A bank is defined as a financial institution that accepts deposits from customers and lends and invests those deposits to earn a profit. There are several major types of accounts individuals can open including savings accounts, current accounts, fixed deposits, and recurring deposit accounts. Savings accounts are for individual savings and cannot be opened for business purposes. To open a savings account, individuals must choose a bank, provide know-your-customer documents like ID proof, submit an application form, and maintain a minimum balance. Banks offer varying interest rates on savings accounts depending on the amount deposited. A nominee is a person nominated by the account holder to receive the funds in the event of the holder's death.

1. DEFNITION:
A BANK IS DEFINED AS THE “A FINANCIAL INSTITUTION THAT
ACCEPTS DEPOSITS FROM THE CUSTOMERS AND LENDS AND INVESTS THIS
DEPOSITS IN ORDER TO EARN A MARGIN OF PROFIT”.
BANK

2. There are a few major types of accounts that
individuals can maintain with banks:
Current Account
Savings Account
Fixed deposit Account
Recurring deposit Account

3. What is savings account ?
Savings Bank Accounts are opened mainly for savings
purpose and not for any business purpose, And therefore, such
accounts cannot be opened in the name of any business concern
whether proprietary/partnership/company/association.

4. How to open a savings account?
 Choose a bank.
 Introducer sign and Account number.
 Fill Savings Account opening Form.
 Attach KYC Documents like Aadhar card,
PAN card, Driving license.
 Two Recent Passport size photograph.
 Minimum Balance for Account opening.
Who are Eligible?

5. INTEREST RATES
Different banks provide different rate of interest on Savings account
Different banks with different interest rates
Name of the Bank Savings Interest rate
below Rs 1 lakh
Savings Interest rate
Above Rs 1 lakh
Axis Bank 4.0% p.a. 4.0% p.a.
Citibank 4.0% p.a. 4.0% p.a.
INDUSIND BANK 5.5% p.a. 6.0% p.a.
YES Bank 6.0% p.a. 7.0% p.a.
STATE BANK OF INDIA 3.50% p.a. 3.50% p.a.
Bank calculates interest rate on daily closing account
balance, and credits your interest every Quarterly

6. NOMINATION
DEFINITION:
ACCORDING TO THE BANKING REGULATION, ACT 1949. A
PERSON WHO RECEIVES THE BENEFIT IN CASE OF DEATH OF THE
INSURED PERSON IS A NOMINEE.
THE INSURED PERSON CHOOSES OR NOMINATES HIS/HER NOMINEE AT
THE TIME OF OPENING A BANK ACCOUNT. NOMINEE IS USUALLY THE
SPOUSE, CHILDREN OR PARENTS. THE INSURED PERSON CAN NOMINATE
ONE OR MORE PERSON AS HIS/HER NOMINEE.

7. ADVATAGES OF SAVINGS ACCOUNT
 Give you easy access to your money
 Keep your money safe
 Don’t require huge initial investment
 You can open an account with very little money
 Savings account will usually accrue interest over time
 Allows you to automate bill payments

8.  Usually have low interest rates
 Can tempt you to spend your money
 Charge high fees if you fall below the Minimum
amount
 There are withdrawal limits on a savings account
 You may be required carry a minimum amount.
DISADVATAGES OF SAVINGS ACCOUNT

9. CONCLUSION
A BANK ACCOUNT NOT ONLY ABOUT SAVING MONEY, IT’S ALSO ABOUT
MANAGING MONEY. OPENING ACCOUT IS A SMART MOVE.
IT MEANS THAT YOU CAN ACCESS A SERVICE THAT HELPS YOU CONTROL
YOUR MONEY.
AND WHICH HEIP YOU BORROW AT SOME TIME IN THE FUTURE .IF
YOU NEED TO DO SO.

10. THANK YOU
PRESANTATION PRESENTED BY:
RAMESH
SITARAM
SATISH KUMR
RAJENDER
VINAY