FinTech Glossary

What is a Bank Account?

A bank account is a financial account maintained with a bank that allows individuals or businesses to deposit, withdraw, transfer, and manage money securely through various banking channels.

Types of Bank Accounts in India

Common types include:

- Savings accounts for individuals

- Current accounts for businesses

- Fixed deposit accounts for savings growth

- Specialised accounts such as salary or zero-balance accounts

Each type serves different financial needs and usage patterns.

Why Bank Accounts Matter

Bank accounts are essential for participating in the formal financial system. They enable digital payments, fund transfers, and financial tracking. For businesses, bank accounts are critical for managing inflows, outflows, payroll, and vendor payments.

Business Context and EnKash Relevance

Businesses often operate multiple bank accounts, which can create visibility challenges. EnKash helps centralise spend and payment tracking across accounts, enabling finance teams to manage transactions, approvals, and reconciliation more efficiently from a single platform.