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In case you like to know about the types of bank accounts in India, you must check the historical background and the steady development in the banking sector. In the18th century, Indian banking system came into existence. However at that time, the money exchange policy was different in comparison to the present baking system in the country.
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In 1960, there was a massive switchover in the pattern and design of the banks in the country. After that, a number of banks have been set up for offering services to Indian citizens. Now you should know the different types of bank accounts which are active in India.
Know Few Important Factors
· Prior to open the account in a banking sector, please know clearly regarding the different sorts of accounts. If you like to activate a personal account in any state bank or private bank which is legally authorized by the government, you must opt for the savings accounts which have earned a lot of recognition and popularity.
You can deposit money in this savings a/c for the future purposes. The money withdrawal and deposition process is less complicated and less time consuming. You may open this personal account by depositing minimum 100 rupees in Indian currency with 4% interest rate option.
· Supposing, you like to opt for the cheque book and like to make huge dealing, there is the requirement of 500 rupees for the opening of the savings account in the bank.
On the other hand, you can also feel free to choose the cash credit account which you can utilize by taking short term or long term loan from the banking sector by mortgaging the properly. You are also able to draw the limited amount from the bank on the strength of the value of the mortgaged property.
Take Right Decision
Before opening the bank account, you should use your practical knowledge and the experience to make the proper selection of the bank. Just decide which banking sector will come handy in the long run. In this connection, you may talk to your family members, friends and even the financial advisors who are expert in dealing with the bank related issues.
Furthermore, there is another option for you to check the performance track record of the particular bank. You will have to check the total asset, expenses and the financial strength of the bank.
To top it all, the management of that financial institution must be good and efficient so that the work flow can’t be disrupted. If the bank fails to provide the hassle free service, you should not shake hands with that bank for making commitment.
Finally, as a matured guy, you must not select any banking sector for opening account which is not liable to RBI. There are many banking sectors in India, which offer lucrative interest rates but they are not authorized by RBI. You must steer clear of these financial institutions. It is also true that bank accounts are at variance with the banks. You will have to gather knowledge which bank offers what type of account.
There is Checking account. It is also called current account. Opening this account, you can withdraw money at any point of time. Therefore it will come helpful during the emergency period. Even you can make a number of withdrawals in a day.
In this cast you can also feel comfy to use the ATM facility. If you are crazy for getting huge interest with the principal amount, you must energize yourself to select the money market account. Lastly, you will have to keep a certain amount in the passbook/ account. There is some restriction on withdrawing money. You can draw money from your account six times in a single month in this case.