Type of Bank Accounts
Survey of Various types of Bank Accounts, rate of interest offered
Mr. Pinto (name changed on request) of Axis Bank Limited of Nerul Branch was very co-operative when I visited their branch and introduced myself as a 10th Std. student of Ryan International School, Nerul and inform my purpose of visit of carrying out a survey on various types of bank accounts available and commonly used in India.
He offered me a place to sit and called for water and request to give him some time to complete his urgent in-hand work. Since the day was Saturday hence visibly the no. of public was less. After half an hour, he turned up, excuse for keep me waiting and then first go thru the paper containing Project Topics. After going thru the entire paper he then greets me for taking the project sincerely and then started narrating the meaning of Bank account, type of Bank Accounts and interest rate offered on various accounts.
A bank account is a financial account between a bank and its customer. A bank account can be a deposit account, current account, loan account or any other type of account offered by a bank. Traditionally banks in India have four types of deposit accounts, namely Current Accounts, Saving Banking Accounts, Recurring Deposits and, Fixed Deposits. However, in recent years, due to ever increasing competition, some banks have introduced new products, which combine the features of above two or more types of deposit accounts, of which, some of them are as under:
1. Savings Account
2. Current Account
3. Recurring Deposit Account
4. Fixed Deposit Account
5. Other Accounts – Corporate Banking Loan Account Overdraft / Cash Credit Demat Account EEFC Nostro & Vostro Account
1. Savings Bank Account These deposits accounts are one of the most popular deposits for individual accounts.
These accounts not only provide cheque facility but also have lot of flexibility for deposits and withdrawal of funds from the account.
Most of the banks have
Mr. Pinto (name changed on request) of Axis Bank Limited of Nerul Branch was very co-operative when I visited their branch and introduced myself as a 10th Std. student of Ryan International School, Nerul and inform my purpose of visit of carrying out a survey on various types of bank accounts available and commonly used in India.
He offered me a place to sit and called for water and request to give him some time to complete his urgent in-hand work. Since the day was Saturday hence visibly the no. of public was less. After half an hour, he turned up, excuse for keep me waiting and then first go thru the paper containing Project Topics. After going thru the entire paper he then greets me for taking the project sincerely and then started narrating the meaning of Bank account, type of Bank Accounts and interest rate offered on various accounts.
A bank account is a financial account between a bank and its customer. A bank account can be a deposit account, current account, loan account or any other type of account offered by a bank. Traditionally banks in India have four types of deposit accounts, namely Current Accounts, Saving Banking Accounts, Recurring Deposits and, Fixed Deposits. However, in recent years, due to ever increasing competition, some banks have introduced new products, which combine the features of above two or more types of deposit accounts, of which, some of them are as under:
1. Savings Account
2. Current Account
3. Recurring Deposit Account
4. Fixed Deposit Account
5. Other Accounts – Corporate Banking Loan Account Overdraft / Cash Credit Demat Account EEFC Nostro & Vostro Account
1. Savings Bank Account These deposits accounts are one of the most popular deposits for individual accounts.
These accounts not only provide cheque facility but also have lot of flexibility for deposits and withdrawal of funds from the account.
Most of the banks have