ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This is the simplest and most common type of Savings Account. With a regular Savings Account, you will have to maintain a minimum account balance. This account is perfect for your day-to-day banking needs.

Detailed explanation-2: -Checking Account. The most basic type of bank account is the checking account. Think of it as home base. For most people, it’s where their paycheck gets deposited, where bills get paid from, and where they keep the money they need to get to quickly.

Detailed explanation-3: -While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit. Each one starts with the same basic premise: give your money to the bank and in return the money will earn interest.

Detailed explanation-4: -Savings account: A savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. Savings accounts vary by monthly service fees, interest rates, and account features.

Detailed explanation-5: -Traditional or Regular Savings Account. High-Yield Savings Account. Money Market Accounts. CD Account. Cash Management Account. Specialty Savings Account. 04-Jan-2023