Learn Types Of Bank Account In Commerce Tuition

 


There are 10 types of bank accounts in total. In commerce tuition, you will learn the different eligibility of the types of the bank account. This blog is mainly for the individual who is interested in accounting. The employees working in banking are from a commerce background. Let us understand the types of accounts here-

Learn eligibility of demat, savings, fixed, recurring, and current account in commerce tuition.

Demat account is opened mainly by the investor. It is registered with a broker in India. The shares and securities of Demat accounts are electronically operated. The advantage of Demat account in commerce tuition-
Demat account holders avoid stand duty. The physical share and transfer deeds are avoided. Banks can be depository participants in Demat accounts. The bonus or share allotted to the investor is immediately credited into the account.
The savings account is the most popular account. It is used to deposit the money. This account provides not only a cheque facility but also a lot of flexibility. Withdrawal and deposit are easy in a savings account. 
Fixed deposit is also known as a time deposit account or term deposit. A time deposit is a term used in the United States of America. A fixed deposit is a financial instrument that is provided by the bank and provides investors a higher rate of interest than regular savings accounts. The minimum period for a fixed deposit is 7 days and the maximum is 10 years. By and can also charge a penalty for premature withdrawal. Income tax regulations require fixed deposit maturity. It has to proceed with rupees 20000 which are not paid in cheque. Repayment of such larger deposits is either by account pay cross-check or credited to the savings. Tax deducted by the bank of the fixed deposit is the interest paid to the customer. If any bank exceeds 10000 rupees in any financial year then it is known as TDS. Tax deducted at the source the total income for one year does not fall in an overall tax limit.
Best commerce tutors suggest that the current account is for businessmen. It is basically meant for investment or saving purposes. These are the deposits that mostly have no limits. The number of transactions in a day has no limit with a liquid deposit. The checkbook facilities provided in the current account there is no interest paid by the bank in this account. Bank and short certain service charges on this current account.
A recurring account is probably known as a recurring deposit account. It is suitable for those people who do not have a lump sum amount. The savings and recurring accounts are small with a minimum deposit of rupees hundred per month. Normally the deposit and recurring amount are at the same rate applicable as the fixed deposit. 
However, the same bank offers a fixed installment of recurring deposits. It introduces a variety of flexible recurring deposits with a high amount. An installment in the upper limit is fixed for the same. Best commerce tuition providers suggest that a cash credit account is a purpose with various business loans. It is an account that is needed to be backed by collateral securities. A cash credit facility is given to the borrower with working capital needs. The amount of loan is given on the basis of different methods.

Learn what is MABF and BSBDA in commerce tuition

MABF is Maximum Permissible Bank Finance. BSBDA is a Basic Savings Bank Deposit Account. Both this term is used in No- fIlls accounts explained in commerce tuition. A Basic Savings Bank deposit account is considered a normal banking service account for all customers. You can ask the tuition teacher for commerce about the facility of this account. It provides total credit that does not exceed rupees 100000 in any financial year. The maximum deposit in this account can never exceed more than 50000 at one time. The total number of debit in cash withdrawal cannot exceed 10000 in one month.

Do you know what NRO is?

It is an ordinary non-resident ordinary account. In commerce tuition near me, you can learn the deposit term of this account. Interest payable is the same as the resident account. 
If you take commerce in your higher studies, the knowledge of different accounts is important. Best commerce tuition provider can help you with quality teachers. Banking is not a simple topic. You really need a teacher to understand the basics of it. Taking commerce subject in your higher study involves banking. On average 70% of the employees belong to a commerce background. Hence it is important to understand the term and depository account in banking. Even if you sit for any banking competitive examination you will get questions related to it.
Location: EP-Y6 Block, college more, EP Block, Sector V, Bidhannagar, Kolkata, West Bengal 700091, India

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