Types of Bank Accounts

Types of Bank Accounts The bank accounts are classified into three categories. These are as follows: 1. Current Account:   A Current Account or Demand Deposit Account is a runningand active account which may be opened with a bank by a businessman or anorganisation by making an initial deposit of Rs. 300 in rural areas and Rs. 500 inurban areas. This account may also be operated upon any number of times duringa working day. This account never...

RESERVE BANK OF INDIA INTRODUCTION

RESERVE BANK OF INDIA INTRODUCTION Several attempts were made from time to time to set up a Central Bank in India prior to 1934.But unfortunately these attempts failed to bear any fruit. In 1921, the Government of Indiaestablished the Imperial Bank of India to serve as the Central Bank of the country. But theImperial Bank did not achieve any appreciable success in its functioning as the Central Bank ofthe country. In 1925, the Hilton Young Commission...

SOURCES OF BANK’S INCOME

SOURCES OF BANK’S INCOME A bank is a business organisation engaged in the business of borrowing and lending money.A bank can earn income only if it borrows at a lower rate and lends at a higher rate. Thedifference between the two rates will represent the costs incurred by the bank and the profit.Bank also provides a number of services to its customers for which it charges commission.This is also an important source of income. The followings are...

Various Types Of Banks

TYPES OF BANKS Broadly speaking, banks can be classified into commercial banks and central bank.Commercial banks are those which provide banking services for profit. The central bank hasthe function of controlling commercial banks and various other economic activities. Thereare many types of commercial banks such as deposit banks, industrial banks, savings banks,agricultural banks, exchange banks, and miscellaneous banks. Types of Commercial Banks 1....