In India, there are several types of bank accounts, each designed to cater to the diverse financial needs of individuals and businesses. The common types of bank accounts in India include:

1. Savings Account:
• A basic account meant for regular savings. It usually offers interest on the deposited amount and provides facilities like check books, ATM cards Mobile Banking and Internet Banking.
2. Current Account:
• Primarily for business owners and companies, a current account is used for regular business transactions. It typically doesn't offer interest but provides facilities like overdraft and higher withdrawal limits.
3. Fixed Deposit Account:
• In this account, the account holder deposits a lump sum amount for a fixed period, and in return, they receive a fixed interest rate. The funds are locked in for the agreed-upon tenure.
4. Recurring Deposit Account:
• Similar to a fixed deposit, but instead of a lump sum amount, the account holder makes regular monthly deposits. At the end of the term, they receive the principal amount along with interest.
5. Senior Citizens Savings Scheme (SCSS):
• Specifically designed for senior citizens, this scheme provides a higher interest rate than regular savings accounts. The tenure is usually five years, and it can be extended once for an additional three years.
6. Public Provident Fund (PPF) Account:
• A long-term savings scheme with a lock-in period of 15 years. PPF accounts offer tax benefits and competitive interest rates. The account can be extended in blocks of five years.
7. Employee Provident Fund (EPF) Account:
• This account is linked to an individual's employment and is managed by the Employees' Provident Fund Organization (EPFO). Both employees and employers contribute to this fund.
8. NRI (Non-Resident Indian) Accounts:
• These accounts cater to the financial needs of Non-Resident Indians. Types include NRE (Non-Resident External) accounts, NRO (Non-Resident Ordinary) accounts, and FCNR (Foreign Currency Non-Resident) accounts.
9. Demat Account:
• Used for holding securities in electronic form, a Demat account is essential for trading and investing in the stock market.
10. Salary Account:
• Provided by employers to facilitate salary payments to their employees. These accounts often come with benefits such as zero-balance requirements, special debit cards, and overdraft facilities.
11. Joint Account:
• An account shared by two or more individuals. It can be a joint savings account, joint current account, or joint fixed deposit account.
12. Small Savings Schemes:

·        Various small savings schemes offered by post offices and banks, such as the Kisan Vikas Patra (KVP) and Monthly Income Scheme (MIS).

The accounts written above are mainly deposit accounts, where some specified interest rates are paid by bank.  

There is some another account called loan account which are as follows:

1.     Cash Credit (CC)

2.     Overdraft (OD)

CC (Cash Credit) and OD (Overdraft) accounts are types of lending facilities provided by banks, primarily for business entities. Let's understand each one:

1.     Cash Credit (CC) Account:

·       A Cash Credit account is a type of loan account provided to businesses to meet their working capital needs. It allows the account holder to withdraw funds up to a specified limit, which is determined based on the borrower's creditworthiness and the business's financial health. Interest is charged only on the amount withdrawn, and the account can be continuously used if the borrower repays and maintains the credit limit.

·       CC accounts are often used by businesses to manage fluctuations in cash flow, fund day-to-day operations, and take advantage of business opportunities.

2.     Overdraft (OD) Account:

·       An Overdraft account is a credit facility that allows the account holder to withdraw more money than what is actually available in their account, up to a specified overdraft limit. Interest is charged only on the amount overdrawn. Overdrafts are generally granted for a short term, and the borrower needs to repay the overdrawn amount within a specified period.

·       OD accounts are often used to address temporary cash shortages, and they provide flexibility to account holders to manage their finances more effectively.

Both CC and OD accounts are financial products that provide flexibility in terms of fund utilization, especially for businesses facing fluctuating cash flows. These accounts are typically associated with current accounts and are considered working capital financing tools.

It's important to note that while CC and OD accounts offer flexibility, they also involve the payment of interest on the borrowed amount. The terms and conditions, including interest rates and repayment terms, can vary among different banks. Businesses should carefully consider their financial needs and obligations before opting for these types of credit facilities.