4 Types of Deposit Accounts in India 4 Types of Deposit Accounts in India

4 types of deposit accounts in India
Want to keep your money safe? Consider these deposit accounts:
Types of deposit accounts
There are primarily four types of deposit accounts in India:
– Current Account
– Savings Account
– Fixed Deposit
– Recurring Deposit
Current Account
– Current accounts are operated to run a business
– Such accounts pay zero interest
– Most banks require a minimum balance of Rs.5,000 to
Rs.10,000
– These accounts enable businessmen to conduct
transactions smoothly
Savings Account
– They are the most popular of all deposit accounts in India
– You can open such an account with any bank
– These accounts pay nominal interest of 4-6%
– There is no restriction on the number of deposits you can
make
– The purpose of this account is to promote savings