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Sujai Adithya
Human Resource and Banking & Finance Expert
Asked a question last year

What are the various types of bank accounts?

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Sujai Adithya
Human Resource and Banking & Finance Expert

1.) Savings Account - This account will be considered as normal banking service. For this account, maintenance of minimum balance is not required. ATM card/ ATM cum Debit card, Rupay card will be given for the account holders.

2.) Regular Savings Account - Any resident individual- single accounts, two or more individuals in joint accounts, Associations, clubs etc., are eligible for this account. Students can open this account with zero balance by providing the required documents.

3.) Current Account - Any resident individual- single accounts, two or more individuals in joint accounts, Associations, Limited companies, Religious Institutions, Educational Institutions, Charitable Institutions, clubs etc., are eligible for this account.

4.) Recurring Deposit Account - Any resident individual- single accounts, two or more individuals in joint accounts, Associations, clubs, Institutions/Agencies specifically permitted by the RBI etc., are eligible to open this account in single/joint names.

5.) Fixed Deposit Account - Any resident individual- single accounts, two or more individuals in joint accounts, Associations, Minors, societies, clubs etc., are eligible for this account. Depositors may ask for repayment of their deposits before maturity. Repayment of amount before maturity is allowable.

6.) DEMAT Account - An individual, Non-Resident Indian, Foreign Institutional Investor, Foreign National, Corporate, Trusts, Clearing Houses, Financial Institution, Clearing Member, Mutual Funds, Banks and Other Depository Account. This type of account is used to conduct stress-free transactions on the shares. 

7.) NRI Account -      

a) NRO ( Non-Resident Ordinary Rupees) Account - Any Individual resident outside India.

b) NRE ( Non-Resident External Rupees) Account - NRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI

c) FCNR ( Foreign Currency Non-Resident ) Account - NRIs/PIOs/OCIs(Individuals/entities of Bangladesh/Pakistan require prior approval of RBI

Checking accounts are the most accessible type of bank account, allowing you to deposit and withdraw money as often as you want. Most checking accounts come with debit cards, which you can use to make purchases and withdraw money from ATMs, as well as paper checks. In addition, most allow you to pay bills electronically.

Savings accounts allow you earn interest on your deposits, and are good tools for emergency funds or for keeping money you otherwise don’t want to spend right away. They don’t come with debit cards, and there is usually a limit to the number of withdrawals you can make per month. Savings accounts differ in interest rates, method of compounding interest