Survey of various types of bank accounts and the rate of interest offered
Answers
Answer:
In every country there are different banks which offer different types of interest, following are examples of various bank accounts and interest rates.
Step-by-step explanation:
Mainly the bank accounts are,
1-Savings account: ( you save money but get low interest rate in return. NO debit card purchases are allowed from this account)
2-Checking accounts (you deposit basic checks in this. Most checking accounts allow to avoid maintenance fees and minimum balance requirements.)
3-Money market accounts (You can earn high interests from this)
4-Retirements accounts( a place for larger emergency situations like savings account)
The different interest rates offered include,
State Bank of India offers 4% p.a. for savings below interest for 1 Lakh and above.
Indus Ind Bank offers 5.5 % for below and 6% for above.
Survey of various types of bank accounts, rates of interest
Step-by-step explanation:
Rate of interest varies with number of days for Fixed deposits
Fixed deposit account has more interest rate than saving accounts
Most of Banks does not offer interest in current account
Rate of interest in Saving account is almost same for most of Banks
and varies between 2 to 4 % per annum
Deposited Quarterly , Half yearly or Yearly
Rate of interest in Fixed deposit varies with number of days
As Number of Days increases the interest rate also increases
Fixed Deposit interest rate in different banks varies
from 4 To 8 %
Also There are Different schemes depending upon deposit amount
Additional 0.5 to 0.75 % interest rate for Senior citizens is offered by most of the Banks
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