BANKINGRELATEDKNOWLEDGE

  Types of Bank Accounts One major aspect of the banking industry is the provision of bank accounts. There are various types of bank accounts which can be opened in any Public or Private sector banks. Given below is the list of bank accounts that we shall be discussing in this article: Savings Account Current Account Recurring Deposit Account Fixed Deposit Account DEMAT Account NRI Account Initially, there were only four types of bank accounts that were operating in India. These included the Current Account, Savings Account, Recurring Deposit Account and Fixed Deposit Account. But later with the advancement in the banking sector, various other types of bank accounts were introduced. Saving Account As the name suggests, the savings accounts can be opened by an individual or jointly by two people with an aim to save money.  The main benefit of opening a savings bank account is that the bank pays you interest for opening this type of account with them.  Given below are a few features of t

  Banks in India - List of Different Types of Banks in India Banks are financial institutions that perform deposit and lending functions. There are various types of banks in India and each is responsible to perform different functions. The bank takes deposit at a much lower rate from the public called deposit rate and lends money at a much higher rate called the lending rate. Banks can be classified into various types. Given below is the bank types in India:- Central Bank Cooperative Banks Commercial Banks Regional Rural Banks (RRB) Local Area Banks (LAB) Specialized Banks Small Finance Banks Payments Banks Functions of Banks The major functions of banks are almost the same but the set of people each sector or type deals with may differ. Given below the functions of the banks in India: Acceptance of deposits from the public Provide demand withdrawal facility Lending facility Transfer of funds Issue of drafts Provide customers with locker facilities Dealing with foreign exchange Apart f

  History of Banking in India Banking in India forms the base for the economic development of the country. Major changes in the banking system and management have been seen over the years with the advancement in technology, considering the needs of people. The History of Banking in India dates back before India got independence in 1947 . The banking sector development can be divided into three phases: Phase I:  The Early Phase which lasted from 1770 to 1969 Phase II:  The Nationalisation Phase which lasted from 1969 to 1991 Phase III:  The Liberalisation or the Banking Sector Reforms Phase which began in 1991 and continues to flourish till date. Given below is a pictorial representation of the evolution of the Indian banking system over the years: Pre Independence Period (1786-1947) The first bank of India was the “ Bank of Hindustan ”, established in 1770 and located in the then, Indian capital, Calcutta. However, this bank failed to work and ceased operations in 1832.  During the Pre