This document provides a summary of key financial terms presented by Group 3. It defines different types of bank accounts including savings accounts, current accounts, DMAT accounts, no frill accounts, and loan accounts. Savings accounts earn interest and have restrictions on transactions, while current accounts are for businesses and allow unlimited transactions but no interest. DMAT accounts are for share trading, and no frill accounts have no additional services but can be opened with zero balance. Loan accounts track amounts borrowed from a bank. Statistics on bank account ownership in India are also presented.

1. PRESENTATION ON KEY FINANCIAL TERMSGROUP 3

2. GROUP MEMBERSAfaque SiddiqueBank AccountDeepika Singh and DilpritSethiInsuranceDeepti Jain and Daya ShankarStockParnitaRawatCredit CardNehaAroraLoanRishi and ShubhiConclusion

3. Bank AccountBank 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.

4. SAVING ACCOUNTGenerally meant for saving purpose.Small amount of interest is paid. Currently the interest rate on saving account is 3.5% per annum.Here interest is paid once in every six months between 10th day and last day of the month.Minimum Balance Rs 500 with no Cheque Book Rs 1000 with Cheque BookCertain restrictions are imposed in case of saving account regarding number of transactions within a particular period, withdrawal limits.

5. CURRENT ACCOUNT Specially meant for business purposes.There is no limit on number of transactions.No interest is paid on the balances in current account.Overdraft limit is provided In current account.Maintenance or service charge is levied by banks in case of current account.Minimum Balance Individual account in metro Rs 5000Individual account in urban area Rs 5000Individual account in semi urban area Rs 5000Individual account in rural area Rs 2500Other accounts in metro Rs 10000Other accounts in urban Rs 10000Other accounts in semi urban Rs 10000Other accounts in rural Rs 5000

6. DMAT ACCOUNTIt stands for dematerialized account.It is meant for share trading.It is investment oriented account and not for savings or routine business transactions.Majority of banks are providing the service of DMAT account.A small fees is charged by banks to DMAT account.A statement of transactions is provided in every 3 months.PAN card number is a prerequisite to open a DMAT account with a bank.No monetary transactions takes place through DMAT account. Only the transactions of shares occurred.

7. Some Other Ancillary AccountsNo Frill Account.Loan Account.Salary Account.Fixed Deposit Account.

8. No Frill Account.It is an account which is solely meant for saving.No value added services is provided with this account like cheque book, billing transactions etc.It can be open with zero balance.This account is specially for rural population of India.The suggestion and guidelines for no frill account was given by RBI in 2007.It was first implemented and executed by CANARA BANK in its rural branches in the state of Karnataka in the year 2009.

9. Loan AccountAn 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.Examples Of Loan Account. CorpVidya Account by Corporation Bank for Education loan.GyanJyoti Account by State Bank for Education loan. Accounts for Housing loans, Personal loans and Car loans etc.

10. Some Statistics Of Bank AccountsTotal number of Saving accounts in India610.3 MillionTotal number of Bank accounts per 100 person 54Population of earners having a bank account 44.9 %