Types Of Bank Accounts

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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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