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.

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