Different types of Bank Accounts in

India
Demand Deposits
1. Saving Account
2. Current Account
Term Deposits
1. Fixed Deposit
2. Recurring Deposit
Non-Resident Deposits
1. Foreign currency Non-Resident
2. Non-Resident External Rupee Account
3. Non-Resident Ordinary Rupee Account
Banking Awareness For All Bank Banking History and all the first in
RBI structure and Function
Exams Banking

The above categorization depends on the following key parameters-

 Accessibility of the account
 Liquidity 
 The amount of interest on the funds deposited
 Depending on the profiles of the depositors
Demand Deposit Account
The demand deposit accounts consist of two kinds of savings and
the current accounts. As the name suggests, it allows for easy
accessibility, but you will have to bear with low-interest
rates. Whenever you want to withdraw money, you will not have to
give advanced notice or face a penalty to do so.
 Savings Account

In the savings account, you will have a low minimum balance

compared to other accounts. There is no cap on the upper limit of
depositing in the savings account. This account is useful for lower-
income groups as there isn’t a limitation of the age, income, and the
profile of the customer to have a basic savings account. The savings
accounts with the small scheme require a profile of people who
prefer to open in banks but have to cater to certain requirements of
self-attested documents. It has an upper limit cap of one lakh in a
year. The deposit cannot be higher than 50,000/- and can have an
account open for a year, and permission for extension should be
sought. The normal savings bank account is for the salaried persons.
They would have to have a minimum balance, which usually varies
from bank to bank.
What Are NBFC And Their Difference Between Banking and Non-Banking Financial Differe
Functions Companies (NBFCs) Bankin

Facilities in Savings Account in India

Nomination facility
Passbook facility
Chequebook facility
Issuance of Debit Card
Internet Banking
Mobile Banking
Fund Transfer
DD Pay Orders

Savings Account Interest Rates

Different banks offer various types of savings account with different

interest rates and minimum balance limit. The following is a brief
compaision of the ineterst offered by different banks in India, you
must read the information on your bank’s website carefully for
complete idea.

List of Savings Account Banks Minimum Balance required (₹) S

Allahabad Bank 1000 3.50%

Andhra Bank 0/5//100/1000 3.00%

AU Finance 5000 Up to 6

Axis Bank 0/10000/25000/100000/ 3.25% –

Bank of Baroda 0/5/1000 3.00% –

Bank of India 500/5000/10000/20000/100000 3.25% –

Bandhan Bank 0/2000/5000/25000/100000 4.00% –

Bank of Maharashtra 1000 3.25% –

Canara Bank 500/1000 3.25% –

Central Bank of India 50 3.00% –

Citibank 200000/ 3.25%

Corporation Bank 0/250/500/2500/15000/100000 3.00%

 List of Savings Account Banks Minimum Balance required (₹) S
Dena Bank 0 3.00% –

Dhanlaxmi Bank 0/5/1000/5000/10000/25000 3.50%

DBS Bank (Digibank) 0 4.00% –

Federal Bank 0 2.25% –

HDFC Bank 2500/5000/10000/25000 3.50% –

HSBC Bank   3.50%

ICICI Bank 0/1000/2000/2500/5000/10000 3.25% –

IDBI Bank 500/2500/5000 3.50% –

IDFC Bank 25000 Upto 7.

India Post Payments Bank 0 3.00%

Indian Bank 250/500/1000 3.50%

Indian Overseas Bank 500/1000 3.50% –

IndusInd Bank 0/10000/25000/2500000 4.00% –

Jammu and Kashmir Bank 0/500/1000 3.25%

Jana Small Finance Bank 2500 5.00% –

Karnataka Bank 0/500/1000/2000 3.00% –

Kotak Bank 0/2000/3000/5000/10000/20000 4.00% –

Lakshmi Vilas Bank 1000/3000/5000 3.50% –

Oriental Bank of Commerce 0/500/1000 3.25% –

Punjab National Bank 500/1000/2000/50000 3.25% –

Punjab & Sind Bank 500/1000 3.50% –

RBL Bank 5000 5.00% –

South Indian Bank 0/2500/5000 2.50% –

 List of Savings Account Banks Minimum Balance required (₹) S
State Bank of India (SBI) 0 2.75%

Syndicate Bank 0/100/500/1000 3.25% –

UCO Bank 0/100/250/500/1000/1500 2.50% –

Union Bank of India 0/20/100/250/500/1000 3.00%

United Bank of India 0/50/100/500 3.50% –

Utkarsh Small Finance Bank 5000/10000 7.00% –

Vijaya Bank 500/1000/2000 3.00% –

YES Bank 0 5.00% –

 Current Account

The current account will enable frequent transactions, especially for

those who are into commercial activities. The account holder can
avail of any number of transactions per day, an overdraft facility
with a cap on an agreed amount. Definitely flexible in the liquidity
options that are provided by this account than any other. The current
account has a higher limited balance than a savings
account. Current Account is a no-interest-bearing deposit
account with minimum balance requirements and a stipulated
monthly average balance.
Term Deposit Account
The term deposits are for a fixed term, which can be extended at the
request of the depositor. They are varying time limits for term
deposits from a week to even ten years; accordingly, the interest
rates also vary. The depositor can avail of the deposit after the set
period with the agreed amount of interest. The recurring deposit will
consist of initially taking a fixed amount of deposit and,
consequently, fixed installments at regular intervals of time. The
period of deposit may vary from six months to even ten years.
The Reserve Bank of Inida announced a repo rate cut of 75 bps
due to the impact of coronavirus pandemic on the economy, due
to which many banks have reduced the interest rate offered with
fixed deposites.

