Types of Bank Accounts

Friends, in this post we will know about the types of accounts in the bank and the rules of bank accounts. People keep their hard earned money by opening an account in the bank and depositing their money in those accounts. You can open your bank account in any bank.

Different types of Bank Accounts

We get a question, how many kinds of bank accounts? Everyone chooses an account according to their needs, for example, if someone wants to keep Savings safe and get interest, then he will have a Saving Account. If someone is doing business, then his current account will be there. If someone wants to keep his Savings safe for a long time and wants to eat more interest on him, then he must have got FD. Similarly, there are many other types of accounts, which banks provide to their customers. The bank has different types of bank accounts. There are mainly 4 types of Account. These four accounts have their own different needs and characteristics. So friends, in this post we will know about all the four types of these bank accounts in detail.

1. Current Account: Current account is mainly for entrepreneurs, firms, companies etc. In whose account there is a lot of money flow… many means… that lakhs of rupees come into their account and are also withdrawn…. So such people keep their money in current account. There is no interest in such rich people or firms getting investment or interest in their money. The quality of the current account is that there is no limit to deposit or withdrawal. The current account holder does not get interest. Yes, the bank does charge service charges from them.

2. Savings Account: It is clear from the name that the savings account is made for saving. People like you want us to get interest on our frozen money and at least withdraw money from our account. The more the deposits, the better. Any person, whether he works in a company, is a government servant, a pensioner, a student… .He can open his account in a savings account. As I said, the holder gets interest on the frozen money in the savings account. Savings account holders can withdraw and deposit their deposited money from the bank at any time. There is no restriction in the number of deposits, but there are some restrictions in the number of withdrawals. Like you Rs. Can not withdraw less than 50 money or withdraw money from ATM more than 30 times within 6 months (this policy changes time to time by banks). You cannot withdraw money anytime, anywhere, as much as a current account. Most banks force their customers to maintain a minimum amount in their account.

3. Recurring Deposit Account: In a Recurring Deposit Account or Recurring Deposit Account or RD account, people who open an account regularly want to deposit a certain amount regularly so that they get interest / interest / interest at a higher rate. A certain amount is deposited in the RD account every month for a fixed period and at the end of the fixed period the total amount is paid with interest. The minimum period for submission is 1 year and maximum is 10 years. The rate of interest varies in different plans according to the amount of money deposited and the duration of the deposit. If you are depositing 10 thousand every month, then you will get more interest… than which? The one who is depositing only 4 thousand every month will get less interest. At the same time, if you are going to deposit money for a longer period then you will get more interest and less interest for a shorter period. Premature withdrawal (withdrawal) is not available in an RD account. By the way, the bank can allow it to be closed before maturity (completion of account period). A single or joint account can be opened in a recurring deposit account.

4. Fixed Deposit Account: A special amount is kept in a fixed deposit account or FD account for a specific period. Here you can deposit money only once and withdraw it only once. Just like an RD account, you cannot withdraw money from this account before time. Withdrawing money before the stipulated period, you have to pay a penalty to the bank (the penalty amount fixed by each bank varies) and the account is closed forever. In fixed deposits, the consumer is given a high interest rate. The interest rate is determined on the basis of deposited money and deposit period which is for a maximum period of 10 years.

Friends hope that you have got complete and correct information about all the types of Bank Deposits, i.e. Current Account, Saving Account, Recurring Deposit Account and Fixed Deposit Account.