Question

explain types of bank accounts​

Answer 1

Answer:

Most banks and credit unions offer the following account types:

Savings accounts.

Checking accounts.

Money market accounts.

Certificates of deposit (CDs)

Retirement accounts.

Explanation:

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Answer 2

ANSWER :

Depositing cash into a bank for the first time is called opening an account with the bank. There are the different types of accounts which can be opened with a bank.

The different types of bank accounts are as follows :-

• [1] Savings Bank Account : Savings Bank Account can be opened by any individual by depositing a minimum amount of money into the bank. This account is meant for encouraging savings among the individuals. There is no restriction on the amonut of deposit and the number of times of making deposits, but there are restrictions as regard withdrawal from such an account. The number and the amount of Withdrawals of money re fixed in this type of account. Interest is allowed on the deposit at a fixed rate. A pass book is issued to every person opening this type of account.

• [2] Current Deposit Account : Current Deposit Account, also known as Current Account is a type of account under which depositor can make any number and any amouny of deposits on any day according to his requirements. Also, he cam make any number and any amount of Withdrawals from his account subject to the availability of balance in the account. The bank issues a Cheque Book to the depositor because in this type of account the Withdrawals can be made only through cheques. Pass book is not generally issued to the depositor opening this account.

• [3] Fixed Deposit Accounts : Fixed Deposit Account or a Term Deposit or Deposit Reinvestment Account is an account in which a fixed amount is deposited with a bank for a fixed period at a specified rate of interest. No pass book is issued for this type of deposit. Normally, the depositor cannot withdraw the money before the expiry of the period. However, the depositor can withdraw the money before the expiry of the period at some loss of interest.

• [4] Recurring Deposit Account : Recurring Deposit Account is a cumulative deposit account. In this type of account, a fixed amount is deposited at periodical intervals for a fixed period. At the end of the fixed period, the whole amount deposited along with accrued interest is paid to the depositor. The rate of interest offered by the bank on this type of account varies with every bank.