Why are 4 different bank accounts?

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Why are 4 different bank accounts?

There are generally four types of bank account openings in any bank: Saving Account, Current Account, Recurring Deposit Account and Fixed Deposit Account, and four types of Bank Accounts have their own different needs and characteristics, about which We will try to know in detail in this article.

Saving Bank Account

Saving Bank Account is the simplest type of account, and whenever you go to the bank to open your Bank Account, you basically open this type of bank account because it was the Most Common Type of the Deposit Account. is. This type of bank account is originally opened to save, hence it is also known as Saving Bank Account.

This type of account can be opened by any individual to take their personal banking transactions. In this type of account, 4% Annually Compound Interest (annual compound interest) is given at present time and a passbook is issued, wherein you can get your banking transaction done. In this type of account you can make Amount, Deposit and Withdraw only up to a certain limit per day, and you can not withdraw more than your deposit amount i.e. you can not take Bank Overdraft.

An Individual, Agency or Institution, registered under the Society Registration Act, 1860, can only open Saving Bank Account Open. According to Indian law a Limited Company and Private Limited Company are not allowed to open Saving Bank Account.

Current Bank Account

A Deposit Bank Account, which is opened with a commercial bank or often maintained for transactions of money, is called Current Bank Account. Current Bank Account is also known as Checking Account or Transactional Account. Simply put, a company can not handle its various types of Commercial Transactions through the Saving Account, so they have to have a special type of Bank Account Open in the form of Current Account, which have their own different types of features.

In Current Bank Account, you can get many facilities like Transfer, Bank Overdraft, Direct Debits, Internet Banking, as well as Deposit and Withdrawal of Amount as many times as you want in the Current Bank Account. But because the Current Bank Account is opened only for commercial works, not to save, so you do not get any kind of interest on the amount deposited in this type of Bank Account, To provide the facilities, the Bank also introduces a variety of Charges on Current Account.

Current Account can open an Individual, Hindu Undivided Family (HUF), Firm, Company and the Charge to Maintain Account is applied according to the Bank's Rules.

Saving Bank Account and Current Bank Account With both types of accounts, we get many facilities like Internet Banking, Mobile Banking, ATM Cum Debit Card and Check Book etc. through which we can make money online or offline Can donate.

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