Types of Bank Accounts - IBPS and SBI PO, Clerk

ACCOUNTS

There are 4 types of account:

Savings Account

The purpose of this product is to develop THRIFT (savings) in the people
There is transaction limit for savings account
There are four types of savings account
 -Normal Savings account
   For people above 18 years
 -Minor savings account
   For people below 18 years
 -Senior citizen account
   For people above 60 years
 -Non Resident Indian Account (NRI)
     *NRE (Non Resident External)
         Only foreign currency transactions
     *NRO (Non Resident Ordinary
         Transaction of both foreign and Indian currency

Current Account

 You will not get any interest in this account
 Only meant for Business people
 No transaction limit 
 For opening this account deed of starting business and ID proof have to be submitted

Fixed Deposits

Minimum term for fixed deposits is 7 days
Maximum term for fixed deposits is 10 years
After 10 years it will be renewed. That is after 10 years the interest will be changed to the interest of that period after 10 years
Minimum amount to be deposited is Rs.10000
Interest rate for the fixed deposit is decided by that bank itself

Recurring Deposits

Kind of Term Deposits offered by banks which help people with regular incomes to deposit a fixed amount every month.