What are the different types of bank accounts?

There are six kinds of bank accounts from which you can choose:
  • Savings Account. These are deposit accounts meant to help consumers save their money. …
  • Current Account. …
  • Salary Account. …
  • NRI Account. …
  • Recurring Deposit (RD) Accounts. …
  • Fixed Deposit (FD) Accounts.

What are 4 types of bank accounts?

4 Most Common Types of Bank Accounts
  1. Checking Account. The most basic type of bank account is the checking account. …
  2. Savings Account. A checking account and savings account go together like Batman and Robin. …
  3. Money Market Deposit Account. …
  4. Certificate of Deposit (CD)

What are the names of 2 different types of savings accounts?

While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit. Each one starts with the same basic premise: give your money to the bank and in return the money will earn interest.

What are 3 types of accounts?

3 Different types of accounts in accounting are Real, Personal and Nominal Account.
…
  • Debit Purchase account and credit cash account. …
  • Debit Cash account and credit sales account. …
  • Debit Expenses account and credit cash/bank account.

What are the 3 types of savings accounts?

While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit.

How many types of savings accounts are there?

The three types of savings accounts are: Regular savings account: You can deposit money and earn interest. You will be required to maintain a minimum balance. Salary savings accounts: Employers mainly create these accounts for generating salary.

Which type of bank account is best?

Top Banks that have the Best Savings Account for Individuals
  • State Bank of India (SBI) Savings Account.
  • HDFC Bank Savings Account.
  • Kotak Mahindra Bank Savings Account.
  • DBS Bank Savings Account.
  • RBL Bank Savings Account.
  • IndusInd Bank Savings Account.

What are the 7 types of bank accounts?

The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account.

What is SB account type?

Savings Plus Account is a Savings Bank Account linked where any amount over Rs 25,000 would be transferred to a fixed deposit. The minimum balance of Rs 25,000 should be maintained. This means that where you get an interest rate of 4% in the SB account you might end-up getting 6%, which is the current FD interest rate.

What is CC account type?

A Cash Credit (CC) is a short-term source of financing for a company. In other words, a cash credit is a short-term loan. … It enables a company to withdraw money from a bank account without keeping a credit balance. The account is limited to only borrowing up to the borrowing limit. Also, interest.

What is the normal bank account?

Regular Checking Accounts

A regular checking account simply lets you do all the things you’d expect from a checking account: deposit and withdraw money from an ATM, write checks, pay bills, and make purchases using a debit card.

What is SBI account type?

SBI Savings Account Interest Rates & Minimum Balance Required
Savings Account Interest Rate Minimum Balance
Basic Savings Bank Deposit Small Account 2.70% p.a. Nil
Savings Bank Account 2.70% p.a. Nil
Savings Account for Minors 2.70% p.a. Nil
Savings Plus Account 2.70% p.a. Nil

What is CC and CA account?

15 October 2009 Current account is open by a person for operation of his business i.e. he issue cheque from this account and deposit cheque for collection where as cash credit account is a credit facility given by bank and it is type of short term loan given by bank on the hypothication of stock.

What is CDs in banking?

The definition of certificate of deposit is an account that allows you to save money typically at a fixed interest rate for a fixed amount of time—say, 6 months, 1 year or 5 years. … Banks value CDs because they can count on your money staying put for a certain period of time, allowing them to lend to others.

Can we have 2 SBI accounts?

Yes. You may open an account jointly, with up to three applicants. 3. Will KYC documents be required for all account holders?

How many types of SBI accounts are there?

Five Types Of Accounts That You Can Open With State Bank Of India (SBI)

What is SB account in SBI?

SBI’s basic savings bank account is a type of savings bank account that is free from any minimum balance requirement. That means a customer holding a basic savings bank account with SBI is not required to maintain a certain average balance every month.

What is Lotus saving account?

Lotus Savings Account is specifically designed to cater the saving requirements for the individuals. Enjoy attractive returns with numerous privileges, unlimited deposits and withdrawals (as per NRB regulations), free utility payments, and e-banking facility.

What is CIF number?

CIF number is a unique number that the banks assign to each customer. This number is a part of the digital file – CIF, which is an acronym for Customer Information File. … It contains personal and accounts related details of its customer. The CIF contains a CIF number which is like a unique id for every customer.

What is CA account?

Current Account Savings Accounts (CASA) are a type of non-term deposit account. A CASA has a lower interest rate than term deposits, such as a certificate of deposit, and is thus a cheaper source of funds for the financial institution.

What is YONO account?

YONO (You Only Need One) is an integrated digital banking platform offered by State Bank of India (SBI) to enable users to access a variety of financial and other services such as flight, train, bus and taxi bookings, online shopping, or medical bill payments.

What is a digital account?

Digital account means an electronic system for creating, generating, sending, sharing, communicating, receiving, storing, displaying, or processing information which provides access to a Digital Asset stored on a Digital Device, regardless of the ownership of such Digital Device.