BANKING AFFAIRS

Detailed explanation-1: -A checking account is also called a transactional account or a current account. This type of deposit account is held by one or more individuals of a financial institution. Some of these are banks, NBFCs, investment companies, brokerage firms, insurance companies and trust corporations.

Detailed explanation-2: -Checking account is the most common form of a transaction account.

Detailed explanation-3: -A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution.

Detailed explanation-4: -A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. Also called demand accounts or transactional accounts, checking accounts are very liquid and can be accessed using checks, automated teller machines (ATMs), and electronic debits, among other methods.

Detailed explanation-5: -A transaction account is traditionally used for day-to-day expenses and often comes with a debit card so that you can withdraw cash or pay for things. Most people get their salary paid straight into their transaction account then use that to pay bills or automatically transfer money into a savings account.