BankingA bank deals with all types of deposit, withdrawal and various other services. The basic functioning of a bank is known as banking. Whether you are seeking a loan or wish to open a bank account or a locker, everything comes under banking. When you visit a bank to open an account, you may be confused with the different types of accounts that a bank offers and the services that they have. Banking services offered differs from bank to bank. The main types of bank accounts include.
• Saving Account: This is the most common type of bank account available in every bank. Opening a savings bank account helps customers develop relations with the bank. A savings account also gives you the benefit of accumulating interest rate on the amount deposited.
• Current Account: This type of bank account is customized according to the everyday needs of the customer. The interest rate applicable on this type of bank account is very low as compared to savings account.
• Fixed Deposit Account: This type of bank account requires you to deposit a lump sum amount over a period of time. A high interest rate is accumulated on the deposited amount. However, no withdrawals are allowed till the term expires.
• Recurring Deposit Account: This account requires you to deposit a fixed amount of money regularly over a period of time. Withdrawals are allowed only after a certain period of time. The banks pay a high interest rate on this type of bank account.
Apart from depositing money, banks offer different types of banking facilities such as loans and advances. These banks charge higher interest rates on loans as compared to the interest rates they pay on deposits. The different types of loans and advances given by banks include loans, overdrafts, cash cards, etc. Banks also offer different types of utility functions such as locker facility, foreign exchange, underwriting shares, etc.
The modern technologies have made banking far more easily than thought. Today people can access their bank information through internet, their mobile and also through their tablets. Transferring money has become pretty easy than thought. With just one click of the mouse you can now transfer funds anywhere across the world. If you have a good rapport with the bank, you can also qualify for a credit card with them.
Banks having introduced customer care services for the benefit of people has helped customers get accurate information about any query without visiting the bank. These small yet significant advances in banking and the adaptation of new technologies have led to banking having become very easy. So the next time you are considering visiting your bank for getting some information, you can opt to sitting back at home and checking out the information either on the internet or through your mobile.