what are types of bank accounts?

Question

Accepted Answer

Bank accounts can be classified into various types based on their features and usage.

Savings account - for individuals to save money and earn interest
Current account - for businesses to carry out transactions
Fixed deposit account - for long-term savings with higher interest rates
Recurring deposit account - for regular savings with fixed monthly deposits
NRI account - for non-resident Indians to manage their finances in India
Joint account - for two or more individuals to share ownership and access to funds
Student account - for students with special benefits and lower fees
Senior citizen account - for individuals above a certain age with special benefits
Salary account - for employees to receive their salaries and manage finances
Demat account - for holding and trading securities in electronic form

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