A report on procedure for opening various types of bank accounts aims and objectives for class 11 project
Answers
The aim for opening any type of bank account is to keep the money in safe hands for a later use. Basically, there are three types of bank accounts.
They are (i) Savings Account, (ii) Current Account, and (iii) Demat Account.
A Savings Account is usually used by individuals to keep their money in a bank and is a most primary type of bank account. It can easily be opened in India by providing an ID card and a valid address proof.
A Current Account is usually kept by a business and opening it may require some proofs of the business like it's registration number, PAN Card details of the business and the owner's credentials.
A Demat account can be opened by anyone who wants to trade in shares. It is basically a tool for efficient share trading. It can be opened by providing details of a person or a private company and the transaction of shares can be done through the account.