TYPES OF A BANK ACCOUNT?



Meaning: -Bank accepts money as deposits mostly in four ways:
1. Current Account
2.Saving Account
3. Fixed Deposit Account
4. Recurring Deposit Account.

Following are some of the important types of Bank’s Accounts:
1.      Current Account: - A Current Account is meant for businessmen and institutions. There are no restrictions on the number and amounts of withdrawals from this account. On opening this account, the account holder is given a paying-in-slip book, a Chequebook and a Pass book. Cheques, bills of exchange, dividend warrants received from outside parties can be deposited in this account for collection overdraft facility is granted only to current account holder.

2.      Saving Account: -A Saving Account aims at promoting the habit of saving among the fixed income earners. Interest at certain rates is paid on the balance in this account. Money can be withdrawn by cheque or withdrawal slip. Howe ever, there are restrictions on the number of withdrawals including the maximum amount that can be withdrawn art a time. Overdraft facility is not granted for this account.

3.      Fixed Deposit Account: - A fixed deposit account is opened by those who have surplus funds. Under this account, a certain amount is deposited for a fixed period. Higher rate of interest is paid on the fixed deposits. The rate of interest depends upon the period of deposits. Money can not be withdrawn before the date of maturity.

4.      Recurring Deposits Account: - A recurring deposit account is opened for some long-term objective such as marriage or education of children or purchase of costly articles, etc. under this account, a fixed sum is to be deposited every month for the fixed period.
The following are some of the important types of Cheques:
1.      Bearer Cheque: -When the word “or bearer” appearing on the face of the cheque are not struck off, the cheque is called a ‘bearer cheque’. The bearer cheque is payable to the person specified therein or to any one else who presents it to the bank for payment. It is also called a risk cheque.

2.      Order Cheque: -When the word ‘bearer’ appearing on the face of the cheque is struck off or when in its place the word ‘order’ is mentioned or when there is neither the word ‘bearer’ nor ‘order’ on the face of the cheque, the cheque is called an order cheque’. Such a cheque is payable to the person specified therein as the payee, or to any one else to whom it is endorsed.

3.      Open Cheque: -When a cheque is not crossed, it is known as an ‘open cheque’ or ‘uncrossed cheque’. The Payment of such a cheque can be obtained at the counter of the bank. An open cheque may be a bearer cheque or an order one.
4.      Crossed Cheque: -When a cheque bears across its face two parallel lines with or without additional words like ‘& Co’. or ‘Account Payee’ or ‘Not Negotiable’. It is known as a ‘crossed cheque’. A crossed cheque cannot be Encashed at the cash counter of a bank but it can only be credited to the payee’s account.

5.      Ante-dated Cheque: - If a Cheque bears a date earlier then the date on which it is presented to the bank, it is called an ‘antedated’ cheque. Such a cheque is valid up to six months from the date of the cheque.

6.      Post-dated cheque: - If a Cheque bears a date which is later than the date of presentation, it is known as ‘post-dated cheque’. A post dated cheque cannot be honoured earlier than the date on the cheque.

7. Stale Cheque: -If a cheque is presented for payment after six months form the date of the cheque it is called ‘Stale Cheque’. A stale cheque is not honoured by the bank.

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