What are 4 types of bank accounts?

Asked by: Prof. Charlotte Bernier DDS  |  Last update: February 9, 2022
Score: 4.5/5 (36 votes)

Most banks offer:
  • Checking accounts.
  • Savings accounts.
  • Money market accounts.
  • Certificates of deposit (CDs)

What are different types of bank accounts?

The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account.

What are 4 types of savings accounts?

  • Basic Savings Account. Also known as passbook savings accounts, these accounts are a good introduction to earning interest and saving money. ...
  • Online Savings Accounts. ...
  • Money Market Savings Accounts. ...
  • Certificate of Deposit Account.

Which type of bank account is best?

Top Banks that have the Best Savings Account for Individuals
  • State Bank of India (SBI) Savings Account.
  • HDFC Bank Savings Account.
  • Kotak Mahindra Bank Savings Account.
  • DBS Bank Savings Account.
  • RBL Bank Savings Account.
  • IndusInd Bank Savings Account.

What are the 3 types of accounts?

3 Different types of accounts in accounting are Real, Personal and Nominal Account.
...
  • Debit Purchase account and credit cash account. ...
  • Debit Cash account and credit sales account. ...
  • Debit Expenses account and credit cash/bank account.

4 Different Types Of Bank Accounts You Need To Know About

38 related questions found

What are the 3 types of savings accounts?

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.

What are types of savings accounts?

6 Types Of Savings Accounts
  • Traditional or Regular Savings Account. ...
  • High-Yield Savings Account. ...
  • Money Market Accounts. ...
  • Certificate of Deposit Account. ...
  • Cash Management Account. ...
  • Specialty Savings Account.

How many types of savings accounts are there?

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.

What are the current accounts?

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.

What is CC account?

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.

What is capital account?

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.

What is savings bank account?

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.

What are two types of bank account?

Checking accounts. Savings accounts. Money market accounts. Certificates of deposit (CDs)

What is account type Ca?

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.

What are CDs in banking?

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.

What are 4 types of investing?

There are four main investment types, or asset classes, that you can choose from, each with distinct characteristics, risks and benefits.
  • Growth investments. ...
  • Shares. ...
  • Property. ...
  • Defensive investments. ...
  • Cash. ...
  • Fixed interest.

What are the 6 types of accounts?

Common account types include checking, savings, money market, CDs, IRAs and brokerage accounts.

What are the 5 major types of accounting?

There are five major account types: assets, liabilities, equity, revenue, and expenses.

What are types of accounts?

Various Types of Bank Accounts
  • Current account. A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others. ...
  • Savings account. ...
  • Salary account. ...
  • Fixed deposit account. ...
  • Recurring deposit account. ...
  • NRI accounts.

How do bank accounts work?

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.

What is salary account?

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.

What are nominal accounts?

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.

What is revenue account?

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.

What is drawing account?

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.

What is OCC account?

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.