Explain any three types of bankaccount
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1) Senior Citizen Savings Bank Account
As the name indicates the Senior Citizen Savings Bank Account, is tailor made for people above the age of 60. There are various benefits attached to it such as preferential rates of FD and comparatively less charges involved with fees and charges.
2) Women Saving Accounts
Many banks have accounts specially designed for women with features catering to womens financial needs, investment and lifestyle needs. Some banks offer higher withdrawal limit with attractive benefits and cash back offers.
3) Normal Saving Accounts
Normal savings account which can be opened by anyone. Average Quarterly balance needs to be maintained for such accounts, failing which banks charge penalty.
Normal savings account comes with features such as passbook, net banking, phone banking, cheque book facility and Debit cards.
4) No-Frill Saving Accounts
Individuals having a no frill account need not maintain minimum balance criteria or very low minimum balance. This was after instruction from the Reserve Bank of India to reach vast sections of the population. However, the no-frills account comes with certain restrictions, which vary from bank to bank.
5) Student Savings Account
Only few banks offer student savings account, with no minimum balance or very less balance to be maintained.
6) Current Account
Current Account is a type of bank account which is relevant to the people who run business. Such accounts can be opened with public or private sector banks. Current accounts is ideal for carrying out day-to-day business transactions.