Bank account types
This query is : Resolved
29 October 2013
popular type of bank accounts are
.
.
savings account
current account
deposit accounts
overdraft accounts
demat accounts
cash credit account
.
.
savings account
current account
deposit accounts
overdraft accounts
demat accounts
cash credit account
30 October 2013
term loan account
30 October 2013
Saving account:
Saving account is used by general public and on this account; restrictions are imposed by the bank on the amount to be withdrawn by the depositor. To withdraw more money he should have to give prior notice to the bank. Banks also pays interest on this account but the rate of interest is lower than the interest payment on the fixed deposits
Current account:
This account is generally owned by businessmen. The person who has this account could withdraw money any times from the bank. Generally no interest is paid by the bank on this account and bank could impose charges from the customer if the amount in the account is below a certain specified level.
Fixed Deposit or time deposit account: Cash is deposited in this account for a fixed period of time and customer can also withdraw the amount before the time in the case of any emergency, but they will receive lesser interest. Longer the period of deposit higher is the rate of interest.
Recurring Deposit Account:
Under this account, a specified amount is deposited every month for a specified period, such as 12, 24 ,36 or 60 months. This amount can not be withdrawn before the expiry of the given period except under exceptional circumstances. Interest on the amount deposited is also credited to the account of the depositor. Interest given on this account is higher than other accounts.
Demat Account:
Demat account refers to the dematerialized account for individual Indian citizens to trade in listed stocks or debentures in electronic form rather than paper, as required for investors by the Securities and Exchange Board of India (SEBI). In a demat account, shares and securities are held electronically instead of the investor taking physical possession of certificates. A demat account is opened by the investor while registering with an investment broker (or sub-broker). The demat account number is quoted for all transactions to enable electronic settlements of trades to take place.
NRE account:
A Non-Resident External (NRE) account is a bank account that’s opened by depositing foreign currency at the time of opening a bank account. This currency can be tendered in the form of traveler’s checks or notes.
NRO account:
A Non-Resident Ordinary (NRO) account is the normal bank account opened by an Indian going abroad with the intention of becoming an NRI. An NRI can also open this account by sending remittances from his home country or by transferring funds from his other NRO account. It offers the same facilities as an NRE account, except that any repatriation done through this account should be reported to RBI by filling up prescribed forms.
Saving account is used by general public and on this account; restrictions are imposed by the bank on the amount to be withdrawn by the depositor. To withdraw more money he should have to give prior notice to the bank. Banks also pays interest on this account but the rate of interest is lower than the interest payment on the fixed deposits
Current account:
This account is generally owned by businessmen. The person who has this account could withdraw money any times from the bank. Generally no interest is paid by the bank on this account and bank could impose charges from the customer if the amount in the account is below a certain specified level.
Fixed Deposit or time deposit account: Cash is deposited in this account for a fixed period of time and customer can also withdraw the amount before the time in the case of any emergency, but they will receive lesser interest. Longer the period of deposit higher is the rate of interest.
Recurring Deposit Account:
Under this account, a specified amount is deposited every month for a specified period, such as 12, 24 ,36 or 60 months. This amount can not be withdrawn before the expiry of the given period except under exceptional circumstances. Interest on the amount deposited is also credited to the account of the depositor. Interest given on this account is higher than other accounts.
Demat Account:
Demat account refers to the dematerialized account for individual Indian citizens to trade in listed stocks or debentures in electronic form rather than paper, as required for investors by the Securities and Exchange Board of India (SEBI). In a demat account, shares and securities are held electronically instead of the investor taking physical possession of certificates. A demat account is opened by the investor while registering with an investment broker (or sub-broker). The demat account number is quoted for all transactions to enable electronic settlements of trades to take place.
NRE account:
A Non-Resident External (NRE) account is a bank account that’s opened by depositing foreign currency at the time of opening a bank account. This currency can be tendered in the form of traveler’s checks or notes.
NRO account:
A Non-Resident Ordinary (NRO) account is the normal bank account opened by an Indian going abroad with the intention of becoming an NRI. An NRI can also open this account by sending remittances from his home country or by transferring funds from his other NRO account. It offers the same facilities as an NRE account, except that any repatriation done through this account should be reported to RBI by filling up prescribed forms.
31 October 2013
Yes corerctly guided above.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Refund of AY 22-23
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- TDR receipts for agreement holder
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Applicability of Ind As to associate of associate
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- GSTR9C Turnover
- Vivad se vishwas scheme 2024 new
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
