Unit 1 (Banking Correspondance)
Types of Bank Accounts: Given below is the list of bank accounts: Savings Account Current Account Recurring Deposit Account Fixed Deposit Account DEMAT Account NRI Account Initially, there were only four types of bank accounts that were operating in India. These included the Current Account, Savings Account, Recurring Deposit Account and Fixed Deposit Account. But later with the advancement in the banking sector, various other types of bank accounts were introduced. Savings Account As the name suggests, the savings accounts can be opened by an individual or jointly by two people with an aim to save money. The main benefit of opening a savings bank account is that the bank pays you interest for opening this type of account with them. Given below are a few features of the Savings account: There is no limit to the number of times the account holder can deposit money in this account but there is a restriction on the number of times money can be withdrawn ...