Bank Account Types
Bank Account Types
Types of Bank Account :
Whether you are a housewife or a college student, a business owner or a business house, a retired professional or Indian living abroad, not having a bank account is unimaginable. Based on the purpose, frequency of transaction, and location of the account-holder, banks offer a bouquet of bank accounts to choose from. Here is a list of some of the types of bank accounts in India.
1. Current Account:
A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others. These accounts hold more liquid deposits with no limit on the number of transactions per day. Current accounts allow overdraft facility, that is withdrawing more than what is currently available in the account. Also, unlike savings accounts, where you earn some interest, these are zero-interest bearing accounts. You need to maintain a minimum balance to be able to operate current accounts.
2. Savings Account:
A savings bank account is a regular deposit account, where you earn a minimum rate of interest. Here, the number of transactions you can make each month is capped. Banks offer a variety of Savings Accounts based on the type of depositor, features of the product, age or purpose of holding the account, and so on. There are regular savings accounts, savings accounts for children, senior citizens or women, institutional savings accounts, family savings accounts, and so many more.
You have the option to pick from a range of savings products. There are zero-balance savings accounts and also advanced ones with features like auto sweep, debit cards, bill payments and cross-product benefits. A cross-product benefit is when you have a savings account with a bank and get to avail special offers on opening a second account such as a demat account.
What type of bank account allows NRIs to deposit money earned in India or overseas, with the funds being converted into INR at prevailing exchange rates? | |||
| Right Option : C | |||
| View Explanation | |||
Which type of bank account is most suitable for traders and entrepreneurs who need to make frequent payments and withdrawals? | |||
| Right Option : C | |||
| View Explanation | |||
What is a key feature of a current account? | |||
| Right Option : B | |||
| View Explanation | |||
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