What are the different types of accounts offered by banks?

Question

Accepted Answer

Banks offer various account types to meet different financial needs, including savings, checking, and investment accounts.

Savings Account: Ideal for saving money with interest, e.g., a regular savings account.
Checking Account: Used for daily transactions, e.g., a standard checking account.
Fixed Deposit Account: Offers higher interest rates for locked-in funds, e.g., a 1-year FD.
Recurring Deposit Account: Encourages regular savings with fixed monthly deposits, e.g., a monthly RD plan.
Current Account: Designed for businesses with high transaction volumes, e.g., a corporate current account.
Joint Account: Shared by two or more individuals, e.g., a family savings account.
Money Market Account: Combines features of savings and checking accounts, e.g., a high-yield money market account.

Accepted Answer

savings accounts, current accounts, fixed deposit accounts, recurring deposit accounts, salary accounts, and NRI accounts,

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