How many types of bank account

In India, there are several types of bank accounts designed to meet different financial needs. The primary categories include:

• Savings Account: For individuals to save money and earn interest.
• Current Account: For businesses and traders with high transaction volumes.
• Salary Account: A zero-balance account where employers credit monthly salaries.
• Fixed Deposit (FD) Account: For investing a lump sum for a fixed tenure at higher interest rates.
• Recurring Deposit (RD) Account: For regular monthly savings.
• Demat Account: For holding shares and securities electronically.
• NRI Accounts: Specifically for Non-Resident Indians to manage funds in India.