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    Types of Bank Account

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    C. Srinesh
    The document discusses different types of bank accounts. It begins by introducing banks and the services they provide like deposits, loans, and retirement accounts. It then briefly outlines the origin of banks in India, starting with the first bank in 1770. The main part defines four common types of accounts: savings accounts for individual deposit and interest; current accounts for business transactions; recurring deposit accounts for regular savings with interest; and fixed deposit accounts that pay interest after a set period of maturity. Each type is described in one to two paragraphs outlining common features. Tables also list current interest rates for general citizens and seniors from various Indian banks.

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    Types of Bank Account

    Uploaded by

    C. Srinesh
    23 views14 pages
    The document discusses different types of bank accounts. It begins by introducing banks and the services they provide like deposits, loans, and retirement accounts. It then briefly outlines the origin of banks in India, starting with the first bank in 1770. The main part defines four common types of accounts: savings accounts for individual deposit and interest; current accounts for business transactions; recurring deposit accounts for regular savings with interest; and fixed deposit accounts that pay interest after a set period of maturity. Each type is described in one to two paragraphs outlining common features. Tables also list current interest rates for general citizens and seniors from various Indian banks.

    Original Description:

    Various types of Bank account

    Original Title

    TYPES OF BANK ACCOUNT

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    The document discusses different types of bank accounts. It begins by introducing banks and the services they provide like deposits, loans, and retirement accounts. It then briefly outlines the origin of banks in India, starting with the first bank in 1770. The main part defines four common types of accounts: savings accounts for individual deposit and interest; current accounts for business transactions; recurring deposit accounts for regular savings with interest; and fixed deposit accounts that pay interest after a set period of maturity. Each type is described in one to two paragraphs outlining common features. Tables also list current interest rates for general citizens and seniors from various Indian banks.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    Download as pptx, pdf, or txt
    23 views14 pages

    Types of Bank Account

    Uploaded by

    C. Srinesh
    The document discusses different types of bank accounts. It begins by introducing banks and the services they provide like deposits, loans, and retirement accounts. It then briefly outlines the origin of banks in India, starting with the first bank in 1770. The main part defines four common types of accounts: savings accounts for individual deposit and interest; current accounts for business transactions; recurring deposit accounts for regular savings with interest; and fixed deposit accounts that pay interest after a set period of maturity. Each type is described in one to two paragraphs outlining common features. Tables also list current interest rates for general citizens and seniors from various Indian banks.

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    of 14

    TYPES OF

    BANK
    ACCOUNTS

    ALPINE SKI HOUSE


    INTRODUCTION
    A bank is a financial institution that is licensed to accept checking and
    savings deposits and make loans. Banks also provide related services such as
    individual retirement accounts (IRAs), certificates of deposit (CDs), currency
    exchange, and safe deposit boxes.

    ALPINE SKI HOUSE 2


    ORIGIN OF BANKS
    IN INDIA
    The first bank in India was the 'Bank of
    Hindustan' started in 1770byAlexander
    &Co., an English agency house in
    Calcutta which failed in 1782with the
    closure of the agency house. ... History
    apart, it was the 'merchant banker' who
    first evolved the system of banking by
    trading in commodities than money. The
    word bank comes from an Italian word
    banco . It means a Bench . since Italian
    merchants in the Renaissance made deals
    to borrow and lend money beside a bench.
    They placed the money on that bench

    ALPINE SKI HOUSE 3



    SAVINGS ACCOUNT
    CURRENT ACCOUNT TYPES OF BANK

    ACCOUNTS
    RECURRING DEPOSIT
    ACCOUNT

    FIXED DEPOSIT ACCOUNT

    ALPINE SKI HOUSE 4


    SAVINGS
    ACCOUNT
    These are deposit accounts meant to help consumers
    save their money. A savings account can be opened by
    any individual in India who holds an Aadhaar card and a
    PAN card, both of which are mandatory to 
    open a bank account in India. 

    ALPINE SKI HOUSE 5


    FEATURES OF SAVING
    ACCOUNTS

    Minimum balance requirement

    Withdrawal flexibility

    Account tenure

    Easy exit

    ALPINE SKI HOUSE 6


    CURRENT
    ACCOUNT
    Current accounts are mostly business accounts
    where money is frequently transferred
    between financial accounts. These accounts are
    best suited for transactions by corporations and
    business owners for daily business activities.

    ALPINE SKI HOUSE 7


    FEATURES OF CURRENT
    ACCOUNT

     Segregation of personal and business financial dealings

     Business competence

     Establishment of creditworthiness

     Provision of overdraft

     Effortless banking

    ALPINE SKI HOUSE 8


    RECURRING DEPOSIT
    ACCOUNT

    • These accounts are opened as deposit accounts by


    consumers who are interested in earning interest on their
    money. Commonly known as RDs, these accounts are
    the easiest ways to earn an income higher than that
    offered by savings accounts. 

    ALPINE SKI HOUSE 9


    FEATURES OF RECURRING DEPOSIT
    ACCOUNT

    Minimum investment

    Interest rate

    Deposit term

    Useful in fulfilling financial goals

    ALPINE SKI HOUSE 10


    FIXED DEPOSIT
    ACCOUNT
    These accounts are opened to earn interest on 
    deposits for a fixed period of time until
    maturity. Fixed deposits are among the safest
    financial instruments to save and earn interest
    on idle money. 

    ALPINE SKI HOUSE 11


    FEATURES OF FIXED DEPOSIT
    ACCOUNT

    Reapable after the specific time period

    Emergency closure

    Interest payable

    Possibility of monthly payment

    penalty

    ALPINE SKI HOUSE 12


    Name of FOR FOR SENIOR
    bank GENDRAL CITIZEN Gendral citizen senour citizen
    CITIZEN
    6.4
    6.25
    IDFC BANK 5.75 6.25
    6.2
    6 6
    BANK OF 5.30 6.10 6
    5.95
    INDIA
    5.75
    5.8
    5.65 5.65
    5.6
    IDBI BANK 5.60 6.10 5.6
    5.45

    PUNJAB 5.50 6.00 5.4 5.3

    Rates
    NATIONAL 5.2
    BANK
    5

    4.8
    CANARA 5.50 6.00 FC I A NK NK IA
    BANK ID IND B A B A IND
    O F BI NAL O F
    ID NK
    STATE BANK 5.45 5.95 ANK TI
    O
    A
    B NA B
    OF INDIA JAB T AT
    E
    N S
    PU

    PUNJAB SIND 5.65 5.65 BANK


    BANK

    ALPINE SKI HOUSE 13


    THANK YOU

    ALPINE SKI HOUSE 14

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