4 Types of Bank Accounts in India

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In India, banks usually have four major types of deposit accounts – Current Account, Savings Account, Recurring Deposit and Fixed Deposit. It is necessary for every Indian to know about these financial institutions and every detail about the offers in their investments.

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4 TYPES OF BANK ACCOUNTS IN INDIA:

4 TYPES OF BANK ACCOUNTS IN INDIA

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In India, banks usually have four major types of deposit accounts – Current Account, Savings Account, Recurring Deposit and Fixed Deposit. Recently banks have also introduced combining features of these accounts as per customer and market requirements. But still these accounts are not popular among the public and the traditional four accounts are considered above all.

CURRENT ACCOUNT:

CURRENT ACCOUNT Current accounts are usually for businessmen and daily transactions. It doesn’t serve a purpose of saving your investments. The transaction facility to this account is so flexible that you can make innumerable transactions in a day. Hence, the banks don’t pay any interest on your invested amount but it charges certain service charges on such accounts.

SAVINGS ACCOUNT:

SAVINGS ACCOUNT Savings Accounts are the most popular kind of individual accounts for personal purpose of saving your investments and getting interest rates. Savings account provides cheque facility along with flexibility for deposit and withdrawal of f unds from your account.

RECURRING DEPOSIT:

RECURRING DEPOSIT Recurring deposits also known as RD accounts who wish to invest an average amount of their savings on a monthly basis. These accounts gain interest on the amount available in your account. This account is specially designed for the working public who don’t want to invest a large amount at one instance.

FIXED DEPOSIT:

FIXED DEPOSIT Fixed Deposits popularly known as FD are available at various schemes with a tenure from 7 days to 10 years. This account is specially designed who want to deposit their savings for a long term to gain good rate of interest. But the interest rate on these accounts varies from bank to bank. Term ‘Fixed’ denotes the period of maturity or tenure.

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