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100 FAQ's on Basic Finance

Module Units

What are the types of bank accounts in India?

The types of bank accounts in India are:

  • Savings account – Best suited for individual consumers, who need to store their money and not spend it as frequently as businesses.
  • Current account – Best suited for businesses, with minimal limits on withdrawals and overdrawing facilities.
  • Salary account – These accounts are opened for an employee on behalf of their employer. It is where an employee’s salary is credited.
  • Fixed deposit account – A saving instrument where one can lock in a fixed sum of money for a period of time and receive interest on it.
  • Recurring deposit account – A deposit account where one can deposit amounts periodically and earn interest similar to fixed deposits.
  • NRI accounts – An account that is opened by a Non-Resident Indian (NRI) in a banking institute approved by the RBI.

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