Bank accounts
10
GROUP 3 PRESENTATION ON KEY FINANCIAL TERMS
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Transcript of Bank accounts
GROUP 3
PRESENTATION ON
KEY FINANCIAL TERMS
GROUP MEMBERSAfaque
SiddiqueBank AccountDeepika Singh and
Dilprit SethiInsurance
Deepti Jain and Daya Shankar
Stock
Parnita Rawat Credit Card
Neha Arora Loan
Rishi and Shubhi Conclusion
Bank Account is an intangible services provided by core banks through which one can keep his/her money in banks along with the allied banking services.
Bank Account
Small amount of interest is paid. Currently the interest rate on saving account is 3.5% per annum.
Here interest is paid once in every six months between 10th day and last day of the month.
SAVING ACCOUNT
Generally meant for saving purpose.
Certain restrictions are imposed in case of saving account regarding number of transactions within a particular period, withdrawal limits.
Minimum Balance Rs 500 with no Cheque Book Rs 1000 with Cheque Book
There is no limit on number of transactions.
CURRENT ACCOUNT
Specially meant for business purposes.
No interest is paid on the balances in current account.
Overdraft limit is provided In current account.
Maintenance or service charge is levied by banks in case of current account.
Minimum Balance
Individual account in metro Rs 5000Individual account in urban area Rs 5000Individual account in semi urban area Rs 5000Individual account in rural area Rs 2500Other accounts in metro Rs 10000Other accounts in urban Rs 10000Other accounts in semi urban Rs 10000Other accounts in rural Rs 5000
It is meant for share trading.
DMAT ACCOUNT
It stands for dematerialized account.
It is investment oriented account and not for savings or routine business transactions.
Majority of banks are providing the service of DMAT account.
A small fees is charged by banks to DMAT account.
A statement of transactions is provided in every 3 months.
PAN card number is a prerequisite to open a DMAT account with a bank.
No monetary transactions takes place through DMAT account. Only the transactions of shares occurred.
Loan Account.
Some Other Ancillary Accounts
No Frill Account.
Salary Account.
Fixed Deposit Account.
No value added services is provided with this account like cheque book, billing transactions etc.
No Frill Account.
It is an account which is solely meant for saving.
It can be open with zero balance.
This account is specially for rural population of India.
The suggestion and guidelines for no frill account was given by RBI in 2007.
It was first implemented and executed by CANARA BANK in its rural branches in the state of Karnataka in the year 2009.
Loan Account
An account, opened for a customer by a bank, following the granting of a loan. The amount of the loan is credited to the customers current account and similarly debited to the loan account.
Examples Of Loan Account.
CorpVidya Account by Corporation Bank for Education loan.
Gyan Jyoti Account by State Bank for Education loan.
Accounts for Housing loans, Personal loans and Car loans etc.
Some Statistics Of Bank Accounts
Total number of Saving accounts in India
Total number of Bank accounts per 100 person Population of earners having a bank account
610.3 Million
54
44.9 %
