describe the classification of deposit account in bank ??
( brief answer )
Answers
Answer:
Traditionally, there are four types of bank deposits in India, which are - Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts.
Explanation:
Types of Bank Deposits and Accounts:
Savings Bank Account:
As the name of this deposit suggests, it is suitable for those who have a definite income and want to save some money. To understand this let us take an example: the regular salaried people incline savings account and it is best suited for them as well. Generally, for opening a savings bank account, you have to deposit a small amount as an initial deposit, which varies from bank to bank.
You can deposit money at any time in your savings account. The interest is earned as per the rate of interest offered by the bank and is paid on the balance in your account. You can deposit money in this account anytime. For withdrawing money from this account, you can either use an ATM card, issue a cheque, or sign a withdrawal form. Generally, there is a restriction on the number and amount of withdrawal from the savings account.