What is account in bank

A bank account is a financial arrangement between a customer and a bank that allows the user to deposit, withdraw, and manage their money securely. It serves as a record of financial transactions and provides a safe place to store funds. In India, common types include:

• Savings Account: Designed for individuals to save money while earning a small interest.
• Current Account: Used primarily by businesses for frequent transactions.
• Fixed Deposit (FD): Offers higher interest for keeping a specific amount for a fixed tenure.