Banking information and core products

In this article I am sharing information of banking and banking products like Savings account, current account and fixed deposits. But with the time bank started so many new financial services like Life insurances policies,General insurances, Mutual funds, OTR etc.

An Investment Banker is complete financial solutions provider as far as any corporate, desirous of mobilizing capital, is concerned. The services range from investment research to investor service. If you enter any banking premises you can fulfil all financial solution, so we can say banking is today's financial super market. So we can step step by learn banking terminology

Savings Account
Savings Account is an account which helps to saving money and also applicable you to earn interest on your savings. A savings account can be opened in all private or public sector bank and post offices, where the money kept for future usage. Bank paid interest on saving account at rate of 3.5%

This account can be opened by an Indian resident, Hindu undivided families (HUFs), Trusts, Associations, Societies and clubs. Minors can also open a Savings Account but their legal guardians should take care of the funds till the time the minor attains legal maturity age.

There are some banks which allow zero balance savings account under specific conditions, however most banks expect the customer to maintain a minimum balance in the account. The minimum balance is clearly specified by different banks and ranges between Rs.500/- to Rs.25,000/- .

KYC Guideline
For an account opening every customer has to submit KYC document means

Address Proof
ID Proof

Current Account
Current Account is opened by self employed people in their name or name of their firm name. Compare to savings account, current account have less number of restrictions in day to day transactions. This account can be open by resident Indians who are 18 years or above in age or Sole Proprietorships/Partnerships/Associations/Private and public companies/Societies/Trusts/HUFs etc. No interest is paid on current account.

Fixed Deposit
Fixed deposit are funds deposit with a bank or postal offices or other financial institution for a fixed term at a fixed rate of interest which remains unchanged during the perio

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