Bank Accounts and Types


 
 
Concept Explanation
 

Bank Accounts and Types

Various banks offer the facility of opening various types of accounts where a depositor can deposit the money. Depending upon the nature of account, deposited money can also be withdrawn according to the convenience of depositor.

On the basis of purpose they serve, bank deposit accounts may be classified as follows:

  • Savings Bank Account
  • Current Deposit Account
  • Fixed Deposit Account
  • Recurring Deposit Account
  • Flexi Deposit
  • I. Demand Deposits:

    Demand Deposits are the funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution. Demand deposits can be "demanded" by an account holder at any time. It can be classified as:  

    Savings Bank Account:

    Savings account is primarily meant for people with limited means, who want to save money for future. In a savings bank account, there are normally no restrictions on the amount to be withdrawn as well as on the frequency of withdrawal. RBI has deregulated interest rates, and banks are now free to decide the same within certain conditions imposed by RBI. The interest on savings account is calculated on the minimum average balance between the 10th and last day of the month.

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    Sample Questions
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    Question : 1

    ATM password to be shared only with _______________________-

    Right Option : D
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    Explanation
    Question : 2

    ATM password should be kept in _______________________

    Right Option : C
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    Explanation
    Question : 3

    A bank can refuse open an account on behalf of which of the following ?

    Right Option : D
    View Explanation
    Explanation
     
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