Types of Bank Accounts and Deposits in India in 2024

India's banking system offers a diverse range of accounts in 2024 to cater the financial needs of individuals, businesses, and organisations. These accounts serve as a repository for depositing and withdrawing funds, earning interest, and conducting various financial transactions. Understanding the different types of bank accounts in India is crucial for managing personal finances, conducting business transactions, and achieving financial goals.

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Types of Bank Deposits & Accounts in India

The following table outlines the types of accounts in bank for deposits in India:

Types of Bank Accounts Features
Savings Bank Account
  • Basic deposit account for individuals
  • Meant for storing and saving money
  • Earns interest on deposits
  • Typically has withdrawal and transaction limits
  • Used for personal savings and daily transactions
Current Account
  • Designed for businesses and corporations
  • Manages day-to-day financial transactions
  • Usually has higher transaction limits
  • May or may not earn interest
  • Used for frequent transactions like payments to suppliers, clients, and employees
  • Often includes features like overdraft and cheque book issuance
NRI Account
  • For Non-Resident Indians (NRIs) living abroad
  • Manages income earned outside India
  • Provides various investment options

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

Types of Deposits Account in India for NRIs Features
Non-Resident Ordinary (NRO)
  • Allows NRIs to manage local expenses, receiving rent, or interest income from India
  • You can also invest in mutual funds or bonds linked to your NRO account
  • Permits savings and transaction in rupee currency
  • Repatriation limited to specified amounts
  • Amount deposited and interest earned are liable to taxation as per Income Tax Act, 1961
Non-Resident External (NRE)
  • Designed for NRIs to maintain foreign earnings in India
  • Holds deposits in Indian Rupee currency only
  • Provides tax benefits on your deposits in this account
  • No limit on deposits or withdrawals.
Foreign Currency Non-Resident (FCNR)
  • Fixed deposit account denominated in foreign currency (USD, EUR, etc.)
  • Enables NRIs to earn interest in the respective foreign currency
  • Offers a secure way to save your foreign income without currency fluctuations
Demat Account
  • Holds and transacts securities electronically
  • Eliminates the need for physical certificates
  • Used for buying, selling, and transferring stocks, bonds, and securities
Senior Citizen Account
Salary Account
  • Offered by employers to employees for salary crediting
  • Often has zero balance requirement and higher withdrawal limits
  • Additional benefits like insurance coverage and discounts on services
Recurring Deposit (RD) Account
  • Deposit a fixed amount monthly (minimum Rs. 100).
  • Cultivates a regular savings habit.
  • Interest Rates vary among banks (3% to 7%)
  • Higher rates for senior citizens aged above 60 years
  • Maturity period 6 to 120 months, depending on the bank
  • Allows a loan up to 80%-90% of the deposit
  • No premature withdrawal facility
Fixed Deposit Account
  • Money deposited for a fixed time with guaranteed returns.
  • FD interest rates between 5% to 9% (higher than savings accounts)
  • Tenure of 7 days to 10 years.
  • Some banks offer tax-saving FDs that provide deductions of up to Rs. 1,50,000 under Section 80C of the IT Act, 1961.
  • Interest below Rs. 40,000 is tax-free; above is subject to TDS.
  • No premature withdrawal of FD; early closure with a penalty.
  • Safe investment for saving habits guaranteed returns.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

People Also Read: SBI FD Interest Rates

Summing It Up!

The Indian banking system offers diverse bank deposit account types to cater to the varied needs of customers. From traditional savings and fixed deposits to innovative offerings like recurring deposits and term deposits, individuals and businesses can choose the type of bank deposits that aligns with their financial goals and preferences. 

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FAQs

  • How many types of account in bank?

    There are many different types of bank accounts, such as follows:
    • Savings accounts

    • Current Accounts

    • Fixed Deposit Accounts (FDs)

    • Recurring Deposit Accounts (RDs)

    • Loan Accounts

  • There are how many types of deposit accounts in India?

    There are numerous types of bank accounts in India, each catering to specific needs and offering unique features:
    • Regular Savings Accounts

    • Salary Accounts

    • Current Accounts

    • Fixed Deposit Accounts (It is advised to use FD calculator online tool to get the estimate of returns on fixed deposit before making the decision to invest.) 

    • Recurring Deposit Accounts (RDs)

    • Demat Accounts

    • Loan Accounts

  • What are the 4 types of deposits?

    The four types of deposits in bank accounts in India are as follows:
    • Demand Deposits

    • Time Deposits

    • Savings Deposits

    • Special Deposits like Recurring Deposit Accounts (RDs) and Senior Citizen Savings Accounts

  • What are the 3 deposit methods?

    The three prevalent and convenient types of deposits in India are:
    • Cash Deposit

    • Digital Transfers

    • Cheque Deposit

  • What is a deposit type?

    Deposit type can refer to the following categories:
    • Bank deposits (Demand deposits, Time deposits, Savings deposits) 

    • Security deposits

    • Advance deposits

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