Types of Bank Accounts

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Banks generally offer various Accounts that suit the customer's requirement. A few of them are listed below for ease of reference and to find out the different types of accounts.

1. Current Account or Checking Account
2. Savings Account
3. Call Deposit Account
4. Fixed Deposit Account
5. Recurring Deposit Account

All these types of account are opened as per the requirement of the customer and the features of the account vary from account to account.

For instance, a current account or a checking account will provide a cheque book along with the various additional services offered by the Bank towards its customers. Some Banks offer free debit card, Internet Banking, Mobile Banking, SMS alerts as well as periodic statements as additional benefits provided if an account is opened with them.

Every account will be described in detail in the coming blogs and this is just an introduction to the various account products offered by the Bank. Opening an account is the primary function of a Bank and it offers various other financial services apart from opening a Bank account such as providing loans and overdrafts to its customers, providing financial information as well as recommending investment options to interested customers.

To conclude, Banks are a part of the overall Financial system and in today's world very limited financial transactions can take place without the involvement of Banks and few systems through which money is transferred illegally between places is termed as illegal in many parts of the world.