Accreditation is a system which makes sure that all educational institutions educate their students according to syllabus which is accepted globally, So it means that if you are living in Punjab and tomorrow you seek a job in Goa your degree will not go waste because it has approval of a organisation that does accreditation to  educational institutes.

In India, there is a bunch of higher education accreditation bodies such as UGC, NAAC, NBA, AICTE etc. Each one has a different educational discipline to accreditate.

Its is compulsory for a college to have accreditation otherwise its an illegal institution . You can assume the Accreditation as a Gaurantee that your degree is for real.

Thank you