Different types of banking pdf

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Types of Bank Accounts - Meaning & Overview. Previously, there were only four types of bank accounts that were operating in India. These bank accounts included Current, Savings, Fixed Deposit, and Recurring Deposit Accounts. However, with the banking sector advancements, there are other forms of bank accounts that were introduced. Good for : People who hold high balances in their account and want to earn higher interest rates. Drawbacks : Money market accounts have higher minimum balance requirements than other types of bank accounts. 6  Interest rates are sometimes low, and you need to watch for fees. There are several types of deposits which are accepted by the commercial banks like ⦿ Savings Deposits ⦿ Current Deposits ⦿ Fixed Deposits ⦿ Seasonal Deposits ⦿ Recurring Deposits, etc The Commercial banks give different types of loans and advances to the businessmen like ⦿ Cash Credits ⦿ Overdrafts ⦿ Loans ⦿ Discounting Bills Co-operative Banks Types of Commercial Banks (1) Public sector banks Public sector banks are those banks in which the major holding is of the government. Examples: SBI, PNB, OBC, etc. (2) Private sector banks Private sector banks are those banks that are owned, controlled, and managed by private promoters. They operate according to the market forces. It has a stronghold in investment banking as well as commercial banking. It is divided into five divisions, namely - capital market origination, markets and securities services, corporate and investment banking, treasury, and trade solutions, and the Citi private bank. Citibank made USD 3.8 billion in investment banking fees in 2016. Credit Suisse What is the different type of bank accounts? Ans. The different types of bank accounts are - Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account. Q.2. What is the full form of DEMAT account? Ans. The DEMAT account also stands for Dematerialized Account. Q.3. What is a DEMAT Account? There are many types of financial institutions and each one affects the market in a unique way. Once you know the difference between the various kinds of banks and credit unions, you'll be able to see why they're an important part of our economic system. Tips for Better Money Management. Banking is just one piece of your finances. Figure 2. Types of electronic banking services Currently, electronic banking involves many different types of services (Drigă, 2012): 8 Home banking - generally refers to the practice of conducting banking transactions from home rather than at branch locations that allows customers to Retail banks, also known as consumer banks, are commercial banks that offer consumer and personal banking services to the general public. Most retail banks offer checking accounts, savings accounts and retirement accounts. Consumer banking institutions may also offer different retail credit products to individuals and families, such as auto Types of Banks: They are given below: 1. Commercial Banks: These banks play the most important role in modern economic organisation. Their business mainly consists of receiving deposits, giving loans and financing