One of the types of accounts a bank offers is the savings deposit account. This is the most popular account that depositors have with the bank. Depositors are encouraged to save up even small amounts are accepted but the bank imposes certain restrictions on the number of withdrawals the depositor could make in a given period. The account earns interest.
The next type of account is an account maintained by traders and businessmen. This is referred to as current account. With this account traders and businessmen make use of cheques to make payments. This account does not earn interest but instead are being debited for charges for services rendered by the bank in maintaining this type of account.
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Another popular type of account is the fixed deposit account or commonly referred to as the time deposit account. With this account a certain amount is deposited in the bank and cannot be withdrawn before the termination of its maturity. Interests are computed depending on the length of period the deposit is maintained.
Lastly, banks offer recurring deposit accounts and home safe accounts. The recurring deposit accounts encourage depositors to put in their accounts fixed amount regularly and withdraw from it on maturity. The home safe account on the other hand encourages people at home to save even small amounts that they put in a safe supplied by the bank. The safe is then brought to the bank so that it can credit the depositor’s account with whatever amount the safe contains