Types of Bank Accounts in India PDF: Check with Account Types, List, Features, Advantages, and Other Details

Banking is one of the most crucial sectors tested in various government and competitive exams such as IBPS PO/Clerk, SBI PO/Clerk, RBI Grade B/Assistant, LIC, SSC CGL, RRB NTPC, and UPSC. Among the foundational topics in Banking Awareness and Financial Literacy, the Types of Bank Accounts stand out as both a practical and frequently asked area.

This PDF offers a comprehensive breakdown of all major bank account types available in India, including:

  • Savings Account – Ideal for individuals looking to save while earning interest.

  • Current Account – Meant for frequent transactions by businesses and firms.

  • Fixed Deposit (FD) – For those seeking secure, long-term investments at higher interest rates.

  • Recurring Deposit (RD) – Perfect for systematic, monthly savings with fixed returns.

  • Salary Account, Student Account, and NRI Accounts – Special categories catering to specific customer groups.

Each account is explained with its key features, eligibility criteria, interest structure, operational benefits, and relevant RBI norms. This makes it easier for aspirants to understand the purpose and utility of each account type, especially in light of financial inclusion initiatives like:

  • Pradhan Mantri Jan Dhan Yojana (PMJDY)

  • Digital Banking Expansion under RBI guidelines

  • Unified Payments Interface (UPI) & mobile banking services

Understanding this topic will not only help you score well in exams but also improve your practical banking knowledge, making you better prepared for interviews, group discussions, and real-world banking scenarios.

Keep this PDF handy for quick revisions, last-minute prep, or to build conceptual clarity on one of the most reliable scoring areas in government and banking examinations.

Check Types of Bank Accounts PDF in English

Check Types of Bank Accounts PDF in Hindi

 

Static GK 2025

1. Savings Account

Saving money in a bank account often involves using a savings account.

  • The individual also receives a salary from the money saved in the savings account.

  • Because of this, banks place limitations on savings accounts and provide a competitive interest rate, such as a monthly transaction limit.

  • Savings accounts come in various forms based on the needs of the individual.

  • The person has the option to pick any of the accounts according to need.

  • Different accounts have different benefits, so you can choose according to your comfort and needs.

Types of savings accounts in India are listed below.

  1. Regular Savings Account

  2. Zero Balance account

  3. Women’s Savings Account

  4. Kids’ Savings Account

  5. Senior Citizens’ Savings Account

  6. Family Savings Account

  7. Salary-Based Savings Account

 

Indian Banks Headquarters Taglines and CEOs

What is a savings account?

The most fundamental sort of bank account that may be opened in any bank is a savings account.

  • A savings account is open to save money and earn interest on that money.

  • It is a beneficial account where you can earn a small interest.

  • A savings account enables the user to deposit money into a bank account, eliminating the need for the user to carry cash around.

  • Saving money at a bank has the advantage that the user will get a set rate of interest on the funds placed in the account.

  • Before October 24, 2011, the RBI established the interest on savings accounts; however, following that date, the RBI granted banks the authority to set their own savings account interest, subject to certain limitations.

  • Additionally, using a simple method, the user may withdraw his money whenever he wants it.

 

Key Features of Savings Accounts

Limit: The quantity of money that can be kept in a savings account has no upper limit. Depending on your bank, the total number of transactions could be limited in specific circumstances.

Balance: Most of the time, to keep a savings account open, a customer is required to maintain a minimum required amount.

Interest: When money is deposited into a savings account, the consumer receives interest. Different banks have different interest rates.

Benefit: The simplest way to earn interest on unused bank funds is through savings accounts.

Check Important Banking Terms

 

2. Current Account

A current account is one of the types of bank accounts in India that is used for daily, limitless transactions.

  • The current account does not pay interest and has a higher minimum balance requirement.

  • Owners of businesses and dealers who need to conduct daily transactions typically utilize the current account.

  • Business owners, traders, and entrepreneurs who need to conduct transactions and receive payments more often than others typically keep this sort of account at a bank.

  • The majority of current accounts are operated in the names of businesses or enterprises.

  • Never are savings or investments made in these accounts. Typically, a certain minimum balance must be kept there at all times.

Types of current accounts in India are listed below.

