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Banking Awareness #17: Types of Bank

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Last Updated on: June 24, 2015   by IBPS Exam Adda Editorial Board — 1 Comment

If you are thinking to appear for the upcoming IBPS exam then you must have good banking
awareness. Knowing about the various bank accounts forms an important part of your banking
awareness and therefore IBPSExamAdda.org.in is here with this module which is dedicated
towards telling you about the types of bank accounts. We have the latest banking awareness
2015 material available for our readers along with banking awareness PDF material
download.

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In India, there are mainly four types of bank accounts; these accounts are: Daily Banking Awareness Capsules

1. Current Account Daily Current Affairs Capsules

2. Savings Account English for Bank Exams

3. Recurring Deposits
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4. Fixed Deposits
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Let’s have a closer look at each of the following accounts:
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1. Current Account: IBPS PO

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Current accounts are basically used by businessmen who make frequent transactions from the
bank in a single day as current accounts are the most liquid accounts which have no limit on
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the number of transactions carried out per day. These accounts are never used for the purpose
of savings or any other purpose since they are highly liquid accounts. Also, most of the current
accounts are named after a firm/company and the bank pays no interest on these accounts. In
fact, the bank charges certain service charges on these accounts.
 Must Read: Important Banking News: 28 October 2015 TOPICS & GUIDES
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2. Savings Account: Banking Current Affairs Banking News

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The savings account is the most popular account used by individuals. Most of you must be
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carrying out transactions regularly from your savings account. These accounts along with
providing you with cheque facility, also has flexibility in depositing or withdrawal of funds. Also, IBPS General Awareness IBPS GK
the bank pays certain interest on savings account, the public sector banks pay interest up to 4% IBPS Quant Practice Sets IBPS Reasoning Practice Sets
on savings account and some private banks pay between 6-7% interests on such accounts.
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3. Recurring Deposits:
This account is more popularly known as R.D and is for the people who don’t have lump sum
amount to save but still manage to save a small amount every month. Such deposits made in
the recurring deposit account earn interest on the amount which has already been deposited
and the interest is received via monthly installments. However, in case of this account, the
person has to deposit a fixed amount of money every month and in case of default in payment,
a small penalty will have to be paid by the account holder.

Must Read: Banking Awareness #15: Why Deposit Rates Rise When Lending Rates
Fall?

Recurring deposits or R.Ds generally have a maturity period of6months – 120 months and a
pass book is endorsed to the account holder so that he/she can keep a record of all the
deposits made and the interest earned. It is vital to note that recurring deposits account has
encouraged people to save more money and the person having a recurring deposit can get a
loan from the bank.

4. Fixed Deposits:

You must have heard the term “fixed deposits” from many people as people tend to save money
through this account. Every bank of India offers fixed deposits schemes with different tenures;
in case of this account the maturity date is long term i.e. ranging from 7 days to 10 years. The
fixed deposits account is more popularly called as F.D. In this account, a specific amount is
deposited in the account for a fixed time period. The deposit in this account is fixed and it is
only after the particular time that this money is available to the depositor. The depositor can
earn a high rate of interest by depositing his/her surplus money in the bank. Such accounts
indirectly boost the economic development of the country.

Must Read: Daily Current Affairs Capsule: 5th January, 2016

The range of interest on a Fixed Deposit account differs in every bank. However, looking at the
latest trend, generally private sector and foreign banks are known to pay a higher rate of
interest.
We hope we helped in improving your banking awareness by getting you familiar with the
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various types of bank accounts. Don’t forget to check our latest news and updates about
the IBPS exams and keep reading for more informative modules!

Wishing you all the very best for your future endeavors.

Filed Under: Daily Banking Awareness Capsules

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