Explain the types of accounts in banks?
There are six types of account in banks:-
- Current Account:- This account is for people with businesses, firms, and companies. Any number of transactions or the amount of transactions customers can do in a day.
- Savings Account:- This account is used by the public for saving the money. Any person can open the account single or a joint account. The advantage of having a saving bank account is bank pays the interest on your savings.
- Recurring Deposit Account: -This account is opened when a person wants to save a certain amount of money every month and earn a high rate of interest.
- Fixed Deposit Account:- This account is opened when a person wants to put a specific amount for a particular time and get a high rate of interest.
- DMAT Account:- This account is used to perform the transactions on the shares.
- NRI Account:- This account is for the Indians who are settled out of India.