Question

What are the types of accounts in banks definition?

Answer 1

current account for business purpose
savings account for saving purpose

Answer 2

1. Savings bank account

Savings bank account encourage person to save money on a regular basis. They are open to inculcate the savings habit. A small amount is enough to open a savings bank account with most banks.

2. Current account: current accounts are generally open by businessman, companies. Typically the balances mention in this account do not on any interest. Also account holders are given the facility to overdraw from their current account.