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BST Project
Name : Shorya Garg
Class : XI B
Roll No : 13
Submitted To: Vinita Kalra
I wish to express my deep & profound sense of gratitude to my
teacher Mrs. Vinita Kalra , For her expert help & valuable
guidance, comments and suggestions.
The banking industry handles finances in a country including cash and credit.
Banks are the institutional bodies that accept deposits and grant credit to the
entities and play a major role in maintaining the economic stature of a country.
Given their importance in the economy, banks are kept under strict regulation in
most of the countries. In India, the Reserve Bank of India (RBI) is the apex
banking institution that regulates the monetary policy in the country.
A bank is a lawful organization
that accepts deposits which can
be withdrawn on demand.
Banks are institutions that help
the public in the management of
their finances, public deposit
their savings in banks with the
assurance to withdraw money
from the deposits whenever
required.
Banks accept deposits from the
general public and from the
business community as well and
give assurances to the
depositors.
Firstly, your deposits up to Rs 1 lakh in
any combination of savings and deposits
with any commercial bank are insured
by the Deposit Insurance and Credit
Guarantee Corporation. Moreover, this
limit has been hiked to Rs 5 lakh from
April 1, following the announcements to
that effect by Finance Minister Nirmala
Sitharaman in her Union Budget 2020
speech. Therefore, your savings and
deposits up to Rs 5 lakh will be insured
by the DICGC. This limit would cover a
very large majority of the savings and
deposit accounts with commercial and
cooperative banks in India.
The bank advances loans to the business community and other members of
the public. The rate charged is higher than what it pays on deposits. The
difference in the interest rates (lending rate and the deposit rate) is its
profit
The types of bank loans and advances are :-
• Overdraft
• Cash Credits
• Loans
• Discounting of Bill of Exchange
 Overdraft
This type of advances are given to current account holders. No
separate account is maintained. A certain amount is sanctioned as
overdraft which can be withdrawn within a certain period of time
say three months or so. Interest is charged on actual amount
withdrawn. An overdraft facility is granted against a collateral
security. It is sanctioned to businessman and firms.
 Cash Credits
The client is allowed cash credit up to
a specific limit fixed in advance. It can
be given to current account holders as
well as to others who do not have an
account with bank. Interest is charged
on the amount withdrawn in excess of
limit. The cash credit is given against
the security of tangible assets and / or
guarantees. The advance is given for a
longer period and a larger amount of
loan is sanctioned than that of
overdraft.
Loans
It is normally for short term say a
period of one year or medium term say
a period of five years. Repayment of
money can be in the form of
installments spread over a period of
time or in a lump sum amount. Interest
is charged on the actual amount
sanctioned, whether withdrawn or not.
The rate of interest may be slightly
lower than what is charged on
overdrafts and cash credits. Loans are
normally secured against tangible
assets of the company.
 Discounting of Bill of Exchange
The bank can advance money by discounting or by purchasing bills of
exchange both domestic and foreign bills. The bank pays the bill amount to
the drawer or the beneficiary of the bill by deducting usual discount
charges. On maturity, the bill is presented to the drawee or acceptor of the
bill and the amount is collected.
Current account
A current account is a deposit account for traders, business owners, and
entrepreneurs, who need to make and receive payments. These accounts
hold more liquid deposits with no limit on the number of transactions per
day. Current accounts allow overdraft facility. Also, unlike savings
accounts, where you earn some interest, these are zero-interest bearing
accounts.
Savings account
A savings bank account is a regular deposit account, where you earn a
minimum rate of interest. Banks offer a variety of savings accounts based on
the type of depositor, features of the product, age or purpose of holding the
account, and so on. There are regular savings accounts, savings accounts for
children, senior citizens or women, institutional savings accounts, family
savings accounts, and so many more.
Fixed deposit account
A fixed deposit (FD) account allows you to earn a fixed rate of interest
for keeping a certain sum of money locked in for a given time, that is
until the FD matures. FDs range between a maturity period of seven days
to 10 years. The rate of interest you earn on FDs will vary depending on
the tenure of the FD. Generally, you cannot withdraw money from an FD
before it matures. Some banks offer a premature withdrawal facility. But
in that case, the interest rate you earn is lower.
