What is bank account

A bank account is a financial arrangement with a bank or financial institution that allows you to securely store and manage your money. It serves as a record of your financial transactions, including deposits, withdrawals, and transfers. In India, common types include savings accounts for personal funds and current accounts for business transactions. Having a bank account provides several benefits:

• Enables safe storage of cash and earns interest on balances
• Facilitates digital payments, bill settlements, and direct benefit transfers
• Provides access to banking tools like debit cards and mobile banking
• Offers a documented track record of financial history