3 Replies to “How many type of bank accounts are there in india?”


  1. Open savings Bank account with facility of Debit card and cheque book with any nationalised Bank. They generally do it with initial deposit of Rs 500/1000.


  2. ACCOUNTS ARE CLASSIFIED INTO TWO DIFFERENT TYPES
    DEPOSIT ACCOUNTS LOAN ACCOUNTS

    DEPOSITS ARE BROADLY CLASSIFIED TIME DEPOSITS AND SAVINGS DEPOSITS
    TIME DEPOSITS – FIXED DEPOSITS FOR ONE YEAR OR THREE YEARS LIKE THAT
    RECURRING DEPOSITS THERE THE MONTHLY INSTALMENTS ARE SPECIFIC AND NO OF MONTHS ARE ALSO AS PER YOUR CHOICE LIKE 12,24,36 ETC
    IN THIS FIXED DEPOSITS GENERALLY YOU ARE NOT ALLOWED TO WITHDRAW MONEY
    BEFORE THE MATURITY but as a special case you can get premature closing that will lead to some small penalty and there is a limited possibility of getting loans against deposits it can be repaid or need not be repaid also
    then comes savings bank account and current account
    savings bank you can deposit as well as withdraw cash as and when you like but the withdrawal is limited to the balance in your accounts minus minimum balance you can put any cheques you have received in your sb account and sent for collection or get the immeadiate credits as the case may be .current a/c is like sb but sb will bring a small rate of interest where is c a/c won’t but in c a/c the volume of your transactions may be heavy amount wise as well as transactions wise
    you can get cheque books and issue to your parties also in bothe accounts
    atm cards will be available for both accounts
    next comes loan accounts
    demand loan term loan cash credit accounts and overdraft accounts are the maincategory
    since your quesstion is regading the opening of accounts i think it willbe better to discuss them only
    for opening the following things are mandate
    id proof residence proof and introduction and deposit amount ONLY in cash
    for id proof and residence proof a list of documents are available with all bank branches
    introduction you have to get from friends/relatives/employers etc who are KNOWN TO THE BRANCH ALREADY.
    Well after opening the account you have to maintain a minimum balance if you go to icici bank or hdfc bank etc they will demand as you have pointed out
    if you go to nationalised banks or small size private banks like KVB LVB etc the minimum balance may be lower it will range from 1000 or more lower in rural areas like where the minimum balance can be as much as 500 or even less
    whatis theminimum balance ? well you may deposit amounts in your accounts and withdraw amounts but as at the closes of any day the balance in your account should not go to less than that minimum balance if it goes below then they will charge some penalty and your account will be classified as unsatisfactory account.
    suppose your account balance as on any date is 15000, and the bank minimum balance is rs 1000 then the maximum amount you can draw on that date is 14000 only the bank will not allow to withdraw more than that (BUT IF YOU HOLD ATM CARD AND WITHDRAW THROUGH THE ATM CARD IT WILL ALLOW EVEN THE ENTIRE 15000 rs but the bank account will find it out and charge a penalty that is all)
    i hope this is enough if you want any more information you can contact me in my e mail address





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