Types of Bank Accounts available in INDIAN Banking System

Types of Bank Accounts available in INDIAN Banking System


BANK ACCOUNTS:
1. Demand Deposit Account- Cheque and/or ATM facility.
2. Term Deposit Account- No Cheque and/or ATM facility.


bank-accounts-type




Saving Account:
-For individuals
-Limited Transaction
-Annual interest rate on daily basis

Current Account:
-For Business purposes
-No limitation on transaction
-No interest charge
-Overdraft allowed

FD Account:
-For Individual/Company
-Fixed amount
-Fixed time period (Locking Period)
-TDS (Tax Deduction at Source) 10% if interest greater than Rs. 10000.

RD Account:
-Deposit in installment.

NOSTRO Account:
-Indian Banks Account at Foreign Banks.
Eg:- SBI Account in CITI bank.

VOSTRO Account:
-Foreign Banks Account in Indian Banks.
Eg:- Citi Bank account in SBI.

NRO Account:
-Non Resident Ordinary Account.
Eg:- Foreign Tourist may open this account for a period of 6 months in Indian Banks.

NRE Account:
-Non Resident External Account.
-High interest Rate

FCNR Account:
-Foreign Currency Non Resident Account.
-Foreign Currency maintained.



----Thanks for your support----

No comments

Powered by Blogger.