A bank account is a financial account maintained by a bank for a customer. There are several types of bank accounts including current accounts, savings accounts, fixed deposits, recurring deposits, and no-frills accounts. Current accounts are for businesses and allow prompt transactions without interest. Savings accounts are for individual depositors and earn modest interest. Recurring deposits require regular fixed deposits over a period of time, while fixed deposits involve lump sums for a set time at higher interest rates than savings accounts. No-frills accounts provide basic banking facilities with zero or low fees.

1. Introduction And Meaning Of Bank Account
 A Bank Account is a financial account maintained by a
bank for a Customer.
 A Bank Account can be a Deposit account , a credit card
account, a Current account or any Other type of account
offered by financial institutions.
 And this represent the funds that a costumer has
entrusted financial institution and from which costumer
can withdraw it.

2. Types Of Bank Account
There Are 5 Types Of Bank Account
I. Current Account
II.Savings Account
III.Fixed Deposit Account
IV.Recurring deposit Account
V.No Frills Account

3. Current Account : (Meaning)
 Current Account Are Mainly for Business Men's , Firms, Company, Enterprises
Etc. And this account is not used as for the purpose of investment or Savings
 The Good thing Is that there are no restrictions on number of
deposits and withdrawal
 For Current Account holders there is no interest paid on Amount
held in account

4. Benefits Of Current Account :
Allows for prompt business transactions
No limit on withdrawals
No limit on deposits in the home branch
Enables businessmen to make direct payments using cheques, demand drafts, or
pay orders
Provides overdraft facility
Provides internet banking and mobile banking facilities

5. Documents required while Opening A Current Account
1.Pan Card
2.Address Proof
3.ID And Residence Proof All Partners
4.Partnership Agreement in case of Partnership Firm
5.A colour photograph of the Applicants
6. Companies Trust or Must submit A certificate of Incorporation
Memorandum of Association

6. Savings Account : (Meaning)
Saving Account is meant for saving Purposes
Any Individual Either Single Aur jointly Can open Savings
Account
A Minor can also open Saving Account under the representation
of his/ her guardian
 A savings account is an interest-bearing deposit account held at a
bank or other financial institution. Though these accounts
typically pay a modest interest rate,

7. Savings Account Benefits/ Features :
 ATM facility is provided
 Net Banking and Mobile Banking Are
provided
 Debit Card is provided
 Savings interest rates Are Paid
 Cross Product benefits Are Provided
 Cheque Book Is Provided
 Pass Book Is Provided

8. Recurring Deposit : (Meaning)
A recurring deposit means making regular deposits. It is a service provided by
many banks where people can make regular deposits and earn decent returns on
their investments
 A recurring deposit account enables an individual to deposit fixed amount
every month for a pre-defined period which earns interest similar to Fixed
Deposits (FD)
RDs can be availed by senior citizens as well. The interest rates for senior
citizens deposits are higher than the regular account.

9. Recurring Deposit schemes aim to inculcate a regular habit of saving
among the public.
Minimum amount that can be deposited varies from bank to bank. It can
be an amount as small as Rs.10.
The minimum period of deposit starts at six months and the maximum
period of deposit is ten years.
The rate of interest is equal to that offered for a Fixed Deposit and is hence
higher than any other Savings scheme.
Recurring Deposit Features And Benefits :

10.  Fixed deposits are financial provisions that are offered by banks and
NBFCs .
 where you can deposit a lump sum of money to yield a higher rate of
interest as compared to your savings account.
 The deposit can be made for a specific period ranging from 7 days to 10
years.
Fixed Deposit : (Meaning)

11. Feature Of Fixed Deposit Account :
 The amount can be deposited only once. Any additional deposits
have to be made in separate accounts.
 The rate of interest is higher than the savings account.
 The duration ranges anywhere between 7 days and 10 years.
 Fixed deposits can be renewed without any hassle.
 Withdrawals can't be made before the maturity period. In case of
an emergency withdrawal, a penalty has to be paid by the customer.

12.  No-frills bank accounts require zero or very low minimum
balance and other banking facilities such as withdrawals and
ATM and Debit card facilities at zero charges to enable
universal access to banking facilities.
No Frills Account : (Meaning)
 No-frills bank accounts are now known as Basic Saving
Bank Deposit Accounts.
 The central bank had introduced 'no-frills' accounts in 2005 to provide basic
banking facilities to poor and promote financial inclusion

13. No Frills Account Benefits/ Features :
 ATM facility is provided
 Net Banking and Mobile Banking Are
provided
 Debit Card is provided
 Cheque Book Is Provided
 Pass Book Is Provided