What are the different types of Account in Bank?

Answer:

In a broad sense there are two types Bank Account –

1.      Multi Operational

2.      Single Operational

Again, Bank Account can be divided as-

1.      Chequeable

2.      Non-Chequeable

We may further divide the Bank Account as follows :

Demand Deposit

1.      Current Deposit Account

2.      Savings Bank Account.

Time Deposit

1.      Fixed Deposit (FDR)

2.      Bearer Certificate of Deposit (BCD)

3.      Short Term Deposit (STD)

4.      Contributory Savings Scheme (CSS)

5.      Lakhopati Deposit Scheme (LDS)

6.      House Building Deposit Scheme (HBDS)

7.      Monthly Benefit Deposit Receipt (MBDR)

8.      Double Benefit Scheme (DBS)

9.      Educations Savings Scheme (ESS)

We may further divide the Bank Account as follows :

Personal Account

1.      Individual Account

2.      Joint Account

Non-Personal Account

1.      Corporate Accounts

2.      Sole Proprietorship

3.      Partnership

4.      Limited (Private and Public)

Special Types of Accounts

1.      Club/Society/School, College, University

2.      Trust/Provident Fund/Executor/Administrator/Solicitor/Liquidator