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What are the three main types of bank accounts?
Answer:
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Answer by Student
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Savings accounts
: These accounts allow customers to save money and earn interest on it. They usually have a low minimum balance requirement and allow limited withdrawals per month.
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Current accounts:
These accounts allow customers to make frequent transactions without any restrictions. They usually have a high minimum balance requirement and do not pay any interest.
- Fixed deposits: These accounts allow customers to deposit a lump sum amount of money for a fixed period of time and earn a higher rate of interest than a savings account. They usually have a penalty for premature withdrawal.
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