Quick Answer: What Are The Basic Banking Terms?

What are the 3 types of bank accounts?

Three Types of Bank AccountsCentralized accounts (formerly known as “Banking Module” accounts)Branch accounts.Local bank accounts..

Which bank account is best?

Best Savings Bank Account in India 2020#1. Kotak 811 Savings Account Review (Fastest Online Account Opening)#2. RBL Bank Saving Account (Highest Savings Interest Account)#3. IndusInd Bank Savings Account (Highest Interest Rate)#4. ICICI Bank Savings Account (For Best Technology)#5. … #6. … #7. … #8.More items…•

How many types of bank are there?

How many types of banking sector are there? Commercial banks are of three types i.e., Public sector banks, Private sector banks and Foreign banks.

Which type of bank is most widely used?

Commercial banksThis is test QQuestionAnswer2. Which type of bank is most widely used?A. Commercial banks3. Which type of bank has customers who are also owners?B. Credit unionsWhich type of bank offers full investment services as its main business?C. Brokerage firms33 more rows

What are the 5 most important banking services?

Different Types of Services | Bank AccountsChecking accounts.Savings accounts.Debit & credit cards.Insurance*Wealth management.

How do I know my bank account type?

From ‘Account summary’ select the account in the ‘Personal accounts’ section that you are interested in. Select the option ‘View account details’ to see your account name, account type, account number, sort code and bank address.

What are five activities that are done at a bank?

Banking activitiesChecking account. Cheque books.Savings account.Money market account.Certificate of deposit (CD)Individual retirement account (IRA)Credit card.Debit card.Mortgage.More items…

Which types of loan services do banks offer?

Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. … Credit Card Loans: … Home Loans: … Car Loans: … Two-Wheeler Loans: … Small Business Loans: … Payday Loans: … Cash Advances:More items…

What are the different types of bank deposits?

Primarily, banks offer two kinds of deposit accounts. These are demand deposits like current/saving account and term deposits like fixed or recurring deposits. When you open a deposit account in a bank, you become an account holder or a depositor. Saving accounts are used to meet daily on-demand requirements of cash.

What is the best savings account to open?

Best savings accounts & rates of December 2020Best Overall Rate: Vio Bank – 0.66% APY.High Rate: Popular Direct – 0.65% APY.High Rate: Synchrony Bank – 0.60% APY.High Rate: Comenity Direct – 0.60% APY.High Rate: Ally Bank – 0.50% APY.High Rate: American Express National Bank – 0.50% APY.High Rate: Citibank – 0.50% APY.More items…

What are 4 types of bank accounts?

4 Most Common Types of Bank AccountsChecking Account. The most basic type of bank account is the checking account. … Savings Account. A checking account and savings account go together like Batman and Robin. … Money Market Deposit Account. … Certificate of Deposit (CD) … 4 Most Common Types of Bank Accounts.

What is the different types of bank accounts?

Various Types of Bank AccountsCurrent account. A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments more often than others. … Savings account. … Salary account. … Fixed deposit account. … Recurring deposit account. … NRI accounts.

Which bank has zero balance?

Latest Interest Rate for Zero Balance Savings AccountBankName of zero-balance savings accountInterest rateStandard Chartered BankBasic Banking Account0.5% to 4.90%HDFC BankBasic Savings Bank Deposit Account3.50% to 4%Axis BankBasic Savings Account3.50% to 4%ICICI BankBasic Savings Account3.50% to 4%5 more rows

Which bank account is best for salary?

The following is the list of best 5 salary accounts available in India:Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.