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Candidates who are preparing for Banks exams shall refer to various types of bank accounts, Types of bank accounts for NRI, How many type of current account, Types of bank accounts in banking law. This article has covered the many types of bank accounts in great detail. A significant portion of the General Awareness curriculum for the nation's bank examinations covers the specifics and features of types of bank accounts. The types of bank accounts are a significant part of the banking sector. Any public or private sector bank has provided various types of bank accounts in India. For that here we have provided complete information about various types of bank accounts. Banking aspirants shall utilize this article fully and download the Types of bank accounts pdf for your preparation process. So Aspirants please concentrate on topics like Types of bank accounts in India, Types of bank accounts in India pdf, types of bank accounts pdf, Types of bank accounts in India and explain, Types of savings account in India, types of current account in India, Types of joint accounts in India, Types of bank accounts in Sbi, Types of Bank accounts in ICICI, Types of Bank accounts in hdfc. We have covered the topic common for all banks only.

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Introduction to Various Types of Bank Accounts in India

The best place to save, invest, and grow your money is in a bank account. Banks now provide various types of bank accounts in India to suit the diverse demands of their clients, including savings, current, BSBDA, fixed and recurring deposits, and NRI accounts. Each account has its own qualities and requirements, ranging from the services provided to balance maintenance and other things. You may learn more about the various types of bank accounts in India by reading this article. Let's quickly explain each of these categories of Indian bank accounts. This article has covered the many types of bank accounts in great detail. The supply of various types of bank accounts in India PDF is a significant part of the banking sector. Any public or private sector bank has provided various types of bank accounts in India PDF.

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Types of Bank Accounts in Banking Law

There are various types of bank accounts in banking law. Here, we will take about Types of bank accounts in India, Types of bank accounts in India and Explain, Types of bank accounts chart, types of savings account in India, Types of current account in India, etc. We'll also discuss various bank accounts in India and the services that banks typically utilize with them. All types of bank accounts in India pdf may be used to save money and receive interest on savings. Here is a list of various types of bank accounts in Banking Law. In the beginning of the article we have given Types of bank accounts pdf also called types of bank accounts in India pdf so that aspirants download the link and use it for the exam preparation and feel relaxed in preparation.

1. Saving Account

2. Current Account

3. Salary Accounts

4. Recurring Account

5. Fixed Deposit Account

6. Joint Account

7. No Frill Accounts

8. NRI Accounts

In the beginning, India had only four different types of bank accounts. The Current Account, Savings Account, Recurring Deposit Account, and Fixed Deposit Account were among them. However, as the banking industry developed, a number of new types of bank accounts were launched. This Types of bank accounts in India page explains the seven different types of bank accounts.

Types of Bank Accounts PDF: 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 also provide a competitive interest rate, such as a monthly transaction limit. Savings accounts come in a variety of forms based on the needs of the individual. We will see what are all the types of savings account in India. Types of current account in India is given in the upcoming sub-topics.

• Regular Savings Account

• Zero Balance account

• Women’s Savings Account

• Kids’ Savings Account

• Senior Citizens’ Savings Account

• Family Savings Account

• Salary-Based Savings Account

The person has the option to pick any of the accounts according to the need. Different accounts have different benefits so you can choose according to your comfort and need.

What is a Saving account?

The most fundamental sort of bank account that may be opened in any bank is a savings account. The saving account is open to save money and take interest in that money. It is a beneficial account where you can take a small interest. A saving 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. Prior to 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 saving 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 Account

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.

Types of Bank Accounts in India - Current Account

A current account is one of the types of bank accounts in India that are used for daily, limitless transitions. 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. We are seeing types of bank accounts in India, and also types of bank accounts in India and explaination, then types of savings account in India, types of current account in India and other types of bank accounts in India in detail. Also, note that the types of bank accounts in India pdf are given above.

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 really available.

Types of Bank Accounts PDF - Salary Account

A salary account is also one of the types of bank accounts in India pdf. 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. We are seeing types of bank accounts in India pdf, and also types of bank accounts in India and explaination, then types of savings account in India, types of Current account in India and other types of bank accounts in detail. Also, note that the types of bank accounts in India pdf are given above.

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.

Types of Bank Accounts in India PDF - 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 NRI that are available in Indian banks. We are seeing types of bank accounts in India, and also types of bank accounts in India and explaination, then types of savings account in India, types of Current account in India and other types of bank accounts in detail. Also, note that the types of bank accounts in India pdf are given above.

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-Residental Account(FCNR)

Types of Bank Accounts for NRI - 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.

Types of Bank Accounts for NRI - 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 in excess of 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.

Types of Bank Accounts for NRI - 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.

Types of Bank Accounts in India PDF - 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. We are seeing types of bank accounts in India, and also types of bank accounts in India and explaination, then types of savings account in India, types of Current account in India and other types of bank accounts in detail. Also, note that the types of bank accounts in India pdf are given above.

Key Features of a Recurring Deposit

Limit: Each bank sets its own 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 of time 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.

Types of Bank Accounts PDF - 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. At the conclusion of 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 in the midst of 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.

Types of Bank Accounts PDF – Demat Account:

A dematerialized account is referred to as 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 in order to purchase or sell shares, just as opening a bank account is necessary in order to save money or write checks.

We came to the conclusion of the article. In this article we have discussed all the topics like Types of bank accounts in India, Types of bank accounts in India pdf, Types of bank accounts pdf, Types of bank accounts in India and explain, Types of savings account in India, Types of current account in India, Types of joint accounts in India, Types of bank accounts in SBI, Types of bank accounts in ICICI, Types of bank accounts in HDFC. So aspirants read all the topics and get good marks in Static Gk sections.

Types of Bank Accounts in India PDF FAQs:

Here we have given the common FAQs regarding the types of bank accounts in India PDF for your reference.

Q. How many types of bank accounts are in banking law?

A. There are 6 types of bank accounts in banking law.

Q. Which type of bank account is suitable for salary earners?

A. Salary account is best suitable for salary earners.

Q. How many types of current accounts are in the bank?

A. There are 5 types of current accounts that are available in the bank. They are Premium Current Account, Standard Current Account, Packaged Current Account,  Foreign Currency Account, and Single Column Cash Book.

Q. What is the full form of a DEMAT account?