Bank accounts are financial accounts maintained by a bank. We can maintain financial transactions between the bank and customers. Each financial institution sets the terms and conditions for each type of account it provides. Accounts are different types. They are deposit accounts, credit card accounts.loan accounts, etc.A customer may have more than one account. Once an account is opened,funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer. The financial transactions which have occurred on a Bank account within a given period of time are reported to the customer on a bank statement. Deposits of funds in a bank are not bailment.
The actual funds deposited by a customer cease to be property of the depositor and property of the bank. Banks have different types of deposits like transactional accounts( checking account, current accounts),personal deposits and transactions deposits. Banks have different accounts like current accounts, savings accounts,salary accounts, fixed deposit accounts, recurring deposit accounts, NRI accounts. Current accounts are deposit accounts for business owners, traders,entrepreneurs to make and receive payments. Savings accounts help consumers save their money.
Bank accounts have a lot of benefits. Money kept in a bank account is safe and well regulated. Certain Amount deposited in a bank account is automatically insured against loss by the government. Bank account provides you the option to withdraw an amount of money from a variety of locations using a debit card. Debit cards can be used to make a purchase or withdraw money from an ATM. Money deposited in a savings account earns interest. Bank accounts are a great tool for managing personal finances. It helps to determine how and where you are spending your money.
Personal savings accounts pay interest, which basically earn you free money. Bank accounts have a lot of advantages. You can earn interest from bank accounts. You will get insurance and you can easily access the money. You will get a debit card . you can directly deposit an amount to the bank accounts.
Fixed deposit provides investors a higher rate of interest than regular saving accounts. Fixed deposit is an investment offered by banks as well non banking financial companies to their customers to help them save money. In a fixed deposit account, you can deposit an amount of money at a predetermined rate of interest for a fixed period. It is a low risk financial instrument offered by a bank.you cannot withdraw money immediately.
We can see how to get double interest from savings accounts. Most of the people do not know about this facility. You had more than one bank account. You will get 3.5 % interest in saving bank accounts. Most of the people maintain an amount in their savings bank account. We will get low interest from savings bank accounts.
We will get double interest from savings accounts. It is called auto sweep. Autosweep is a balance in excess of stipulated amount which is transferred into a fixed deposit for 1 year. It will provide you a higher rate of return. These types of accounts are useful ,if you have money at the end of month left over .you can earn better return from auto sweep.
If you have an auto sweep facility, you will get the benefits of a fixed deposit and savings account. It has a threshold value. You will get the interest rate of fixed deposit for above the threshold limit of your account. Balance amount is considered as a fixed deposit. You can withdraw money at any time from this account. You can again deposit this account.