UnlockX Scholarship Test — India’s most honest scholarship test. Register now.
Question
Class 7Social ScienceBanks and the magic of Finance

Describe the three types of bank accounts.

Verified Answer

The three types of bank accounts are: - Savings Account: This account is for individuals who save regularly and earn interest on such savings. It has limits on how often money can be withdrawn each month. - Current Account: This account is for businesses and traders who often make and receive payments. It does not earn interest and generally has no limits on deposits or withdrawals. - Fixed Deposit Account: This is a one-time deposit kept for a fixed period, like 3 or 5 years. After that time, the bank returns the original amount plus interest, which is usually higher than in a savings account.