Recurring deposit account
A recurring deposit (RD) has a fixed tenure. You need to invest a fixed
sum of money in it regularly -- every month or once a quarter -- to
earn interest. Unlike FDs, where you need to make a lump sum
deposit, the sum you need to invest here is smaller and more frequent.
Even in the case of RDs, you face a penalty in the form of a lower
interest rate for premature withdrawal. The maturity period of an RD
could range between six months to 10 years.
Multiple Option Deposit Account
When you open in a Fixed Deposit, you will not be able to withdraw the
amount without paying a pre-closure charges. However, you may require
the money in the case of an emergency. This is the ideal situation that an
MOD, or a Multi Option Deposit, is meant to handle. SBI MOD is
actually linked to a savings account and this helps because in case the
depositor issues a cheque for an amount that is not present in the savings
account, the balance is withdrawn from the SBI MOD account and paid.
Electronic banking has many names like e banking, virtual banking,
online banking, or internet banking. It is simply the use of electronic
and telecommunications network for delivering various banking
products and services. Through e-banking, a customer can access his
account and conduct many transactions using his computer or mobile
phone.
The range of services offered by e-banking are:
• Automated Teller Machines (ATM)
• Point of Sales (PoS)
• Electronic Data Interchange (EDI)
• Credit Cards
• Electronic or Digital Cash
• Electronic funds Transfer(EFT)
ATM- An automated teller machine
is an electronic banking outlet that
allows customers to complete basic
transactions without the aid of a
branch representative or teller.
Anyone with a credit card or debit
card can access cash at most ATMs.
POS- The point of sale or point of
purchase (POP) is the time and
place where a retail transaction is
completed. At the point of sale, the
merchant calculates the amount
owed by the customer, prepare an
invoice for the customer, and
indicates the options for the
customer to make payment. It is also
the point at which a customer makes
a payment to the merchant in
exchange for goods or after
provision of a service. After
receiving payment, the merchant
may issue a receipt for the
transaction, which is usually printed
but can also be dispensed with or
sent electronically.
EDI- Electronic Data Interchange is the
electronic interchange of business
information using a standardized
format; a process which allows one
company to send information to another
company electronically rather than with
paper. Business entities conducting
business electronically are called
trading partners.
Credit card -A credit card is a
payment card issued to users
(cardholders) to enable the
cardholder to pay a merchant for
goods and services based on the
cardholder's promise to the card
issuer to pay them for the amounts
plus the other agreed charges. The
card issuer (usually a bank) creates
a revolving account and grants a
line of credit to the cardholder,
from which the cardholder can
borrow money for payment to a
merchant or as a cash advance.
Digital cash- It is a system of
purchasing cash credits in
relatively small amounts, storing
the credits in your computer, and
then spending them when
making electronic purchases
over the Internet. Theoretically,
digital cash could be spent in
very small increments, such as
tenths of a cent (U.S.) or less.
EFT- An electronic funds transfer is
the electronic transfer of money
over an online network. Electronic
funds transfers can be performed
between the same bank or a
different one, and can be
accomplished with several different
types of payment systems. An EFT
can be initiated by a person or by an
institution like a business and often
doesn’t require much more than a
bank account in good standing.
AEPS- Aadhaar Enabled Payment
System is a type of payment system
that is based on the Unique
Identification Number and allows
Aadhaar card holders to seamlessly
make financial transactions
through Aadhaar-based
authentication. The AEPS system
aims to empower all sections of the
society by making financial and
banking services available to all
through Aadhaar. AEPS is nothing
but an Aadhaar-enabled payment
system through which you can
transfer funds, make payments,
deposit cash, make withdrawals,
make enquiry about bank balance,
etc.
