The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account.
While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit.
The three types of savings accounts are: Regular savings account: You can deposit money and earn interest. You will be required to maintain a minimum balance. Salary savings accounts: Employers mainly create these accounts for generating salary.
Current bank account is opened by businessmen who have a higher number of regular transactions with the bank. It includes deposits, withdrawals, and contra transactions. It is also known as Demand Deposit Account. ... In current account, amount can be deposited and withdrawn at any time without giving any notice.
A Cash Credit (CC) is a short-term source of financing for a company. In other words, a cash credit is a short-term loan. ... It enables a company to withdraw money from a bank account without keeping a credit balance. The account is limited to only borrowing up to the borrowing limit. Also, interest.
In accounting, a capital account is a general ledger account that is used to record the owners' contributed capital and retained earnings—the cumulative amount of a company's earnings since it was formed, minus the cumulative dividends paid to the shareholders.
A savings account is a basic type of bank account that allows you to deposit money. You can withdraw your money from it, and most banks pay you compounding interest on the balance of these accounts. Many banks, credit unions, and other financial institutions offer savings accounts in addition to other accounts.
Checking accounts. Savings accounts. Money market accounts. Certificates of deposit (CDs)
Current Account Savings Accounts (CASA) are a type of non-term deposit account. A CASA has a lower interest rate than term deposits, such as a certificate of deposit, and is thus a cheaper source of funds for the financial institution.
The definition of certificate of deposit is an account that allows you to save money typically at a fixed interest rate for a fixed amount of time—say, 6 months, 1 year or 5 years. ... Banks value CDs because they can count on your money staying put for a certain period of time, allowing them to lend to others.
Common account types include checking, savings, money market, CDs, IRAs and brokerage accounts.
There are five major account types: assets, liabilities, equity, revenue, and expenses.
You open a savings account at a bank or credit union and deposit money into the account. The bank then pays you interest on your balance. You can continue adding money to savings, usually through one or more of these methods, depending on the bank: Cash or check deposits at the ATM.
By definition, a Salary Account is a type of Savings Account, in which the employer of the account holder deposits a fixed amount of money as 'salary' every month.
A nominal account is an account in which accounting transactions are stored for one fiscal year. ... Nominal accounts are used to collect accounting transaction information for revenue, expense, gain, and loss transactions, all of which appear in the income statement.
A revenue account is an account with a credit balance. It includes all the revenue receipts also known as current receipts of the government. These receipts include tax revenues and other revenues of the government.
A drawing account is an accounting record maintained to track money withdrawn from a business by its owners. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships.
Open cash credit (OCC) account is a kind of bank account that basically serves small & medium enterprises (SME). An OCC A/c holder can have a cash credit facility against his stocks & receivables. Different banks and financial institutions have different criteria to assess the limit of an OCC A/c.