Question

How many types of bank accounts open in bank? Explain each of them​

Answer 1

Answer:

nitially, there were only four types of bank accounts that were operating in India. These included the Current Account, Savings Account, Recurring Deposit Account and Fixed Deposit Account. But later with the advancement in the banking sector, various other types of bank accounts were introduced.

Explanation:

Answer 2

NANBA..

Five types

The five types of bank accounts are as follows:

1. Current Account

2. Savings Bank Account

3. Fixed Deposit Account

4.Home Safe Account

5. Recurring Deposit Account.

1. Current Account:

Current Account sometimes also called as open account is one in which money can be deposited and withdrawn at any time during working hours without giving any notice to the bank. Current account was introduced especially to suit the needs of businessmen.

2. Savings Bank Account:

This is an account into which small savings are deposited into bank by the customers. This account is meant for the benefit of middle class and low income group people. A Saving Bank Deposit Account can be opened by any person with a minimum deposit which varies from bank to bank.

3. Fixed Deposit Account:

Fixed deposit account is one wherein money is deposited for a fixed period and cannot be withdrawn before the expiry of the said period. The rate of interest allowed on such accounts increases with the period of deposit. This is also called Term Deposit Account.

4. Home Safe Account:

In order to develop a habit of savings among low income group people banks allow home safe account facility. In this scheme a small cash box with a hole is kept at the house of the account holder. The box is locked and the key is retained by the bank. The account holder drops small savings, coins and notes in the box whenever he has surplus money with him.

5. Recurring Deposit Account:

In this scheme a fixed sum of money is deposited in an account every month. The period for which these deposits are made is generally large say one year, two years, five years. The rate of interest allowed on such deposits is linked to the period of recurring deposit.