TYPE OF BANK ACCOUNTS
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Hi friends, today
i am here a with new topic, about which all you aware "bank accounts"
.so every accounts have their own special importance. So lets have look on these
accounts, their types, importance, and how we can get benefits by these
accounts.
TYPE OF BANK ACCOUNTS
·
Current accounts,
·
Saving banking accounts,
·
Recurring deposits and,
·
Fixed deposits.
There are some
other kind of bank accounts which were available in different kind of bank with
their different scheme like
·
2-in-1 deposits,
·
Smart deposits,
·
Power saving deposits,
·
Automatic sweep deposits etc.
TYPE OF BANK ACCOUNTS
What is a current account ?
Current account is basically for businessman's as they use it for
there business transaction with large number of daily banking transactions,
i.e. Receipts and/ or payments. There is no limit to make withdrawal and
depositing in account ,one can withdraw through their current accounts without
any limit, subject to banking cash transaction tax and government rules and
regulations, Current account holder do not get any interest on their balance
lying in current account with the bank but these accounts have many benefits
Benefits of current account
1. Any Number of
daily banking transactions, i.e. Receipts and/ or payments, cheque can be made
or the amount of such can also deposits;
2. withdraw Current
accounts amount without any limit, subject to banking cash transaction tax and
government rules and regulation,
3. No restrictions
on deposits made in the current account opened in a home branch of a bank (nominal
charge as applicable on transfer from one bank to home bank ).
4. Direct payment
to their credit Rs by issuing cheques, demand-drafts or pay-order Rs without
restrictions.
5. Banks collect
money on behalf of it customer which is need to recover.
6. Facility for
account holder to obtain overdraft (short-term borrowing)
7. Information
related credit-worthiness of account holder
TYPE OF BANK ACCOUNTS
SAVING ACCOUNT
Most popular deposit accounts for individuals in India is saving
account which provide cheque facility
,deposits and withdrawal of funds from the account. Banks issue debit card,
credit card for the same account and one can use it for withdrawal money from
banks.
There is limits for withdrawal
from ATM
Like if you have SBI account you can withdraw
through ATM only 5 times in a month if u go beyond this then there is charges
of Rs 20 on every transaction.(penalty
on transact more than five times a month at your
own bank’s ATM.)
KNOW
HOW MUCH YOU CAN WITHDRAW AND WHAT ARE CHARGES
And from other bank ATM withdrawal there is only three transaction
is free and if you go beyond this limit there is charges on every transaction
of Rs 20.
Benefits
Of Saving Account
1. There is so
many benefits of saving accounts as it can be used to deposit as much as you
want to deposit in the bank.
2. There is no
limit on withdrawal of amount from saving accounts you can withdraw from Rs 1
to as much as you can (just have to submit pan card transaction above 50000).
3. You get
interest on the saving accounts at 4% or 5% as per banks.
4. If your saving amount goes up 100000 there is different rate of interest on the saving (basically in the private banks) .
TYPE OF BANK ACCOUNTS
What are recurring deposit accounts ?
Recurring deposits accounts
are special kind of deposits account .which is
suitable for people who don't have enough money for fixed deposits or
don't have huge amount to invest into banks, but are ready to save a small
amount every month. These deposits accounts have interest on the amount which
is deposit by customer monthly. Interest rate is as same as fixed deposits like
9% and 9.5% as per bank policies. Every customer have freedom to deposit as
much as he wants to deposit ( minimum amt is Rs 100 per month)
ABOUT PENALTY ON RD
Default in payment within
the month from starting attracts a small penalty.
TYPE OF PAYMENT METHOD IN RD
1. Fixed installment
RD, have also introduced a flexible / variable RD.
2. Under this
flexible RD customer is allowed to deposit even higher amount of installments,
(e.g. 10 times of the minimum amount agreed upon).
3. RD maturities
ranging from 6 months to 120 months.
4. A pass
book issued to customer where his all deposited amount detail and interest
earning details were given.
5. RD accounts can
be opened in single or joint names. Nomination facility is also available.
TYPE OF BANK ACCOUNTS
What
are fixed deposit accounts in India or term deposits
In India bank offer fixed deposits schemes with a wide range of
tenures for periods from 7 days to 10 year in which you can deposits amount as
much as you want to do
DIFFERENCE
BETWEEN FIXED DEPOSIT OR TERM DEPOSITS
Now what is difference between fixed deposit ,"term
deposits" or even called "bond". There is no difference in these
product just in different countries(western countries) its called
as ,"term deposits" or even called "bond" instead of
fixed deposit. The term "fixed" in fixed deposits (FD)
just define the period of maturity or tenor.
So you have to keep the amount for fixed period. If your failed to
do so then there is penalty of 1% on that amount(means whatever interest amount
you going to get that will be cut by 1%)
Interest rate are different-different in all banks so its best to
enquire about the interest rate. In old time private sector and foreign banks
offer higher rate of interest as compare to public banks. But now its no more
valid.
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