The different types of bank accounts have been discussed at length in this article. The details and benefits of each type of bank account constitute an important part of the General Awareness syllabus for major Government exams conducted in the country.
One major aspect of the banking industry is the provision of bank accounts. There are various types of bank accounts which can be opened in any Public or Private sector banks.
This topic essentially forms a very important part of the financial and banking awareness section of the various bank exams.
Given below is the list of bank accounts that we shall be discussing in this article:
Initially, there were only four types of bank accounts that were operating in India. These included the Current Account, Savings Account, Recurring Deposit Account and Fixed Deposit Account. But later with the advancement in the banking sector, various other types of bank accounts were introduced.
Candidates can check the syllabus for the major Government exams conducted in the country in the links given below:
As the name suggests, the savings accounts can be opened by an individual or jointly by two people with an aim to save money.
The main benefit of opening a savings bank account is that the bank pays you interest for opening this type of account with them.
Given below are a few features of the Savings account:
The second type of bank account is the current bank account. These accounts are not used for the purpose of savings.
Some important pointers related to the current bank account have been discussed below:
Recurring Deposit account or RD account is a form of account wherein the account holder needs to deposit a fixed amount every month until it reaches the fixed maturity date.
The features of the Recurring deposit account have been discussed below:
FD or a fixed deposit account is another type of bank account that can be opened in any Public or Private sector bank.
The list of important things that need to be known with respect to the fixed deposit account have been mentioned below:
Shares and securities which can be held in electronic format constitute the DEMAT account. The DEMAT account also stands for Dematerialized Account.
Given below the points that need to be known by a candidate regarding the DEMAT Account:
To fulfil the bank requirements of a Non-Residential Indian or a Person of India Origin, the option of NRI account is available.
The NRI Accounts are further divided into three types:
To help manage the finances here are some excellent reason to have a bank account-
Aspirants must go through the above-mentioned information carefully as it forms an important topic for financial as well and banking awareness topics.
Candidates who are looking for any further information regarding the upcoming Government exams can turn to BYJU’S for help.
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