A bank account is the type of account that allows you to save, invest, and increase your cash. All accounts have different characteristics and specific requirements, from the facilities provided to the maintenance of the balance. Customers can choose from a variety of accounts to meet their particular needs.
Types of Bank Account
It is necessary to open a bank account for performing Banking Transactions . Different types of account can be opened in the bank. They are mentioned below:
a. Current Account:
A current account is a personal bank account which you can take money out of at any time using your cheque book or cash card. It is also called demand account which has the provision of withdrawing money as many times required by the account holder.
b. Saving Account :
A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay only a modest interest rate, their safety and reliability make them a good option for parking cash that you want available for short-term needs .Its main motive is to encourage public for saving.
c. Fixed Deposit Account:
The account which has the provision of withdrawing the money only after the expiry of the deposit period is called fixed deposit account. in this account money is deposited for fixed period. Hence ,it is also called time deposit account or certificate deposit.
