Reviewed by: Fibe Research Team
If you’re wondering how many types of bank account options are available and which one suits you best, you’re in the right place. Banks offer various accounts like savings, current, and fixed deposits to meet different financial needs and goals. Whether you want to save for the future, manage daily transactions, or earn better returns, there’s an account designed for you.
Read on to know about the different types of accounts in a bank, their features and how they work, so you can choose the right one for your money.
This is one of the most famous types of accounts in bank. It’s a simple bank account where you can deposit money, earn interest and withdraw funds whenever needed. It’s a safe place to keep your money while helping it grow.
Key features:
Ideal for: Salaried individuals, students and those looking to build savings.
This type of account is designed for businesses and professionals who require frequent and high-volume transactions.
Key features:
Ideal for: Businesses, organisations and entrepreneurs.
A fixed deposit (FD) account is an investment-oriented type of bank account where funds are locked for a fixed tenure, offering higher interest rates than savings accounts.
Key features:
Ideal for: Individuals seeking secure and predictable returns
A recurring deposit (RD) account allows you to save a fixed amount monthly for a specified period, earning interest similar to fixed deposits.
Key features:
Ideal for: Those with a steady income who want to save regularly.
For non-resident Indians (NRIs), specialised accounts like NRE, NRO and FCNR are available to manage income both in India and abroad.
Key features:
Ideal for: NRIs managing finances across countries.
A salary account is offered to employees by their employers, facilitating monthly salary credits.
Key features:
Ideal for: Salaried individuals
The Jan Dhan account, introduced under the Pradhan Mantri Jan Dhan Yojana (PMJDY), aims to promote financial inclusion among economically weaker sections.
Key features:
Ideal for: Economically weaker sections and rural populations
A Demat account is essential for individuals investing in the stock market, as it holds shares and securities in electronic form.
Key features:
Ideal for: Trading brokers and stock market investors
Senior citizen accounts are tailored for individuals aged 60 and above, combining the benefits of savings and fixed deposits.
Key Features:
Ideal For: Senior citizens seeking better returns and financial security
A joint account allows multiple individuals to manage a single account together.
Key Features:
Ideal For: Couples, families or business associates
When selecting from the various types of bank account in India, consider factors like your financial goals, transaction frequency and the purpose of the account.
For example:
Managing money starts with picking the right bank account. Whether you’re saving, investing, or running a business, there’s an account type that fits your needs. The right choice can help you grow your money and keep things simple.
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The best account type depends on the financial requirements and goals.
All bank accounts regulated by the Reserve Bank of India (RBI) follow strict security protocols. However, savings and fixed deposit accounts are usually safer since they offer more stability and lower risk.
Yes, you can change the bank account type from one to another. Most banks let you switch your account type easily, depending on the policies such as:
Banks usually offer four main types of accounts: savings, current, fixed deposit and recurring deposit. Each serves different needs like saving, daily transactions, or earning higher interest. Some banks also have special accounts like salary or student accounts.