Bank Account Comparison

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Here we are for helping you or giving advice or any consultancy service to find best Account types who are likely to open a new Account or Donot know which types of Account should open for their usage.We will providing all detail of account and also bank and try to make it easy for viewers so it make to understand easily and also get helped.We also give comparison of different bank with that types of account which viewers are try to find, so it make it easy to decide which account or bank should select and get more benifit from it.We also give some News about bank related like change in policy, in MAB, Card limit and many more so we should aware about it.

Bank

Q. What is Bank?
A. A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks. In most countries, banks are regulated by the national government or central bank.

Q.Importance of Bank?
A. Banks are a very important part of the economy because they provide vital services for both consumers and businesses. As financial services providers, they give you a safe place to store your cash. Through a variety of account types such as checking and savings accounts and certificates of deposit (CDs), you can conduct routine banking transactions like deposits, withdrawals, check writing, and bill payments. You can also save your money and earn interest on your investment.

Q. Types of Banking:
A.Banks are further segregated into four types.
1.Commercial banks: These banks are regulated by Banking Regulation Act, 1949. They accept the public deposit from the public for lending or investment.
->These further have 3 major types:
a. Public Sector Banks: The denominating shareholder is either the government or the central bank of the country. Bank likes Sbi,BOB,Union bank of india,dena bank.
b. Private Sector Banks: The denominating shareholder is either an individual, some private organization, or a selected group of individuals. Bank like Axis bank,icici bank, Hdfc bank.
c. Foreign Banks: Such banks have their head offices and main operating systems in a foreign country with their branches in India.Bank likes HSBC , Citi bank.
2.Cooperative banks: Cooperative banks are undertaken by the State Cooperative Societies Act and give cheap credit to their members. The rural population is dependent on the cooperative banks for its financial backup.
3.Specialised banks: These banks provide financial help to special industries, foreign trade, etc. Few examples of specialised banks are foreign exchange banks, export and import banks, development banks, etc.
4.Central banks: These banks manage, check, and monitor all the activities of the commercial banks of a country. In india we have ‘Reserve Bank of India’ (RBI) as central bank.
5.Payment bank : payment bank like Airtel payment bank, Paytm payment bank,jio payment bank.
6.Small Finance bank : Bank like AU small finance bank, Ujjivan small finance bank.


Q. What is e-banking? What are its benefits?
A.It is the method by which the customer conducts transactions electronically via the internet. Some of the examples of e-banking are managing deposit account, online fund transfer, ATM, electronic data interchange, etc.
Benefits : It provides 24 hours and 365 days of banking services.
The load on branches can be reduced by having a centralised database for faster processing.
Customers can make a transaction from anywhere like the home office market, etc.
It includes recording of every transaction.

It provides greater customer satisfaction, higher security in terms of money.4

Q. Functions of Bank?
A. Accepting deposits, Lending loan and advances , Transfer of funds, Issue of notes/drafts, Credit deposits, Foreign exchange services Collecting of cheques drawn on other bank,Accepting and collecting of bill of exchange.

Here we have take two Bank examples : 1. ABC Bank Pvt.ltd and 2. XYZ Bank Pvt.ltd .
we will see the both bank detail in Account menu.

Account

In India we have many types of Account.
-> Account like :
1) Saving Account
2) Current Account
3) Salary Account
4) Fixed Deposit Account
5) Demat Account
and many more Account are also their.
* But for now we will providing two types of Account detail :

1) Saving Account

2) Current Account

Now we tell about saving and current account detail:

1) 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 the Savings account:
.There is no limit to the number of times the account holder can deposit money in this account but there is a restriction on the number of times money can be withdrawn from this account.
.The rate of interest that an account holder get varies from 4% to 6% per annum
.There is no minimum balance that needs to be maintained for this type of an account
.The savings account holders can get an ATM/Debit/Rupay Card if they want to
.Savings bank account is further divided into two types: Basic Savings Bank Deposit Account (BSBDA) and the other one is Basic Saving Bank Deposit Accounts Small Scheme(BSBDS)
.The savings bank account is mostly eligible for students, pensioners and working professionals

2) Current Account

The second type of bank account is the current bank account. These accounts are not used for the purpose of savings.
Some important pointers related to the current bank account have been discussed below:

.This type of bank account is mostly opened by businessmen. Associations, Institutions, Companies, Religious Institutions and other business-related works, the current account can be opened
.There is no fixed number of times that money can either be deposited or withdrawn from such accounts
.Internet banking is available
.This type of bank account does not have any fixed maturity
.Overdraft facility is available for current bank accounts
.There is no interest that is paid on such accounts

Top News

*-> change in Minimium Balance in XYZ bank : old =5000 now new=6000
applied from 12/12/2021 :- 01/12/2021
*-> change in Card transcation and withdrawal limit in both bank,
to know click on this link :-25/11/2021

Compare

Here we compare with two bank and account types is Saving account

*Frequently Asked Questions (FAQS) -- Saving Account
Q1. What is saving Account?
Ans. Savings account is a basic account type that lets you deposit money safely with a bank. It ensures safety and access to your money whenever you need. You can withdraw your funds, either digitally or in person, at any point in time.
Q2. Why do you need a Savings Account?
Ans. You need a Savings Bank Account to make and receive payments, pay your credit bills, make investments, etc. You can use your account to pay for utilities such as electricity, and even mobile phone recharges. And, quite simply, you need a Savings Account to save your money, from theft, misplacement, and damage (calamities can strike anytime), because one can only store or carry a limited amount of cash without a constant feeling of apprehension.
Q3. What document required for open a saving account?
Ans. Proof of Age :- PAN card , Voter card or valid government issued ID
Proof of address :- House bill, Elecrticity bill, Driving License

Now we compare with two bank and account types is Current account

*Frequently Asked Questions (FAQS) -- Current Account
Q1. What is Current Account?
Ans. Current bank accounts are very popular among companies, firms, public enterprises, businessmen who generally have higher number of regular transactions with the bank. The current account includes deposits, withdrawals, and contra transactions. Such accounts are also called the Demand Deposit Account. A Current account can be opened in most of the commercial banks. A current account being a zero-account.
Q2. Why do you need a Current Account?
Ans. Unlike savings accounts that cater to individuals who want to save money, current accounts are mainly used to service the needs of the businesses. Also, current accounts provide higher number of transactions limits on monthly cash deposit / withdrawal (within city or outside city) compared to savings account.
Q3. What document required for open a Current account?
Ans. Proof of Age :- PAN card , Voter card or valid government issued ID
Proof of address : -House bill, Elecrticity bill, Driving License.

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