BANKING AFFAIRS

Detailed explanation-1: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts.

Detailed explanation-2: -Automatic transfers can be used to move money from one bank account to another one, like from a checking account to a savings account.

Detailed explanation-3: -There are several different types of deposit accounts including current accounts, savings accounts, call deposit accounts, money market accounts, and certificates of deposit (CDs).

Detailed explanation-4: -A deposit is essentially your money that you transfer to another party, such as when you move funds into a checking account at a bank or credit union. In the case of depositing money into a bank account, you can withdraw the money at any time, transfer it to another person’s account, or use it to make purchases.