Gillani Aswinkumar

TEST ENGINEER NUCLEAR EQUIPMENT | Louisville | United States

I am working as TEST ENGINEER NUCLEAR EQUIPMENT.


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In banking, accounts are categorized based on purpose, ownership, and usage. Here are the main types:### 1. Savings Account- For personal savings- Earns interest- Suitable for daily transactions### 2. Current Account- Used by businesses for frequent transactions- Usually no interest- Provides overdraft facility### 3. Fixed Deposit (FD) Account- Money deposited for a fixed period- Higher interest- Early withdrawal may incur penalty### 4. Recurring Deposit (RD) Account- Monthly deposits over time- Earns interest higher than savings- Encourages saving habit### 5. Joint Account- Operated by two or more people- Can be savings or current type- Used by families or business partners### 6. NRI Accounts- NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts for Indians living abroadSummary: Each account serves different financial needs: savings for personal use, current for businesses, and deposits for interest earning.

Answered for the Question: "What are the different types of accounts?"