Question

describe various types of accounts open in banks​

Answer 1

Answer:

Traditionally, there are four types of bank deposits in India, which are - Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts.

Answer 2

Given below is the list of bank accounts -  

• Savings Account
• Current Account
• Recurring Deposit Account
• Fixed Deposit Account
• DEMAT Account
• NRI Account

Explanation:

1. Savings Account - The savings accounts can be opened by an individual or jointly by two people with an aim to save money.  The main benefit of opening a savings bank account is that the bank pays you interest for opening this type of account with them.
2. Current Account - The second type of bank account is the current bank account. These accounts are not used for the purpose of savings.
3. Recurring Deposit Account - Recurring Deposit account or RD account is a form of account wherein the account holder needs to deposit a fixed amount every month until it reaches the fixed maturity date.  
4. Fixed Deposit Account - FD or a fixed deposit account is another type of bank account that can be opened in any Public or Private sector bank.
5. DEMAT Account - Shares and securities which can be held in electronic format constitute the DEMAT account. The DEMAT account also stands for Dematerialized Account.
6. NRI Account - To fulfil the bank requirements of a Non-Residential Indian or a Person of India Origin, the option of NRI account is available.