Types of Bank Accounts
Saving Account
Current Account
Regular Savings
Fixed Deposit Account
Recurring Deposit Account
DEMAT Account
NRI Accounts
SAVINGS ACCOUNT
A savings account is a deposit account held at a retail bank that pays interest
but cannot be used directly as money in the narrow sense of a medium of
exchange. These accounts let customers set aside a portion of their liquid
assets while earning a monetary return
This account will be considered as normal banking service.
For this account, maintenance of minimum balance is not required.
ATM card/ ATM cum Debit card, Rupay card will be given for the account holders.
There are going to be no limit on the number of deposits that can be made in a month but, account holders will be allowed most of 4 withdrawals in a month, which includes ATM withdrawals also.
The above facilities will be given without any charge. There will be no charge levied for non-operation/ activation of in-operative basic saving bank deposit account.
For this account, overdraft facility will be provided up to Rs. 5000/-.
Basic Saving bank Deposit Accounts Small scheme (BSBDS)
These are accounts with relaxed KYC, with a minimum document requirement of self-attested address proof and photograph.
Total credit should not exceed 1Lakh rupees in a year.
Maximum balance should not exceed Rs. 50,000/- at any time.
Cash withdrawals and transfers must not exceed Rs.10, 000/- in a month.
Remittance from foreign account cannot be credited to this account without completing normal KYC formalities.
This account can be opened only at Core Banking Solution linked branches of banks or at such branches, where it is possible to manually monitor the fulfillments of the conditions.
Current Account
Any resident individual- single accounts, two or more individuals in joint accounts, Associations, Limited companies, Religious Institutions, Educational Institutions, Charitable Institutions, clubs etc., are eligible for this account.
Payments can be done unlimited number of times.
Funds can be remitted from any part of the country to the corresponding account.
Overdraft facility will be available.
Internet banking facility is available.
Regular Savings
Any resident individual- single accounts, two or more individuals in joint accounts, Associations, clubs etc., are eligible for this account.
Modest credit option available to the depositor.
Two free cheque books will be issued per year.
Internet banking facility will be provided without any charge.
Balance enquiry, NEFT, Bill payment, Mobile recharge etc., are provided through mobile phones.
Students can open this account with zero balance by providing the required documents.
Fixed Deposit Account
SHORT DEPOSIT RECEIPT
Banks accepts deposits from customers varying from 7 days to a maximum of 10 years.
The period of 7 days and above but not exceeding 179 days deposits is classified as ‘Short Deposits’.
The minimum amount that can be deposited under this scheme is Rs. 5 lakh for a period of 7-14 days.
FIXED DEPOSIT RECEIPT
Any resident individual- single accounts, two or more individuals in joint accounts, Associations, Minors, societies, clubs etc., are eligible for this account.
The minimum FDR in metro and Urban branches is Rs. 10,000/- and in rural and semi urban and for Senior citizens is Rs.5000/- .
For the subsidy kept under the government sponsored schemes, Margin money, earnest money and court attached/ordered deposits, minimum amount criteria will not be applicable.
Depositors may ask for repayment of their deposits before maturity. Repayment of amount before maturity is allowable.
Interest rate differs from bank to bank depending upon the tenure of the deposits and as when the bank changes the rate.
Additional interest of 0.50% is offered for senior citizens on deposits placed for a year and above.
Recurring Deposit Account
Any resident individual- single accounts, two or more individuals in joint accounts, Associations, clubs, Institutions/Agencies specifically permitted by the RBI etc., are eligible to open this account in single/joint names.
Periodic/Monthly installments can be for any amount starting from as low as Rs.50/- onwards.
Account can be opened for any period ranging from 6 months to 120 months, in multiple of 1 month.
The amount selected for installment at the start of the scheme will be payable every month.
The number of installments once fixed, cannot be altered.
Approved rate of interest is compounded every quarter.
The amount after maturity will be paid to customers one month after the deposit of the last installment.
Pass book will be given to the depositor.
TDS will be applicable on the interest, as per the latest changes in the Income Tax Act on cumulative deposits also.
DEMAT Account
Used to conduct stress-free transactions on the shares.
An individual, Non-Resident Indian, Foreign Institutional Investor, Foreign National, Corporate, Trusts, Clearing Houses, Financial Institution, Clearing Member, Mutual Funds, Banks and Other Depository Account.
For opening this account, an individual has to fill a form, submit a photo of the applicant along with a photocopy of Voter ID/ Passport/ Aadhar card/ Driving License & Demat account number will be provided to the applicant immediately after the completion of processing of the application.
Facilities provided under this account are- Opening and maintaining of Demat accounts, Dematerialization, Rematerialization, Purchases, sales, Pledging & Unpledging, safe custody.
NRI Accounts
NRO ( Non-Resident Ordinary Rupees) Account
NRE ( Non-Resident External Rupees) Account
FCNR ( Foreign Currency Non-Resident ) Account
