Type of Bank Account | Different Types of Bank Accounts | Types of Bank Accounts in India.
There are many 16 different types of Bank Accounts in India Such as Saving Account, Current Account, Pradhan Mantri Jan Dhan Yojana Account, Sukanya Samriddhi Yojana, Public Provident Fund Account, Fixed Deposit Account, Recurring Deposite Account, Dormant Account, Un- Claimed Account. In this article, we know all types of bank accounts in India.
In this article, we know the types of bank account and what is Benefit & Purpose of different Types of Bank Accounts and what Interest Rate banks give all types of bank accounts, & other facilities such as an overdraft facility, account maintained charge balance, etc.
1. Saving Account
Savings Accounts are opened for household Persons. KYC (Know Your Customer) required for an open Saving Account. In KYC Pan Card is not mandatory. If you have not PAN Card you have must fill form number 60.
Restriction on withdrawal in Savings Accounts limited transactions in a month. Bank provides Interest on your money-saving in your bank account, the interest rate varies bank to bank. It means the Rate of interest decided by the individual banks and Interest is calculated on daily basis and Interest is compound quarterly.
Interest is tax free upto Rs. 10,000 p.a and for senior citizens upto Rs. 50,000 p.a.
You have must maintain MAB-Monthly Average Balance and QAB-Quarterly Average Balance
2. Current Account
Savings Accounts are opened for businessmen or Bussiness organizations/Institutions. KYC with Pan card required if you want to open a Current Account.
No restriction on transactions in In Current Account, you can do the unlimited transaction in a month.
No interest in the available facility on Current Account. It means banks never pay interest on your money in a Current Account.
But Monthly Service charges applicable for maintaining your In Current Account.
Overdraft the facility provided in In Current Account. It means if you pay to someone by draft/cheque but insufficient balance in your Current Account in this case bank pays that time and you pay after some time with extra charge, an extra charge varies bank to bank.
Read, Reserve Bank of India: Function Established, & Headquarters/Headoffice
3. Pradhan Mantri Jan Dhan Yojana Account (PMJDYA)
Pradhan Mantri Jan Dhan Yojana Account (PMJDYA) Started on 28 August 2014 by PM with then " Mera Khatha Bhagiye Vidhata". Pradhan Mantri Jan Dhan Yojana Account opened on Zero Balance.
In Pradhan Mantri Jan Dhan Yojana Account 2,00,000 Rupee Accidental Insurance facility available.
Overdraft
facility available Rs. 10,000 in PMJDY Account.
Bank gives you RuPay ATM Card Facility. There is No checkbook facility provided in PMJDYA.
4. Sukanya Samriddhi Yojana Account
Sukanya Samriddhi Yojana Bank Account (SSYBA) is Opened only for girls who are the age below 10 years.
A minimum deposit of Rs. 250 p.a. (previous limit Rs. 1,000) & Maximum deposit of Rs. 1,50,000 p.a.
Bank Pay Interest 7.6 % p.a on your money. (Keeps on varying according to the bank)
Deposit up to 14 years of age of that girl in Sukanya Samriddhi Yojana.
If you want to withdrawal, You can withdraw 50 % money after 18 years of age for higher studies and 100 % withdrawal after 21 years of marriage time.
In Sukanya Samriddhi Yojana Deposit & Maturity-Both is Tax-free.
Sukanya Samriddhi Yojana A/ C is only for 2 girls in a family.
6. Public Provident Fund Account
Public Provident Fund Account is opened for tax benefit. Available only for Indians Resident. In PPF Account KYC with Pan Card must be required.
In PPF
Account Minimum deposit-Rs. 500 p.a. and Maximum deposit-Rs. 150,000 p.an at
max 12 times p.a.
Rate of Interest on PPF Account 7.1 % p.a.
Public Provident Fund Account Maximum Time Periods is 15 years (Extended by 5 years each block).
If You want to withdrawal money, you can withdraw a maximum of 50 % money after 6 years.
You can take a 25 % loan against PPF from 3 Year-6 Year. In PPF Account Deposit & Maturity both are tax-free.
7. Fixed Deposit Account
In Fixed
Deposit Account Lump-Sum deposit for the fixed time period.
In Fixed Deposit Account Minimum period of time is 7 days. and the Maximum time period is 10 years.
Rate of
Interest- (5.1 % to 5.65 %)
If
discounting or withdrawal of F.D. then Interest by 1 % as penalty.
You can take a Maximum 90 % loan against F.D.
8. RE-CURRING DEPOSIT Account.
Re-Curring A deposit Account is opened for Monthly installment deposited money.
You can open Re-Curring Deposit account a minimum of 6 months of time periods and a Maximum 10 years.
In the Re-Curring Deposit account, you can deposit a minimum Installments of Rs. 500 in the bank) & Rs. 100 in the post office
Rate of Interest in Re-Curring Deposit account: 5.1 % to 5.65 %
If discounting or withdrawal of R.D. then Rate of reduced by 1 % as penalty. Maximum 90 % loan against R.D.
9. Dormant Account.
If no the transaction is done for 2 years periods in bank account then becomes it inactive or inoperative accounts.
10. Un- Claimed Account
If no transaction is done up to 10 years then become an unclaimed bank account.
The unclaimed account balance is transferred by RBI in Depositor Education and Awareness Fund.
11. Demat Account
Demat account is opened for share-market transactions only. In Demat Account Annual maintenance charge is applicable.
Dematerialization means converting physical shares in electronic form. Dematerialization means converting electronic shares in physical form.
Read, Reserve Bank of India: Function Established, & Headquarters/Headoffice
Some Other Types of Bank Accounts
12.
MIS-Monthly Income Scheme Account.
13. NRE-Non
Resident External Account.
14. NRO -
Non-Resident Ordinary Account.
15.
FCNR-Foreign Currency non-resident Account.
16. EEFC-Exchange Earner Foreigner Currency Account
Thanks for Reading Type of Bank Account & Different Types of Bank Account in India such as Saving Account, Current Account, Pradhan Mantri Jan Dhan Yojana Account, Sukanya Samriddhi Yojana, Public Provident Fund Account, Fixed Deposit Account, etc.
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