New-AzResourceGroupDeployment: Cannot retrieve the dynamic parameters for the cmdlet when trying to execute the bicep script

I have installed PowerShell Version 7.4.6 and Bicep for Windows installer as well. When I execute the command of New-AzResourceGroupDeployment in the PowerShell 7.x, I'm getting below error:

New-AzResourceGroupDeployment -Name 'StAccDeployment' -TemplateParameterFile '.\CreateStorageAccount.bicep' -ResourceGroupName 'bicepworks' -Mode Incremental

Error:

New-AzResourceGroupDeployment: Cannot retrieve the dynamic parameters for the cmdlet. 
One of the -TemplateFile, -TemplateUri, -TemplateSpecId or -TemplateObject parameters must be supplied 
unless a .bicepparam file is supplied with parameter -TemplateParameterFile.

What I'm missing here?

You are confusing two file types here:

1. A Bicep file (.bicep) that contains the resources you want to deploy, which may need parameters. It should be provided to the cmdlet using -TemplateFile
2. A Bicep parameter file (.bicepparam or .json) which contains values for the parameters defined in the Bicep file that you want to deploy. It should be provided to the cmdlet using -TemplateParameterFile.

If your Bicep template does not require any parameters:

New-AzResourceGroupDeployment -Name 'StAccDeployment' ` 
    -TemplateFile '.\CreateStorageAccount.bicep' `
    -ResourceGroupName 'bicepworks' `
    -Mode Incremental

If your Bicep template requires parameters:

New-AzResourceGroupDeployment -Name 'StAccDeployment' `
    -TemplateFile '.\CreateStorageAccount.bicep' `
    -TemplateParameterFile '.\templateParameterFileName.bicepparam' `
    -ResourceGroupName 'bicepworks' `
    -Mode Incremental