Question

types of bank accounts ​

Answer 1

There are mainly four types of bank account which are as follows :

1. Savings Account

2. Current Account

3. Recurring Deposit Account

4. Fixed Deposit Account

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Answer 2

Answer:

A bank account is the facility provided that allows to deposit the funds and withdraw them as per need, also provide interest .

There are mainly four types of account -

1 - Current Account - These accounts are mainly owned by business firms or enterprises. The money with these accounts is liquid cash. There can be as many transactions through this account. No interest is paid on the sum of money in this account.

2 - Saving Account - Saving account as its name says this account holding money. This account can be owned by a working-class, pensioners or the students. The rate of interest in these accounts lies between 4% to 6% in India.

3 - Fixed deposit Account - This account works with a certain sum of the money. The amount of money is deposited and withdrawal at once. A fixed deposit account works with the time specification and the money can be withdrawn before it.

4 - Recurring Deposit Account - Here, a certain amount of money is deposited for a certain period of the time. This account pays off the high rates of interest. This account helps with regular saving. The total of money withdrawn after a time is the increment amount.