How many types of bank accounts are there in banking. We have to know these types of bank accounts to use in our banking sector. Before taking the steps towards savings we have to know the banking accounts types.
Types of Bank accounts
Table of Contents
How many back accounts are there in our banking sectors? How can we get the trypes of bank accounts a bank have used? Whicch types of bank accounts are good to keep our assets?
There are many types of questions arise to our mind. In this post MoeyMaza going to solve your problems to getting the right one for you. As we are the customer for the banking serfvice, we have to know the exact accounting terms.
is not it??
So let’s start the journey to get the ideas for the banking types for saving purposes. There are many types of back account in my personal view, but there are more used back accounts four types as follows.
- Current Account
- Saving Account
- Recurring Deposit Account
- Fixed Deposit Account
Let’s take an overlook on the above referred accounts. As a result we can get the most preferrable ideas to keep the money in it. Before proceeding to the money saving it is necessay to know the saving criteria and terms and conditions.
1. Current Account
Current account is mainly for entrepreneur, firm, company etc. In whose account there is a lot of money flow… many means… that lakhs of rupees come in their account and are also withdrawn….
So such people keep their money in the current account. Such rich people or firms have no interest in investing or getting interest in their money. The beauty of current account is that there is no limit on deposit or withdrawal. The holder does not get interest in the current account.
2. Saving Accounts
The saving account tells or inform from the name that it is used for save the money. We, the people like you want us to get interest on our frozen money and at least withdraw money from our account. The more you deposit, the better.
Any person, whether he works in any company, be a government servant, pensioner, student….he can open his account in savings account. As I mentioned, the holder also gets interest on the money frozen in the savings account. Savings account holders can withdraw and deposit their deposits from the bank at any time.
3. Recurring Deposit Account
The Recurring Deposit Account or Recurring Deposit Account or RD account, people who want to deposit a fixed amount regularly so that they get interest / interest / interest at a higher rate.
A specific amount is deposited in the RD account every month for a specified period and at the end of the specified period, the total amount along with interest is paid. The minimum period of deposit is 1 year and maximum is 10 years. The interest rate varies from plan to plan depending on the amount deposited and the tenure of the deposit.
4. Fixed Deposit Account
A specific amount is kept in a fixed deposit account or FD account for a specific period. Here you can deposit money only once and can withdraw only once. Like RD account, you cannot withdraw money prematurely from this account also.
For withdrawing money before the stipulated period, you have to pay a penalty to the bank (the penalty amount decided by every bank is different) and the account is closed forever. In fixed deposits, a higher interest rate is paid to the consumer.
The Bottom Line
When we meet a bank worker and ask this question that “How many types of bank accounts in your bank accounts?” He told us many types of bank accounts are available in their bank. But when we tell “Which bank accounts are mostly used?” He answered us these 4 accounts only, which are hugely used.
If you have any idea on the bank accounts or got any new types of bank accounts which are mostly used by the customers, please mention and we will update it in our Money Maza platform.