There are mainly three kinds of bank accounts: savings bank account, current bank account, and fixed deposit accounts.
Savings Account | Current Account | Fixed Deposit |
A savings bank account is like a safe place to keep your money in a bank. It is meant for saving money that you don't need to spend right away. When you open a savings account, the bank gives you a special book called a passbook. In the passbook, you can see how much money you have in your account and how much you have saved over time. You can take money out of your account when you need it. The bank also pays you some extra money called interest on the money you save in a savings account. | A current bank account is a special type of bank account for people who have businesses or companies. It helps them to do their business transactions smoothly. In a current account, you can deposit and withdraw money whenever you want, just like a savings account. But in a current account, you don't earn interest on the money you keep in it. | A fixed deposit bank account is another way to save money in a bank. In this case, you give a specific amount of money to the bank for a fixed period of time, like six months or one year. You cannot take the money out before that fixed time ends. The bank keeps your money safe and secure and gives you interest when the fixed time is over. It is a good way to save money for the future. |
So, remember: a savings account is for saving money; a current account is for business transactions; a fixed deposit account is for saving money for a specific period of time.