Mobile wallet- Mobile wallet is a type of
virtual wallet service that can be used by
downloading an app(e.g. Paytm,
Mobikwik, etc.). The digital or mobile
wallet stores Bank account or debit/credit
card information or bank account
information in an encoded format to
allow secure payments. One can also add
money to a mobile wallet and use the
same to make payments and purchase
goods and services. This eliminated the
need to use credit/debit cards or
remember the CVV or 4 digit pin.
Bibliography:-
en.wikipedia.org
https://www.google.com
www.paisabazaar.com
www.investopedia.com
BST Project on Banking Services & E-Banking

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BST Project on Banking Services & E-Banking

  • 1. BST Project Name : Shorya Garg Class : XI B Roll No : 13 Submitted To: Vinita Kalra
  • 2.
  • 3. I wish to express my deep & profound sense of gratitude to my teacher Mrs. Vinita Kalra , For her expert help & valuable guidance, comments and suggestions.
  • 4. The banking industry handles finances in a country including cash and credit. Banks are the institutional bodies that accept deposits and grant credit to the entities and play a major role in maintaining the economic stature of a country. Given their importance in the economy, banks are kept under strict regulation in most of the countries. In India, the Reserve Bank of India (RBI) is the apex banking institution that regulates the monetary policy in the country.
  • 5. A bank is a lawful organization that accepts deposits which can be withdrawn on demand. Banks are institutions that help the public in the management of their finances, public deposit their savings in banks with the assurance to withdraw money from the deposits whenever required. Banks accept deposits from the general public and from the business community as well and give assurances to the depositors.
  • 6. Firstly, your deposits up to Rs 1 lakh in any combination of savings and deposits with any commercial bank are insured by the Deposit Insurance and Credit Guarantee Corporation. Moreover, this limit has been hiked to Rs 5 lakh from April 1, following the announcements to that effect by Finance Minister Nirmala Sitharaman in her Union Budget 2020 speech. Therefore, your savings and deposits up to Rs 5 lakh will be insured by the DICGC. This limit would cover a very large majority of the savings and deposit accounts with commercial and cooperative banks in India.
  • 7. The bank advances loans to the business community and other members of the public. The rate charged is higher than what it pays on deposits. The difference in the interest rates (lending rate and the deposit rate) is its profit The types of bank loans and advances are :- • Overdraft • Cash Credits • Loans • Discounting of Bill of Exchange
  • 8.  Overdraft This type of advances are given to current account holders. No separate account is maintained. A certain amount is sanctioned as overdraft which can be withdrawn within a certain period of time say three months or so. Interest is charged on actual amount withdrawn. An overdraft facility is granted against a collateral security. It is sanctioned to businessman and firms.
  • 9.  Cash Credits The client is allowed cash credit up to a specific limit fixed in advance. It can be given to current account holders as well as to others who do not have an account with bank. Interest is charged on the amount withdrawn in excess of limit. The cash credit is given against the security of tangible assets and / or guarantees. The advance is given for a longer period and a larger amount of loan is sanctioned than that of overdraft.
  • 10. Loans It is normally for short term say a period of one year or medium term say a period of five years. Repayment of money can be in the form of installments spread over a period of time or in a lump sum amount. Interest is charged on the actual amount sanctioned, whether withdrawn or not. The rate of interest may be slightly lower than what is charged on overdrafts and cash credits. Loans are normally secured against tangible assets of the company.
  • 11.  Discounting of Bill of Exchange The bank can advance money by discounting or by purchasing bills of exchange both domestic and foreign bills. The bank pays the bill amount to the drawer or the beneficiary of the bill by deducting usual discount charges. On maturity, the bill is presented to the drawee or acceptor of the bill and the amount is collected.
  • 12. Current account A current account is a deposit account for traders, business owners, and entrepreneurs, who need to make and receive payments. These accounts hold more liquid deposits with no limit on the number of transactions per day. Current accounts allow overdraft facility. Also, unlike savings accounts, where you earn some interest, these are zero-interest bearing accounts.
