Banks attract money from the public by accepting deposits in the following accounts: 1. Current Account 2. Savings Bank Deposit Account 3. Fixed or Time Deposit Account. Type # 1. Current Account: It is also called 'Open Account' or 'Demand Deposit Account'. A businessman can open a current account with the bank. Customers can deposit money into or withdraw money [...]
After reading this article you will learn about:- 1. Meaning of Banks 2. Functions of a Bank 3. Types. Meaning of Banks: A bank (German word) means a joint stock fund. A bank denotes a financial institution dealing in money. A bank is an institution that is prepared to accept deposits of money and repay the same on demand. The [...]
This article throws light upon the four main types of advances that can be availed from a bank. The types are: 1. Secured Loans 2. Cash Credit 3. Over Draft 4. Clean Advances. Type # 1. Secured Loans: These types of advances are granted against the collateral securities of different kinds, such as bullion, government securities of raw material or [...]