Bank Accounts

The most important aspect of account management is the flow of cash in your account. Most of the banks usually have four types of deposit accounts.

Current Accounts :

The current accounts are generally for businessmen, companies or institutions for daily transactions.

• Their are no restrictions for the number of transactions in a day.
• It doesn't pay any interest on the invested amount but charges certain service charges.
• It is a no profit, no loss account.

Savings Account :

 The most popular kind of individual accounts for personal purpose.

• It provides flexibility for deposit and withdrawal.
• You get interest rates on your investments that will be added to the account.
• It has limited number of transactions in a day.

Recurring Deposit :

It is also known as RD accounts for who wish t invest an average amount of their savings on a monthly basis.

• They get interest on the amount available in the account.
• This is specially for working public who don't want to invest large amount at one instance.

Fixed Deposit :

It is popularly known as FD which available at various schemes from 7-days to 10 years.

• This is specially for people those who want to deposit their savings for a long term to gain to interest rate.
• The interest rate varies from bank to bank.

Cheque Details :

Cheque is an important bank document which is used to make payments and exchange funds between people and two different accounts.

IFSC Code :

An IFSC(Indian Financial System Code) is an alpha-numeric code used by the RBI to identify banks.

• The code has 11-digits, the first four characters are alphabets suggesting the bank name.
• The last seven represent a particular bank branch.
• For example, CITI0000242 first four represent City bank the remaining is the branch code.

Account  Number :

The first set of numbers on the left represent the account number.

• It may sometimes switched between the numbers according to the details in the cheque.
• It is a private and unique number to every bank account.

MICR Code :

Magnetic Ink Character Recognition. It helps to recognize the bank and branch by which the cheque is issued.

• The number consists of city code, Bank code and branch code.
• First three represent city code, next three represent bank code and last three represent branch code.

Cheque Number :

The cheque number usually the shortest number on the cheque. It can be switched between the numbers. It represent like a serial number of the cheque.