A personal account is one that a person uses for their own requirements. They are described as being in a different category from accounts used for commercial or corporate purposes. This is another form of account that banks provide to clients, i.e., people who are consumers as opposed to businesses, intermediaries, or institutions. Because different account types have different consequences and treatments, personal accounts and other accounts are distinguished in banking and accounting.
Since there should only be one individual depositing and withdrawing money from a personal account, security procedures will be in place to ensure that the correct person is getting access to the money.
Customers of personal banking services and products are typically members of the general public, which can include adults, retirees, students, children, and students who may be citizens, residents, or non-residents depending on the needs of the nation or bank. While wealthy people can use personal banking services as well, they may also be provided private banking services by banks, which can include more advanced services and investments.
E-Banking