Fixed Deposit (FD) Interest Rates

Comparison 
Bank FD Rate of Interest

SBI Fixed Deposit 3.30% – 5.70% 3.80% –

HDFC Bank Fixed Deposit 3.00% – 5.75% 3.50% –

ICICI Bank Fixed Deposit 3.25% – 5.75% 3.75% –

Axis Bank 3.50% – 6.10% 3.50% –

Kotak Bank 3.00% – 5.60% 3.50% –

IDFC First Bank 4.00% – 7.25% 4.50% –

Bank of Baroda 3.30% – 5.70% 3.80% –

Citibank 2.75% – 4.00% 3.25% –

IDBI Bank 3.10% – 5.90% 3.60% –

Indian Bank 3.75% – 5.75% 4.25% –

Indian Overseas Bank 4.50% – 5.75% 5.25% –

OBC 3.50% – 5.75% 4.00% –

PNB 3.50% – 5.75% 4.00% –

HDFC 7.30% – 7.30% 7.55% –

PNB Housing Finance 7.20% – 7.75% 7.45% –

Allahabad Bank 3.75% – 5.75% 4.25% –

Andhra Bank 4.00% – 5.90% 4.50% –

Bank of India 4.00% – 5.90% 4.50% –

Bank of Maharashtra 3.50% – 5.60% 3.50% –

Canara Bank 4.00% – 5.75% 4.00% –

Central Bank of India 3.70% – 5.65% 4.20% –

Punjab and Sind Bank 4.00% – 5.85% 4.50% –

UCO Bank 3.90% – 5.75% 4.15% –

Union Bank of India 4.00% – 5.90% 4.50% –

United Bank of India 3.50% – 5.75% 4.00% –

Lakshmi Vilas Bank 4.00% – 7.25% 4.00% –

Equitas Small Finance Bank 4.00% – 8.00% 4.60% –

Jana Small Finance Bank 5.00% – 8.00% 5.50% –

Karnataka Bank 3.50% – 5.90% 4.00% –

DBS Bank 4.00% – 5.70% 4.00% –

DHFL 8.50% – 9.25% 9.00% –

Jammu And Kashmir Bank 3.50% – 5.70% 4.00% –

Ujjivan Small Finance Bank 4.50% – 7.50% 5.00% –

Fincare Small Finance Bank 4.00% – 9.00% 4.50% –

Karur Vysya Bank 4.15% – 6.05% 4.15% –

Syndicate Bank 4.00% – 6.30% 4.00% –

Yes Bank 5.00% – 7.25% 5.50% –

Dhan Laxmi Bank 3.50% – 6.40% 4.00% –

Bajaj Finance 7.40% – 7.60% 7.65% –

Standard Chartered Bank 4.25% – 6.50% 4.25% –

Federal Bank 3.50% – 6.25% 4.00% –

AU Small Finance Bank 5.00% – 7.53% 5.50% –

LIC Housing Finance 7.50% – 7.60% 7.75% –

Corporation Bank 4.00% – 5.90% 4.50% –

ESAF Small Finance Bank 5.00% – 7.50% 5.50% –

IndusInd Bank 4.00% – 7.00% 4.50% –

RBL Bank 5.00% – 7.50% 5.50% –

DCB Bank 5.00% – 7.35% 5.50% –

HSBC Bank 2.50% – 4.25% 3.00% –

South Indian Bank 4.00% – 6.30% 4.50% –

 Bandhan Bank 3.25% – 6.50% 4.00% –

Non-Resident Deposits
There are non-resident deposits for the non-resident Indians as the
name suggests it is from the expatriates who want to deposit their
savings in the Indian banks while residing outside the country.
There are three kinds of NRI accounts, one of which allows you to
keep the deposits in foreign currency, but these funds are to be held
in term deposits. They are fully repatriable with the principle and
interest earned on it. The other one you can convert the foreign
currency into Indian rupee and be saved under term or demand
deposit accounts, both these accounts are non-taxable in India. The
NRO account allows both term and saving deposit accounts, but
they are taxable in India. Here the principal amount is non-
repatriable, but only the interest will be availed.
The other accounts in banks are
 The DEMAT account is for the transaction of shares in the
electronic format
  The Nostro account allows the Indian banks to hold an
account of the foreign banks wherein the deposits are made in
foreign currency 
 The Loro account allows for two banks transacting with the
third bank
 The Vostro account  is maintained in Indian banks in Indian
currency by the foreign banks
 The Escrow Account is a transaction that takes place between
two parties but needs a third party account for the deal to pass
through temporarily.
 The GILT account are special accounts wherein government
securities and treasury bills are held in the DEMAT form and are
maintained and held by the investors as well as the primary dealers
The above details give you a broad idea of the kind of accounts held
by Indian banks.