The document is a mathematics project by Anshit Gupta from Class X-A focusing on bank accounts and home budgeting. It covers types of bank accounts, how to calculate interest, and details a home budget for the Gupta family, including income and expenses. Additionally, it includes acknowledgements and a bibliography of sources used for research.

1. MATHS PROJECT
NAME : ANSHIT GUPTA
CLASS : X
SEC. : A (COMMERCE)
ROLL NO. : 7

2. INDEX
 CERTIFICATE
 ACKNOWLEDGEMENT
 STUDY OF VARIOUS TYPES OF BANK
ACCOUNTS AND RATE OF INTEREST OFFERED
INTRODUCTION
TYPES OF BANK ACCOUNTS
FORMULAE
RATES OF INTEREST OFFERED
 PLANNING A HOME BUDGET
INTRODUCTION
TYPES OF BUDGET
PERSONAL BUDGET
HOME BUDGET FOR GUPTA FAMILY
FOR THE MONTH OF JANUARY
GRAPHS
 CONCLUSION
 BIBLIOGRAPHY

3. CERTIFICATE
This is to certify that Anshit Gupta of class
X – A (Commerce) has successfully
completed this computer project on the
topics mentioned prescribed by MR.
KULDEEP VERMA , during the academic
session 2018-2019 as per the guidelines
issued by ICSE.
MR. KULDEEP EXTERNAL
VERMA EXAMINER

4. ACKNOWLEDGEMENT
I would like to express my special thanks of
gratitude to my mathematics teacher MR.
KULDEEP VERMA who gave me the golden
opportunity to do this wonderful project,
which also helped me in doing a lot of
research and I came to know about so many
new things. I am really thankful to him.
Secondly I would also like to thank my
parents and friends who helped me in
completing this project.

5. SURVEY OF
VARIOUS TYPES
OF BANK
ACCOUNTS AND
RATES OF INTEREST
OFFERED

6. INTRODUCTION
A Bank may be defined as a company which
collects money from the public in the form
of deposits and lends the same to
borrowers. It is an institution that provides
facilities for safe keeping, lending and
transfer of money.
According to Crowther,
“The banker’s business is to take the debts
of other people to offer his own in exchange
and thereby create money.”
According to R.P. Kent,
“An organisation whose principal operations
are concerned with the accumulation of the
temporarily idle money of the general public
for the purpose of advancing to others for
expenditure.”

7. TYPES OF BANK
ACCOUNTS
Bank accounts are classified into four
different types. They are,
1. Saving Account
2. Current Account
3. Recurring Deposit Account
4. Fixed Deposit Account
1. Saving Account: - A savings account is
an interest-bearing deposit account
held at a bank or another financial
institution that provides a
modest interest rate.
2. Current Account: - Current account is
opened by businessmen who have a
higher number of transactions with

8. the bank . It includes deposits,
withdrawals and contra transactions.
Current account can be opened in co-
operative bank and commercial bank.
3. Recurring Deposit Account: - In
recurring deposit account, a certain
fixed amount is accepted every month
for a specified period and the total
amount is repaid with interest at the
end of the particular fixed period.
4. Fixed Deposit Account: - The account
which is opened for a particular fixed
period (time) by depositing particular
amount (money) is known as Fixed
(term) Deposit Account. It means that
the deposit is fixed and is repayable
only after a specific period is over.
HERE WE WILL DISSCUS ONLY ABOUT
RECURRING DEPOSIT ACCOUNT.

9. FORMULAE
The interest on the recurring deposit
account can be calculated by using the
formula:
I = P*
n(n+1)
2*12 *
r
100
Where I is the (simple) interest, P is the
money deposited per month, n is the
number of months for which the money has
been deposited and r is the (simple) interest
rate percent per annum.
The maturity value on a recurring deposit
account can be calculated by using the
formula:
MV = P*N + I

10. Where MV is the maturity value, P is the
money deposited per month, n is the
number of months for which the money has
been deposited and I is the simple interest.

11. RATES OF INTEREST
OFFERED

12. PLANNING A
HOME BUDGET

13. INTRODUCTION
A budget is an estimation
of revenue and expenses over a specified
future period of time; it is compiled and re-
evaluated on a periodic basis. Budgets can
be made for a person, a family, a group of
people, a business, a government, a
country, a multinational organization or just
about anything else that makes and spends
money. At companies and organizations, a
budget is an internal tool used by
management and is often not required for
reporting by external parties.

14. TYPES OF BUDGET
1. Sales budget: A sales budget estimates
the sales in units as well as the estimated
earnings from these sales . Budgeting is
important for any business. Without a
budget companies can’t track process or
improve performance.
2.Production budget: A production budget
is a financial plan that lists the number of
units to be manufactured during a period
. In other words, this is a report that
estimates the number of units that a
plant will produce from period to period .
3.Capital budget: Capital budget is used to
determine whether an organization's
long-term investments such as new
machinery, replacement machinery, new
plants, new products, and research
development projects are worth
pursuing.

15. 4. Revenue budget: Revenue budget
consists of revenue receipts of
government and the expenditure met
from these revenues. Tax revenues are
made up of taxes and other duties that
the government levies.

16. PERSONAL BUDGET
A personal budget or home budget is
a finance plan that allocates future
personal income towards expenses, savings
and debt repayment. Past spending
and personal debt are considered when
creating a personal budget. There are
several methods and tools available for
creating, using and adjusting a personal
budget. For example, jobs are an income
source, while bills and rent payments are
expenses.

17. HOME BUDGET FOR
GUPTA FAMILY
 Family’s name : Gupta’s
 No. of Family members : 4
 No. of earning members : 1
 Maid : 1 (part–time)
 No. of children studying : 2
 No. of mobile phones : 3
 No. of Vehicles : 2 ( 1 four wheeler , 1
two wheeler )
 House owned
 Designation of earning members :
Father: Businessman

18. FOR THE MONTH OF
JANUARY
Category Amount
Total income 70000
Taxes 10000
Actual income 60000
House maintenance 3000
Grocery + fruits +
vegetables
8000
Milk 1500
Electricity + water 4000
Conveyance 500
Clothing 2500
School fees 8500
Entertainment 2000
Automobile 2500
Mobiles 1000
Maid 1000
Repairs 1000

19. Travelling 1500
Laundry 500
Shopping 2000
Stationary 500
Medical 2000
Grand total 42000
Savings 18000
Yearly savings 216000

20. BAR GRAPH
0
1000
2000
3000
4000
5000
6000
7000
8000
9000

21. CONCLUSION
By doing this project I got information on
“Various types of bank accounts and rate of
interest offered” and “planning a home
budget”. I got information about types of
bank accounts, formula to calculate rate of
interest, types of budget, what is personal
budget, etc.

22. BIBLIOGRAPHY
I visited on:
www.meritnation.com
www.wikipiedia.com
www.scribed.com
and taken information from various books .