A personal account is a bank account maintained by a natural person for his personal transactional needs. Personal account is a relative term to distinguish it from business accounts. The accounts of other types of bank customers are maintained by artificial persons (legal entities).
Personal accounts of individuals in the bank include:
SB account,
Current account
Fixed Deposits
Reinvestment Deposits
Recurring account
NRE and FCNR deposits
NRO accounts
Tax Savings deposits
Capital Gain accounts.
To know details of these deposits, Read: SALIENT FEATURES OF DIFFERENT DEPOSIT PRODUCTS AND SERVICES AVAILABLE IN BANKS
Banks lend various types of credit facilities to their customers viz. Demand Loans, consumer loans, home loans, education loans, etc. Banks also extend facilities like Overdrafts, Bill finance, leasing finance, Hire-purchase finance, etc. To know
more details read: BANK FINANCE OF DIFFERENT TYPES
Other customer accounts include;
Accounts of Clubs, Societies, Associations (Associations of persons),
Accounts of executor or administrator,
Accounts of Private limited and public limited companies
Accounts of Government and Semi-government Departments
Related Posts:
| NORMS FOR OPENING CURRENT ACCOUNTS | BANK RULES: MANDATORY OBTENTION OF PHOTOGRAPHS OF ACCOUNT HOLDERS AND EXCEPTIONS | WHAT IS LEGAL ENTITY IDENTIFIER (LEI) |
