Types of Bank Accounts in India

How many types of bank accounts are there in India?

Friends, in today’s post we are going to talk about how many types of bank accounts are there in India. You already know how important it is to have an account in the bank in today’s time. To take advantage of all kinds of government and non-government schemes, to get scholarship, to deposit money for savings or to do business, it is necessary to have an account in the bank. Many types of accounts can be opened in the bank. For every person to open an account in the bank according to his needs, he should know that how many types of accounts can be opened in the bank. Well, most of the people are aware of this, but for those who have less information about it, we have written this post.

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Savings Account

Savings account as the name suggests, this account is meant to save money, any person can open a savings account, you can open a savings account by depositing a minimum amount, although in a zero-balance account, you also need a minimum amount. Doesn’t fall You can deposit and withdraw money whenever you want in a savings account. In this account you also get the facility of check book and ATM card. Along with this, you can also register for internet banking and mobile banking for your account. Savings account also has some limits, such as banks charge you for transacting money more than a certain number of times. On the money deposited in this bank account, some interest is also given to you by the bank, which can range from 2 to 4 percent. You can open a savings account by visiting any bank branch or online.

Current Account

Current account is opened by merchants who have to transact money countless times for their business. You can withdraw and deposit money multiple times in a day in a current account. You have to maintain a minimum balance in the current account as compared to the savings account. You are not given any interest on the amount deposited in this account, but for the operation of the account, the bank charges you some charge. These accounts are according to the needs of the business class people, in this you also get the facility of overdraft.

Recurring Deposit Account

You have to deposit a fixed amount every month in a recurring deposit account, you can decide this amount every month according to your savings. Recurring deposit can be started with a minimum of Rs.100. The tenure of this account starts from 6 months to ten years. In Recurring Deposit, you are paid a little more interest than in a savings account. At the end of the term of the account, you are paid the amount along with interest. You cannot withdraw money from this account in the middle, but if you need money, then you can take your money by closing it in the middle by giving an application to the bank.

Fixed Deposit Account

In a fixed deposit account, you deposit money in a lump sum for a fixed period of time. In Fixed Deposit Account, you are paid more interest than Savings and Recurring Deposit Account. Fixed deposits can be made from one year to ten years. Higher interest is offered to senior citizens. If you need money, you can break your fixed deposit in the middle, for this, the bank gives your money back by imposing penalty etc. FD is the best option for those who want to make risk free investment.

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