Types of Bank Accounts available in INDIAN Banking System
Types of Bank Accounts available in INDIAN Banking System
BANK ACCOUNTS:
1. Demand Deposit Account- Cheque and/or ATM facility.
2. Term Deposit Account- No Cheque and/or ATM facility.
Saving Account:
-For individuals
-Limited Transaction
-Annual interest rate on daily basis
Current Account:
-For Business purposes
-No limitation on transaction
-No interest charge
-Overdraft allowed
FD Account:
-For Individual/Company
-Fixed amount
-Fixed time period (Locking Period)
-TDS (Tax Deduction at Source) 10% if interest greater than Rs. 10000.
RD Account:
-Deposit in installment.
NOSTRO Account:
-Indian Banks Account at Foreign Banks.
Eg:- SBI Account in CITI bank.
VOSTRO Account:
-Foreign Banks Account in Indian Banks.
Eg:- Citi Bank account in SBI.
NRO Account:
-Non Resident Ordinary Account.
Eg:- Foreign Tourist may open this account for a period of 6 months in Indian Banks.
NRE Account:
-Non Resident External Account.
-High interest Rate
FCNR Account:
-Foreign Currency Non Resident Account.
-Foreign Currency maintained.
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