Banks offer a variety of accounts to cater to the diverse financial needs of their customers. The types of accounts available can vary from one country or bank to another, they are savungs, deposit, current account.
Savings Account: Designed to help you save money over time.
Usually pays interest on the amount deposited.
Withdrawals may be restricted to a particular amount of times per month.
Current Account (Checking Account in the U.S.):Primarily used for everyday transactions. Typically does not pay interest. Allows unlimited withdrawals and deposits.
Fixed Deposit (Time Deposit):Involves depositing a lump sum for a fixed term. Offers higher interest rates than savings accounts. Withdrawals before maturity may incur penalties.