What is banking? As per Banking Regulation Act, 1949, it is defined as accepting deposits of money, for the purpose of lending or investment, from the public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise. Hence, a Bank’s main task is to accept deposits for lending.
Deposit Accounts
Savings Bank Accounts:
As the name suggests, this type of account is suitable mainly for any earning member to deposit money for safe custody and in case of need, withdraw the same by cash, cheque or ATM card. If a person deposits minimum cash to open an account after filling up the opening form and submission of any of the ID and address proof, viz., copy of Aadhaar Card, Passport, Driving License, Voter ID and Pan Card as stipulated by the Bank, he becomes a customer of the Bank. There is ceiling on the number of withdrawals. If a customer deposits cash of more than a limit, say Rs.25,000/-, a few....
