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Old March 28th, 2016, 12:02 PM
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Join Date: Nov 2011
Default Re: What Is Bank Account

On your concern buddy I will help you here to get the information about Bank Account and its meaning so that you can go through it easily.

The bank account is a financial account maintained by a financial institution for a customer. A bank account can be a deposit account, a credit card account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals. Alternatively, accounts may be loan accounts in which case the customer owes money to the financial institution.

Here are the types of account


Deposit
Transactional (Checking)

Current

Personal

Savings Bank account (India)

Transaction deposit (USA)

Savings

Individual Savings Account (ISA) (UK)

Time deposit (Bond) / Fixed deposit

Certificate of deposit (USA)

Tax-exempt special savings account (TESSA) (UK)

Tax-Free Savings Account (Canada)

Money-market

Other types

Loan

Joint

Low-cost

Numbered

Negotiable Order of Withdrawal (NOW) (USA)
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