3 Types of bank accounts vocabulary

These are the various types of accounts offered by banks to cater to different financial needs:

savings account – an account that pays interest and is used for saving money.

current account – an account for day-to-day transactions with no interest.

fixed deposit – an investment account with a fixed interest rate and term.

recurring deposit – an account where fixed amounts are deposited regularly.

joint account – an account shared by two or more individuals.

business account – an account used by companies for business transactions.

escrow account – an account where funds are held in trust while two or more parties complete a transaction.

zero balance account – an account that always maintains a zero balance, with funds transferred in as needed.

offshore account – a bank account held in a country different from one's country of residence.