Different types of Bank account - You have to knowπŸ¦πŸ’°πŸ’°πŸ¦

  Types of Bank Accounts

In today's world billions of people using banks account, but only few of them are familiar with its different types and how they get benefits through its other types. So, today I discuss with you some of the various types of bank account which gives you various types of benefits. 

List of the various types of Banks Account :- 

1). Saving Account

The primary objective of this account is to encourage saving habit among the customers. The deposits in this account are made by the people who want to save a little out of their current income to safeguard their future and earn some intrest on their saving. 

Facilities on Saving Account :- 
1). Cheque book 
2). Debit card 
3). Pass book 
4). Interest upto 3-4% p.a 
5). Limited numbers of withdraws

2). Current Account

These deposits are suitable for a business owners. The banks generally does not pay interest on these deposits and in this account, deposits can deposit the money any number of time and can withdraw the money as and when he/she needs it.

Facilities on Current Account
1). Cheque book 
2). Debit card 
3). No limit on withdraws
4). No interest on deposits

3). Fixed Deposit ( FD )

These are the deposits repayable by the bank only after the expiry of a specified period, say 1-10 years. Fixed deposits carry a good rate of interest, which depends upon the period of deposits. Longer the period of deposits, higher is the rate of interest.

Facilities on FD
1). High interest (6-8%)
2). Get the benefits of compounding

4). Recurring Deposit ( RD ) Account

This account has also gained wide popularity these days. In this account, a depositor deposits a fixed amount of money say Rs 200 ( on monthly basis ) for a fixed period. The amount together with interest is repaid after the expiry of a fixed period except in special circumstances.

Facilities on ( RD )
1). High intrest (5-6%)
2). Low risk

5). Multiple Option Deposit Account

It is a type of saving deposit account in which deposit in excess of particular limit gets automatically transferred into fixed Deposit ( FD )

Facilities on this account :-
1). Earn more interest
2). Lower the risk

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