Types of Accounts

Savings Account

           Typically used for daily banking needs, offering interest on deposited funds while allowing limited withdrawals.

Current Account

        Primarily for businesses and entrepreneurs, facilitating frequent transactions without limits on withdrawals and deposits. Usually doesn’t offer interest.

Fixed Deposit Account

           Offers higher interest rates compared to savings accounts but locks in funds for a fixed period, ranging from a few months to several years.

Recurring Deposit Account

        Enables individuals to regularly deposit a fixed amount every month, accumulating interest over time and maturing at the end of a predefined period.

Salary Account

      Provided by employers for salary disbursement to employees, often with benefits like zero balance requirements, special debit/credit card offers, and more.

NRI (Non-Resident Indian) Account

        Tailored for Indians living abroad, including NRE (Non-Resident External) accounts, NRO (Non-Resident Ordinary) accounts, and FCNR (Foreign Currency Non-Resident) accounts, allowing them to manage their finances in India.

Demat Account

            Specifically for holding shares and securities in electronic format, essential for trading in the stock market.

Joint Account

               Shared account between two or more individuals, allowing them to manage finances collectively.

Senior Citizen Account

         Tailored for senior citizens, offering higher interest rates and other benefits to meet their financial requirements.

Minor's Account

         Accounts for minors managed by a parent or guardian until the child reaches the age of majority.

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