Types of investment - Banking
Banking A bank account is an account maintained by a banking institution, in which it records financial transactions between the bank and the customer. In India, bank accounts are primarily of four types- Savings Bank Account, Current Account, Recurring Deposit Account and Fixed Deposit Account. Current Accounts don’t earn any interest hence they haven’t been discussed here. SAVINGS BANK ACCOUNT A Savings Account is an interest-bearing bank account. The main idea of this account is to promote the habit of savings within people. Benefits of a savings account include -moderate interest on deposits, low risk, convenience, ease of use etc. At the time of opening the account, the account holder gets a cheque book, a passbook and a Debit cum ATM Card. This account has become popular because of its liquidity and low risk.There is a cap on the number of withdrawals and deposits in this account. A Savings Account channels idle household cash into savings. Type...