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Learn about the different types of bank accounts in India, such as savings, current, recurring, fixed deposit, DEMAT and NRI accounts. Find out the features, benefits and eligibility criteria of each type of account for various government exams.
- 12 min
- Ans. The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account,...
- Ans. The DEMAT account also stands for Dematerialized Account .
- Ans. Shares and securities which can be held in electronic format constitute the DEMAT account . There are only two depository organisations which...
- Ans. NRI Bank Accounts are further classified into three types – NRO ( Non-Resident Ordinary Rupees) Account, NRE ( Non-Resident External Rupees) A...
- Ans. Current accounts are best for day to day transactions as there is no fixed number of times that money can either be deposited or withdrawn fro...
- Current account. A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others.
- Savings account. A savings bank account is a regular deposit account, where you earn a minimum rate of interest. Here, the number of transactions you can make each month is capped.
- Salary account. Among the different types of bank accounts, your salary account is the one you have opened as per the tie-up between your employer and the bank.
- Fixed deposit account. To park your funds and earn a decent rate of interest on it, there are different types of accounts like fixed deposits and recurring deposits.
Jan 23, 2024 · Learn about the different types of bank accounts available in India, such as savings, current, fixed deposit, recurring, NRI, and more. Understand their features, benefits, and suitability for various purposes and customers.
- Savings Account
- Current Account
- Salary Account
- Nri Account
- Recurring Deposit (RD) Accounts
- Fixed Deposit (FD) Accounts
- Bottom Line
These are deposit accounts meant to help consumers save their money. A savings account can be opened by any individual in India who holds an Aadhaar card and a PAN card, both of which are mandatory to open a bank account in India.
Current accounts are mostly business accounts where money is frequently transferred between financial accounts. These accounts are best suited for transactions by corporations and business owners for daily business activities.
These accounts are opened by banks upon the request of big corporations and businesses that pay their employees through banks. Each employee is eligible to maintain a salary account in which the company they are employed with credits a monthly salary.
These accounts are opened by non-resident Indians who wish to maintain a financial bank account in India. There are three kinds of NRI accounts that can be opened:
These accounts are opened as deposit accounts by consumers who are interested in earning interest on their money. Commonly known as RDs, these accounts are the easiest ways to earn an income higher than that offered by savings accounts.
These accounts are opened to earn interest on deposits for a fixed period of time until maturity. Fixed deposits are among the safest financial instruments to save and earn interest on idle money.
Banking in India is tailor-made by the public sector, as well as private banks, to suit different kinds of requirements for different age groups and genders to equip all citizens to become financially enabled. As the country is taking small yet bold steps toward financial inclusion, citizens’ awareness and knowledge will go a long way in further em...
Dec 22, 2023 · Learn about the different types of bank accounts in India, including Savings, Current, Recurring, Fixed Deposit, NRI and DEMAT accounts. Compare their features, benefits and suitability for your financial needs and goals.
The 5 main types of bank accounts are Savings Accounts, Current Accounts, Salary Accounts, NRI Accounts, and DEMAT Accounts. What is KYC in bank? KYC stands for Know Your Customer, and it is a procedure through which banks obtain the identity and address information of a customer.
Aug 16, 2023 · There are 4 types of bank accounts - Current Account, Savings Account, Fixed Deposit Account and Recurring Deposit Account. Where can I get all the information on Different Types of Bank Accounts? The details on Different Types of Bank Accounts are mentioned in the space above.
