### Types of bank accounts ###
1. Saving Bank Account: These accounts are maintained by individuals/ salaried peoples. Such account offers interest on customer deposit. The interest on these accounts is regulated by Reserve Bank of India. No Overdraft is allowed on such accounts.
2. Current Account: These accounts are used mainly by businessmen and are not generally used for the purpose of investment. These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day. No interest is paid by banks on these accounts. One of the prominent advantage of such account is that Overdraft is allowed.
3. Fixed Deposit Account: also known as term deposit account. All Banks offer fixed deposits schemes with a wide range of tenures for periods from 7 days to 10 years. The term “fixed” in Fixed Deposits (FD) denotes the period of maturity or tenor.
1. Saving Bank Account: These accounts are maintained by individuals/ salaried peoples. Such account offers interest on customer deposit. The interest on these accounts is regulated by Reserve Bank of India. No Overdraft is allowed on such accounts.
2. Current Account: These accounts are used mainly by businessmen and are not generally used for the purpose of investment. These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day. No interest is paid by banks on these accounts. One of the prominent advantage of such account is that Overdraft is allowed.
3. Fixed Deposit Account: also known as term deposit account. All Banks offer fixed deposits schemes with a wide range of tenures for periods from 7 days to 10 years. The term “fixed” in Fixed Deposits (FD) denotes the period of maturity or tenor.