GLOSSARY
| Savings Account |
- An account opened by a customer to make a deposit and withdrawal of small sums of money. |
Basic Savings Bank Account
|
- Banks are advised to offer a 'Basic Savings Bank Deposit Account' which will offer minimum common facilities to all their customers. |
Current Account
|
- A special type of bank account opened by traders, businessmen, corporate bodies and others who operate the account frequently. |
Fixed Deposit Account
|
- A type of an account opened by a customer where the money is deposited for a longer period of time and to get a regular income. |
Recurring Deposit |
- A type of bank account where the customer makes a deposit on a periodical interval up to a certain period of time. |