Opening a bank account
A bank plays a very important aspect in human socity, it plays a major role in every humans life.
Without a bank means no security to money.
The main advantage of high interest bank account is that anyone can maintain their accounts by depositing their money.
Here the first thing the user has to do is to open an account for his name.
There are several types of accounts that are helpful to keep your accounts:
Some of them are:
Postal or Telephone Account
Savings Bank Accounts:-
S.B accounts are also known as Savings Bank accounts This is a type of account where in the account holder can start his account with a minimum sum of money I,e 100 Rs/- and then can go on depositing his Salary wheever possible.
The one and only advantage is that anyone can start this high interest bank account and the another facility available is
That the account holder can withdraw his sum of money deposited at any time.
Here The Account Deposit and Withdraw are carried through payslips.
In cheques one will be mentioning the sum to be deposited with his address , his account number and his sign, the same process is repeated for withrdrawal also.
S.B accounts are the savings bank account and is ment for regular account usage.
These types of accounts form the majour advantage as any one can have an account at any time.
It has also got some disadvantages when compared with other accounts as the percentage of interest
Is very less when compared to that of other accounts.
In other account types the amount of interest one will be getting will be around 8% but in S.B
It will be around 5 to 6% but here the account holder can withdraw his money whenever he wants to.
Here for different slips different colours will be there and each color holds a different type of account.
Usually S.B accounts are ment for individuals.
These type of accounts are also known as Branch based deposit accounts.
The main advantage of these types of accounts is that these offer higher account rate I,e around 9% when compared with S.B account and also the majour advantage of fixed deposit is that the
Money security will be much high interest bank account as the money withdrawel can be done only at the assured date
In fixed deposit money interest can be taken on monthly basis, quarterly basis, half yearly basis or yearly basis.
This form an advantage because it adds more interest to money.
Another advantage is that we come across here is that we can always take loans of about 75% of the interest, but the thing is that loan amount has to be prepaid at the due date.
The loans given by these banks are very helpfull for Farmers, Industrial Development, Transportation
Here another important thing that we notice is that the more the amount of time we keep the money
In fixed deposit more will be the interest.
Current accounts are the type of accounts which are ment for business transactions.
Here huge amount of money transactions takes place. Under current account proprietor ship, partenership accounts, company accounts are opened depending upon the individual needs.
Postal or Telephone Account:-
Postal or telephone accounts offer high interest bank account when compared with bank accounts, this is because you cannot use the services in banks branch.
One has to write or telephone to withdraw money from these accounts.
These are the type of accounts that offer higher rates as and when compared with deposit accounts.
These offer higher interest pay as they are very cheaper to run and allow us to withdraw amount
Using machies when compared with others which are allowed to carry their account transactions
On banks only and this may result in many days.
Advantages of opening a banks account
There are many advantages of opening a bank accounts, some of them are mentioned below:-
Opening a bank account gives a proper means of added security for the account holder.
Here the account holders will be having many oppurtunities to choose what kind of account they want as mentioned above.
Each of the accounts that are present have their own formalities and procedures upon which each one has to follow.
The account holder will be getting interests upon the money they will be adding regularly.
Each person will be having an account no of his own to access bank accounts.
There are also many card facilities like ATM cards, Debit Cards, Credit Cards which helps the account holder in one or many other ways.
There are many cash machine boxes which are very helpful for the people who acces their Account using their cards.
The cash machines offer a greater level of advantage as money transactions
can be made at any time as they we be open all the 24 hours and also the account holder can acces the card whenever he wants.
There are many loans that are available in banks that helps the people to obtain money from the bank, but the only thing is that the person should pay the loan amount within the dew date, If the loan taker fails to take the money within the dew date then he is punishable under the hands of law.
Another important aspect here is that the money is refundable if any thing goes wrong like Bank robbery, fire, earthquake, roits, mis usage of some others accounts etc. as the accounts are all Insured.
Here the account holder should know how to use the pay slips correctly as there are many types of pay slips for S.B Accounts, Fixed Deposit Accounts, Current Accounts etc.
Pass Book facity also forms a major advantage as Pass Book is the depositors record of cash and other transactions like cheque/transfer/interest in respect of the concerned account. It has to be presented at the time of every trasaction in cash.
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