The Types Of Bank Accounts

Commercial banks offer many types of bank account for different purpose. Following are the common types of deposit generally use by the commercial bank.

Types of bank accounts

Current account

The bank account from where a customer can borrow any amount of money any time in a week. Bank will not grant any interest on that account. Sometimes bank charged money as service charge. Generally businessman opens that type of bank account.

Savings account

The account where a customer can save money any time in a weak, but he/ she can withdrew money only five/ six times in a weak (days depends on bank policy). In special care if customer has to withdraw money more than bank policy times in a week, he/ she may apply to the manager for permission. Bank pay about 5 – 8 percent interest on that type account (interest depends on bank policy). Most of the accounts of a bank are saving accounts. It is most suitable for general public, job holder, students etc.

Fixed account

Here a customer keeps his money in the bank for a fixed period of time. Bank issue a deposit certificate against that. Customer cannot withdraw the money before maturity. Generally bank pays high rate of return on that account. It’s also called as FD (Fixed Deposit). For example maturity of 3 months, 6 months, 9 months, 1 year, 5 years, 10 years, 20 years available for the customers.

Monthly deposit account

In this account a customer can deposit this money in the bank account monthly at a constant rate. As for example DPS of $50 monthly, the customer have to deposit that $50 in the account with in a schedule deadline in every month up to a contract maturity. After the maturity the customer will get a big amount.

Foreign currency account (FC A/C)

It is the account open for keeping only foreign currency. It’s open in case of receiving remittance from abroad. When any person has a FC A/C and he/ she can send foreign currency from the foreign country in that account. His local representative/ operator can operate that account. No interest is paid in that account.

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