  • 13. Savings account A savings bank account is a regular deposit account, where you earn a minimum rate of interest. Banks offer a variety of savings accounts based on the type of depositor, features of the product, age or purpose of holding the account, and so on. There are regular savings accounts, savings accounts for children, senior citizens or women, institutional savings accounts, family savings accounts, and so many more.
  • 14. Fixed deposit account A fixed deposit (FD) account allows you to earn a fixed rate of interest for keeping a certain sum of money locked in for a given time, that is until the FD matures. FDs range between a maturity period of seven days to 10 years. The rate of interest you earn on FDs will vary depending on the tenure of the FD. Generally, you cannot withdraw money from an FD before it matures. Some banks offer a premature withdrawal facility. But in that case, the interest rate you earn is lower.
  • 15. Recurring deposit account A recurring deposit (RD) has a fixed tenure. You need to invest a fixed sum of money in it regularly -- every month or once a quarter -- to earn interest. Unlike FDs, where you need to make a lump sum deposit, the sum you need to invest here is smaller and more frequent. Even in the case of RDs, you face a penalty in the form of a lower interest rate for premature withdrawal. The maturity period of an RD could range between six months to 10 years.
  • 16. Multiple Option Deposit Account When you open in a Fixed Deposit, you will not be able to withdraw the amount without paying a pre-closure charges. However, you may require the money in the case of an emergency. This is the ideal situation that an MOD, or a Multi Option Deposit, is meant to handle. SBI MOD is actually linked to a savings account and this helps because in case the depositor issues a cheque for an amount that is not present in the savings account, the balance is withdrawn from the SBI MOD account and paid.
  • 17. Electronic banking has many names like e banking, virtual banking, online banking, or internet banking. It is simply the use of electronic and telecommunications network for delivering various banking products and services. Through e-banking, a customer can access his account and conduct many transactions using his computer or mobile phone.
  • 18.
  • 19. The range of services offered by e-banking are: • Automated Teller Machines (ATM) • Point of Sales (PoS) • Electronic Data Interchange (EDI) • Credit Cards • Electronic or Digital Cash • Electronic funds Transfer(EFT)
  • 20. ATM- An automated teller machine is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs.
  • 21. POS- The point of sale or point of purchase (POP) is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, prepare an invoice for the customer, and indicates the options for the customer to make payment. It is also the point at which a customer makes a payment to the merchant in exchange for goods or after provision of a service. After receiving payment, the merchant may issue a receipt for the transaction, which is usually printed but can also be dispensed with or sent electronically.
  • 22. EDI- Electronic Data Interchange is the electronic interchange of business information using a standardized format; a process which allows one company to send information to another company electronically rather than with paper. Business entities conducting business electronically are called trading partners.
  • 23. Credit card -A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
  • 24. Digital cash- It is a system of purchasing cash credits in relatively small amounts, storing the credits in your computer, and then spending them when making electronic purchases over the Internet. Theoretically, digital cash could be spent in very small increments, such as tenths of a cent (U.S.) or less.
  • 25. EFT- An electronic funds transfer is the electronic transfer of money over an online network. Electronic funds transfers can be performed between the same bank or a different one, and can be accomplished with several different types of payment systems. An EFT can be initiated by a person or by an institution like a business and often doesn’t require much more than a bank account in good standing.
  • 26. AEPS- Aadhaar Enabled Payment System is a type of payment system that is based on the Unique Identification Number and allows Aadhaar card holders to seamlessly make financial transactions through Aadhaar-based authentication. The AEPS system aims to empower all sections of the society by making financial and banking services available to all through Aadhaar. AEPS is nothing but an Aadhaar-enabled payment system through which you can transfer funds, make payments, deposit cash, make withdrawals, make enquiry about bank balance, etc.
  • 27. Mobile wallet- Mobile wallet is a type of virtual wallet service that can be used by downloading an app(e.g. Paytm, Mobikwik, etc.). The digital or mobile wallet stores Bank account or debit/credit card information or bank account information in an encoded format to allow secure payments. One can also add money to a mobile wallet and use the same to make payments and purchase goods and services. This eliminated the need to use credit/debit cards or remember the CVV or 4 digit pin.