A savings account is an account maintained by a bank or other financial institutions for individuals to save money and earn interest on the cash held in the account.

A deposit of money that pays higher interest than a savings account but imposes conditions on the amount, frequency, and/or period of withdrawals. It is also called time deposit.

Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit.

A current account is a type of deposit account that caters to professionals and businessmen alike.

Dealing largely with liquid deposits, this product allows for withdrawal of funds and checks being written against the balance and does not limit the number of transactions in a day.

DEMAT or De-materialized Account refers to a deposit made at an Indian financial institution that can be used for investing in shares of stocks and other financial assets.Securities are held electronically in a DEMAT Account, thereby eliminating the need for physical paper certificates.

An account which allows the holder to write checks against deposited funds. Checking accounts which pay interest are sometimes referred to as negotiable order of withdrawal (NOW) accounts. The interest rate often depends on how large the balance in the account is, and most charge a monthly service fee if the account balance falls below a preset level.

Capital market is a market where buyers and sellers engage in trade of financial securities like bonds, stocks, etc. The buying/selling is undertaken by participants such as individuals and institutions.

An interest-bearing account that typically pays a higher interest rate than a savings account, and which provides the account holder with limited check-writing ability.

♦ NRO accounts may be opened / maintained in the form of current, savings, recurring or fixed deposit accounts.

♦ Any person resident outside India may open NRO account with an authorised dealer or an authorised bank for the purpose of putting through bona fide transaction in rupees.

♦ The accounts may be held jointly with residents and / or with non-resident Indian.

♦ Account will be maintained in Indian Rupees.

♦ Balances held in the NRE account are freely repatriable.

♦ Accrued interest income and balances held in NRE accounts are exempt from Income tax and Wealth tax, respectively.