- Resident External Account(NRE) ● Foreign Currency Non- Resident Account(FCNR)
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Recurring Deposit Account Consumers who are interested in earning interest on their money open these accounts as deposit accounts. These accounts, also referred to as RDs, are one of the simplest ways to generate a larger income than that granted by savings accounts. RDs are deposit accounts that allow customers to withdraw a specified monthly amount at the start of the account's term. Benefits ● The flexible tenure of the RD makes it a consumer-friendly financial decision. ● Consumers can opt for anywhere from six months to up to 10 years to deposit their money in an RD
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Fixed Deposit Account These are accounts that are set up to earn interest on deposits for a set length of time until they mature. Fixed deposits are one of the safest ways to save and collect interest on unused funds. The bank pays an interest on this deposit. This interest is paid once the tenure of the FD is complete. Benefits ● FDs are risk-free investments with high returns. ● Most banks in India offer an FD interest rate higher than savings accounts
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