Accounts are individual profile or record of bank’s customer. The bank maintains an account for each customer which has certain features. Different account have unique values for tracking purpose.
In investment banking, the account are basically your investment related accounts and are either taxable or tax-deferred. These account may be real which contains actually owned investments or hypothetical also called as notional accounts.
Different account type are brokerage accounts, mutual fund accounts please note that a mutual fund are the accounts where if the amount is bought directly through the fund company.
The permitted proprietors of an account can be an individual, joint, company, custodians or estate.
Accounts in Retail banking
In retail banking accounts are the primary value for tracking the financial profile of an individual. All the balance related information are generated through the account numbers.
Accounts are important to perform any financial transaction on behalf of the customer, like cash deposit, cheque deposit, cash withdrawal and so on.