There are five varieties of current accounts offered by the bank. These include:

  1. The Premium Current Account

  2. Standard Current Account

  3. Packaged Current Account

  4. Foreign Currency Account

  5. Single Column Cash Book

Role and Functions of Banks in India

 

Key Features of a Current Account

Limit: The amount of money that may be deposited into a current account is unlimited. Additionally, current accounts do not have a transaction cap.

Balance: The minimum amount needed to open a current account is higher than that of a savings account.

Interest: Consumers do not receive interest on their current accounts.

Benefit: These accounts provide an overdraft feature that enables users to take more money from the account than is available.

About Regional Rural Banks in India

 

3. Salary Account

A salary account is also one of the types of bank accounts in India.

  • Large enterprises and companies that pay their employees through banks ask banks to create these accounts on their behalf.

  • Each employee is allowed to keep a salary account, which their employer will credit with their monthly salary.

Payment Bank of India

 

Key Features of a Salary Account

Limit: The amount of money that may be deposited into a salary account is unlimited. Each employee's pay is determined by how much money their employees have been paid out. Employees can conduct independent transactions between one type of bank account and another.

Balance: Employees can withdraw the whole balance of their payment accounts, which have zero balances, at any time.

Interest: Salary accounts do not accrue interest to employees.

Benefit: These accounts can be changed at any moment into savings accounts. Banks have the power to convert these accounts into savings accounts, which are governed by a separate set of rules, after inactivity of more than three months.

Basics of Banking

 

4. NRI Account

These accounts are opened by non-resident Indians who wish to maintain a financial bank account in India.

  • There are three types of bank accounts for NRIs that are available in Indian banks.

 

Types of Bank Accounts for NRI:

Presently, there are 3 types of bank accounts for NRI in India. They are

  • Non-Resident Ordinary Account(NRO)

  • Non-Resident External Account(NRE)

  • Foreign Currency Non-Residential Account(FCNR)

Development Banks In India

 

Non-Residential Ordinary Account (NRO)

These accounts include deposits that are denominated in Indian rupees. The deposit was made with money made in India.

Key Features of an NRO

Limit: The amount of money that may be deposited into an NRO account is unlimited.

Balance: Any level of balance may be kept.

Interest: The principle, as well as any interest accrued on that principle, are taxable items.

Benefit: The conversion rate has no impact on these accounts. Through the NRO account, an NRI can open a current account, a savings account, or a fixed deposit account.

Foreign Banks in India

 

Non-Residential External Account (NRE)

These accounts include deposits that are denominated in Indian rupees.

  • However, the funds deposited are not from income produced in India; rather, they are savings or earnings from the nation in which the non-resident Indian resides.

Key Features of an NRE

Limit: Money cannot be deposited into an NRE account more than the allowed amount.

Balance: Any level of equilibrium may be kept.

Principle and interest: Neither the principle nor the interest accrued on the principle is subject to taxation.

Benefit: These accounts are affected by a potential change in the conversion rate. Through the NRE account, an NRI can open a current account, a savings account, or a fixed deposit account.

History of Banking in India

 

Foreign Currency Non-Residential Account (FCNR)

Deposits are held in these accounts in the currencies that have been authorized by the Reserve Bank of India, India's central bank.

  • Any NRI or anyone of Indian descent is eligible to keep deposits in a currency that is recognized as their source of income.

  • If the revenue is obtained in a currency not on the authorized list of currencies, then the profits or proceeds to be deposited are converted into an acceptable currency.

  • It's common to refer to FCNR accounts as FCNR (B) accounts, whereas (B) refers to banks.

 

Key Features of an FCNR

Limit: The amount of money that may be deposited into an FCNR account is unlimited.

Balance: Any level of balance may be kept.

Interest: The principle as well as the interest accrued on that principle are not taxed.

Benefit: These accounts are affected by a potential change in the conversion rate. Through the FCNR account, an NRI can only open fixed deposit accounts with a minimum maturity of one year.

Government Banks in India

 

5. Recurring Deposit (RD) Accounts

Customers who want to earn interest on their money create these accounts as deposit accounts.

  • These accounts, sometimes referred to as RDs, are the simplest ways to generate income that is more than that provided by savings accounts. 

 

Key Features of a Recurring Deposit

Limit: Each bank sets its minimum requirement for opening an RD. Customers may create an RD account with any bank of their choice and choose a minimum limit of just INR 1,000 each month.

Balance: RDs are deposit accounts that let customers withdraw a fixed sum each month at the start of the account's lifetime.

