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Types of Accounts

Savings Bank Account :
Here the Rate of Interest is very low and people can deposit and withdraw money at any time.

Current Account :
  1. It is generally operated by Business Man and Organizations. It may not carry any interest. 
  2. The current account is one of the two primary components of the balance of payments, the other being the capital account.
  3. The current account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).

Fixed / Term Deposit Account :
  1. Fixed / Term Deposit Account is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time (unless a penalty is paid). When the term is over it can be withdrawn or it can be held for another term.
  2. The bank will keep giving you a certain fixed amount as an interest on your amount. That fixed deposit would not increase and decrease with the passage of time. But your profit may increase or decrease in respect of time and bank conditions.



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