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The Kotak Mobile Banking App, a best in class App, provides banking on the go, which is a must in todayu2019s digital era.<br>If you are not an existing Kotak customer, you can open a Kotak Savings account or an 811 digital bank account by visiting your nearest branch.
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Types of accounts in banks that everyone should know There are various kinds of people in the society and all of them need to use money. Salaried employees, college students, housewives, business owners, and retired professionals are some examples of the people who need to regularly use money. Not having a bank account is impossible for all the people in the society. There is a bank account for all types of people, and it provides everyone with many kinds of benefits. Based on the purpose, transaction frequency, and account holder's location, banks offer various bank accounts to choose from. Adigital savingsaccounthelps you save money and lets you access your account with the click of a button. Take a look at the main types of bank accounts here: Current account A current account is an account in banks created for business owners, trading people, and entrepreneurs who need to perform transactions on a huge scale. There is no daily transaction limit on these accounts, which retain more liquid deposits. Overdrawing from a current account is taking out more money than is currently in the account. Furthermore, these are zero-interestbearing accounts, in contrast to savings accounts, which pay interest. To be able to use current accounts, you must keep a minimum balance. Savings account A savings account is a type of regular deposit account where you can receive interest. The maximum number of transactions you may do each month is set here. Banks provide a range of savings accounts based on the type of depositor, product features, age or purpose of holding the account, etc. There are numerous types of digital savings account, including conventional savings accounts, accounts for women, seniors, and children, and family and institutional savings accounts. A variety of savings programs are available for you to choose from. Auto sweep, bill payment, debit cards, cross-product perks, and zero-balance accounts are some features of advanced savings accounts. Salary account Your salary account is one of the various types of bank accounts you have opened per the agreement between your employer and the bank. Each employee's salary is credited to this account at the start of the pay period. The sort of salary account an employee chooses depends on their desired characteristics. Your allowances and reimbursements are credited to the bank's reimbursement accounts, which are likewise maintained there where you have a salary account. Fixed deposit account There are many sorts of accounts, such as fixed deposits and recurring deposits, where you can put your money and earn a good interest rate. A fixed deposit account enables you to earn a fixed interest rate for locking away a specific amount of money for a predetermined period or until the FD matures. The expiration time for FDs ranges from seven to ten years. The duration of your
FD will affect the rate of interest you receive. Generally speaking, an FD cannot be withdrawn before it expires. Premature withdrawal options are available from several banks. However, in that situation, you only earn a lesser interest rate. Final thoughts In order to provide all residents with the tools they need to become financially independent, both public and commercial banks in cater their services to the specific needs of various age groups and genders. Open asaving bank accountin a reputed bank to protect and save your money. They also assist you in compounding your savings or investments by enabling you to receive interest on your deposits.