Interest: Every month, a set amount is withheld and placed in the RD account, where it accrues interest month after month. In comparison to savings accounts, this interest is frequently greater.

Benefit: The RD is a consumer-friendly financial choice due to its flexible duration. Customers can choose to deposit money in an RD for a period ranging from six months to a maximum of ten years, earning interest on the deposited balance. Before the tenure expires, RD accounts may be closed without losing the interest accrued.

 

6. Fixed Deposit (FD) Accounts

These accounts are created so that deposits can receive interest for a certain amount of time until maturity. Among the safest financial tools for saving and earning interest on unused funds are fixed deposits.

 

Key Features of a Fixed Deposit

Limit: The amount of money that may be deposited into a fixed deposit account is unlimited. After the account's term, interest is paid in proportion to the amount of money allocated.

Balance: A lump sum of money is invested in an FD account.

Interest: This deposit earns interest from the bank. Once the FD's term is through, this interest is paid. Customers who terminate their FDs during their term run the risk of missing out on the interest and frequently just receive the principle payment.

Benefit: FDs are investments with low risk and great returns. Due to the fixed tenure benefit a bank receives in the case of FDs, the majority of banks in India give an FD interest rate that is greater than the interest rates on savings accounts and RDs. The financial instrument becomes a win-win for banks and consumers since it allows banks to keep substantial amounts for a set length of time while allowing customers to earn higher volatility-free returns.

List of RBI Governors of India

 

7. DEMAT Account

A dematerialized account is referred to as a demat.

  • In a Demat account, shares are used in place of actual money, exactly like in a bank account.

  • Opening a demat account is necessary to purchase or sell shares, just as opening a bank account is necessary to save money or write checks.

 

Some Features of DEMAT Account

  • These accounts simplify the trading of shares and securities.

  • They execute smooth transactions, thereby reducing the associated costs.

  • Traders have the flexibility to engage in trading activities from any location.

 

8. Senior Citizens Account

The senior citizen scheme is exclusively available to Indian senior citizens.

  • Individuals aged 60 years and older are classified as senior citizens according to government regulations.

  • Senior Citizens accounts function as standard savings accounts, with the difference that they offer an interest rate benefit ranging from 0.25% to 0.50% per annum.

  • It is determined periodically by the respective banks for the account holder.

  • These accounts can be established as joint accounts, with the stipulation that the senior citizen's name must be listed first to ensure that the benefits are conferred upon them. 

 

Check Other Important Links,

Prime Ministers of India List PDF

Chief Ministers of India List PDF

Presidents of India List PDF

Cabinet Ministers of India List PDF

Governors of India List PDF

 

FAQs

Q. What is covered in the “Types of Bank Accounts in India” PDF?

This PDF gives a detailed yet easy-to-understand overview of all major bank account types in India, like Savings, Current, FD, RD, Salary, Student, and NRI accounts, along with features, benefits, interest structures, and eligibility.

Q. Why is it important to study bank account types for exams?

Bank account types are a frequently asked topic in Banking Awareness sections of exams like IBPS, SBI, RBI, LIC, SSC, RRB, and UPSC. A solid understanding helps boost your scores and interview readiness.

Q. Is this PDF useful for interview preparation as well?

Yes! Knowing the differences between account types, their purposes, and RBI guidelines helps you answer real-world banking questions confidently during interviews or group discussions.

Q. Which account is best for regular savings purposes?

The Savings Account is ideal for individuals looking to save money while earning interest. It also promotes financial discipline and offers ATM, mobile, and net banking access.

Q. How does a Current Account differ from a Savings Account?

A Current Account is designed for businesses and allows frequent, high-volume transactions with no interest. In contrast, a Savings Account is for individuals and earns modest interest.

Q.  What’s the benefit of Fixed and Recurring Deposits?

  • FDs: Suitable for lump-sum investments over a fixed term with higher returns.

  • RDs: Ideal for monthly savings with assured returns—great for salaried individuals and planners.

Q. Are there special accounts for students and NRIs?

Yes!

  • Student Accounts offer low minimum balances and basic banking access.

  • NRI Accounts (NRE, NRO) are for Indians abroad to manage income in India or repatriate funds.

Q. Can this PDF help with last-minute revision before the exam?

Absolutely! The content is concise, exam-focused, and conceptually clear, making it perfect for quick revisions before the exam or interview rounds.

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