International Day of Banks

Savings– It built a habit of setting aside money. There are various types of bank accounts like fixed deposit, current deposit etc which a customer can choose based on his need. A savings account can offer the holder a small profit on her deposit for allowing a bank to use your money to make investments. In exchange, the bank will compensate you by paying you a small rate of interest. In certain kinds of accounts, your money is placed in liquid money market funds, generating higher revenues. Liquidity It provides high liquidity especially when a person needs a ready pool of money for the emergency purpose. You can deposit or withdraw your money whenever you need and also send remittances through the bank. Download E-book to manage your bank account – Banking Awareness for beginners Identity It provides an identity which is recognized by various government institutions. Transparency The bank transactions are very transparent in nature and you can keep a track of your transactions throu...

A bank is a financial institution which creates credit by lending money to a borrower thus creating a corresponding deposit on the bank’s balance sheet. This blog talks about the key benefits of a bank account. No doubt, Bank plays a very important role in the economy of any country and are highly regulated. Banks are subjected to minimum capital requirement norms based on an international set of capital standards, known as the Basel Accords. A bank offers high liquidity since you can withdraw your money anytime you want to. Banks offer a number of useful services like debit card facility, cheque facility etc. You can also choose a nominee who will claim the money after your death.

What Is a Bank? Banks are licensed financial institutions that offer services like accepting deposits or issuing loans. They may also provide other financial services, such as investments and foreign exchange. Banks are essential to the economy because they allow businesses and individuals to store their money and make loans. The national government or individual states regulate them. In some cases, they may be covered by regulations at both levels. At the state level, the department of banking or the department of financial institutions regulates how banks work, including how much interest they charge. Banks under their jurisdiction are usually audited and inspected to see if they follow regulations. On the other hand, the Office of the Comptroller of the Currency (OCC) regulates national banks by outlining rules on bank capital levels, asset quality, and liquidity . There are different types of banks, including commercial banks, savings and loan associations, credit unions, and inv...