What is Bank Account? Perhaps this question might have come to your mind too. Kyc, Account, fdic insured, online account, bank, savings accounts, online banking might have also come to your mind. If not, then you are probably not creative, but today you will get information related to What is Bank Account and the rest in the coming time. So let us know what is What is Bank Account after all?

 

What is Bank Account - How many types of bank account - Saving, Current, marketing

 

Bank account is where we can keep our money safe and withdraw it. In return bank also gives us interest. You can open this account in government or private bank. Some banks open this account at zero rupees and some have fixed limit and this is called bank account and these accounts are of many types.

 

What is bank account and their types?

 

There are mainly 7 types of bank accounts  Bank accounts at a glance, Checking accounts, Savings accounts, Money market Accounts, Certificates of deposit (CDs), Individual retirement arrangements (IRAs), Brokerage accounts what is bank account.

 

Bank Account at a Glance

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Individual retirement arrangements (IRAs) Account

This is a tax saving account for those who have a limited amount of money, such as for a retired person, this account can be called a tax saving account in a way, it has many types, there are four types of accounts, Traditional IRAS, Roth IRAS, SEP IRAS and Simple IRAS.

 

Certificates of deposit (CDs)

Certificate of Deposit Account is a low-risk loan instrument purchased directly through a commercial bank where there is a certificate with a fixed interest rate.

 

Checking Accounts

A checking account is a bank account that allows you to easily deposit and withdraw money for everyday transactions. This can include depositing checks you receive, withdrawing money from your debit card, or setting up direct deposit for your paycheck.

 

Money Market Account

The money market is a place where money is bid upon, where money is bought and sold, where money is borrowed and lent. In the money market, short-term money of banking institutions and individuals is bid upon by borrowers and governments.

 

Saving Account

Saving account is the account which we open for personal work and some banks open it for zero amount and some open the account by taking a limited amount. Do read the rules and regulations of the bank in which you want to open the account.

 

Current Account

Current account is called chalu khata in Hindi, this bank account is for a company or any business like shop, clinic, bakery etc or you can say whoever requires daily transactions needs a current account.

 

Recurring  Deposits

Recurring Deposit (also known as RD) In ​​this account, a fixed amount has to be deposited every month for a fixed period and at the end of the period, the total amount of that deposit is returned along with interest. (People who do not have money in their hands should definitely use this)

 

Fixed  Deposit

Fixed deposit is called in Hindi as term deposit and in short it is called RD and it gives more interest than savings account. In this you have to deposit your amount for a fixed time and after the time bank returns your money along with interest. It is liked by most of the people in India.

 

Brokerage accounts

Trading account is an interface account which works for money transaction from bank account to buying and selling of shares and from here you get to know about the profit and loss in your shares. This account can be opened both offline and online like Angel Broking, Zerodha Broking, Upstock Broking etc.

 

I hope you liked the information given on What is Bank Account. If you still have any question or suggestion then please ask in the comment section below. Thank you.

 

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