Question

Name the different types of bank account and explain them?​

Answer 1

Answer:

• REGULAR SAVINGS BANK ACCOUNT

Any resident individual- single accounts, two or more individuals in joint accounts, Associations, clubs etc., are eligible for this account.

• DEMAT ACCOUNT

Used to conduct stress-free transactions on the shares.

CURRENT ACCOUNT

Any resident individual- single accounts, two or more individuals in joint accounts, Associations, Limited companies, Religious Institutions, Educational Institutions, Charitable Institutions, clubs etc., are eligible for this account.

Answer 2

Explanation:

Initially, 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.

Savings Account

As the name suggests, 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

savings account

The second type of bank account is the current bank account. These accounts are not used for the purpose of savings.

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.

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.

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