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4 types of deposit accounts in India .pdf


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4 types of deposit accounts in India
Want to keep your money safe? Consider these deposit accounts:

Types of deposit accounts
There are primarily four types of deposit accounts in India:
– Current Account
– Savings Account
– Fixed Deposit
– Recurring Deposit

Current Account
– Current accounts are operated to run a business
– Such accounts pay zero interest
– Most banks require a minimum balance of Rs.5,000 to
Rs.10,000
– These accounts enable businessmen to conduct
transactions smoothly

Savings Account
– They are the most popular of all deposit accounts in India
– You can open such an account with any bank
– These accounts pay nominal interest of 4-6%
– There is no restriction on the number of deposits you can
make
– The purpose of this account is to promote savings

Fixed Deposit (FD)
– An FD enables you to earn higher rate of interest on your
funds
– However, your FD money will have a lock-in
– During this time, you cannot withdraw your money
– The time period ranges between 7 days and 10 years
– You can open an FD with both banks and NBFCs
– The rate of interest varies with the tenure, financial
institution
– Currently, the rates range between 6.5-8.5%
– You can deposit in an FD only once
– For additional deposits, you have to open separate accounts
– FDs can help you save for future goals like property down
payment
– During emergencies, you need not break the FD
– You can simply take a loan against the FD

Recurring Deposit (RD)
– An RD is a more flexible form of an FD
– Unlike the FD, you can deposit money at regular intervals
– This can be either each month or quarter
– The money is then locked-in for a specific period
– At the end of the period, the total amount is repaid with
interest
– An RD tenure ranges between 6 months and 10 years
– RD helps people save a certain amount every month
– You can open an RD to finance future goals like education,
wedding

To know more about Fixed Deposits from Bajaj Finance, click here

TERMS AND CONDITIONS APPLY


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