Bank accounts

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Bank accounts

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

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