Personal accounts and other customer accounts in Banks

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 Proprietorship

HUF Account

Accounts of Partnership, LLP

Accounts of Private limited and public limited companies

Accounts of Liquidator,

Trust/NGO/Foundation Accounts

Accounts of Government and Semi-government Departments

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