you can use this project for refrence. this was my first attempt of project in my first year of management studies.

2. There is no restriction on the number and amount of withdrawals from this account.

3. Banks insist on the maintenance of certain minimum balance on current account. If the balance goes below this amount, the bank has a right to close that account.

4. Generally no interest is paid on money deposited in this type of account. Recently, banks have started giving lower interest on this account.

5. Overdraft facilities are given in case of current accounts only.

6. Current account suits the requirements of businessmen, joint stock companies, institutions, societies, public authorities and public corporations etc. whose banking transactions happen to be numerous on every working day.

7. All banking services are made available to current account holders at reasonable service charges.

8. 3257550558165Banks are given full freedom to decide the rules and regulations regarding the operation of current account.

9. 2. Savings Account:-

10. 38931851801495As the name indicates, these accounts are opened for the purpose of mobilizing savings .These accounts are meant to encourage savings and to develop the habit of thrift. It aims at checking extravagance of the people .This account may be joint or single.

11. Though money can be deposited in this account as often as the depositor wishes, it cannot be withdrawn more than twice or thrice a week. At present 25 withdrawals are permitted quarterly by most of the banks. Rules in this regard may vary from bank to bank and from time to time.

12. This account can be opened by depositing nominal amount.

13. The rate of interest payable by the banks on this account is generally prescribed by Central Bank of the country. It is generally 4% to 5% .Interest is calculated on minimum monthly balances at credit of the account generally between the close of the tenth day or the last day of each calendar month. Interest is paid twice a year.

14. Money from this account can be withdrawn by cheques or by using bank’s withdrawal slips.

15. No limit is prescribed in India for the maximum amount that may be held in a savings bank account .But banks in India allow interest on a maximum balance of Rs.1 lakh only in one account.

16. Savings account is not given overdraft facilities like current account.

17. This account is more suitable to salary earners, wage earners and persons of limited means.

18. Usual banking services are provided to savings bank account holders.

20. The depositor is neither given a cheque book nor a pass book. Withdrawal of interest or principal through cheque is not permitted. The depositor gets a fixed deposit receipt, acknowledging the receipt of sum of money specified therein.

21. The fixed deposit receipt is non-transferable; It is not a saleable asset.

22. The depositor gets attractive rate of interest on money deposited in this account .The rate of interest allowed varies with the period of deposit. The longer the period of deposit, higher the rate of interest .Interest paid half yearly.

23. If the depositor is in need of money before the due date, he can borrow from the same bank against the security of his fixed deposit receipt. Of course, he has to pay a slightly higher rate of interest. In India the directive of Reserve Bank of India requires the banks to charge a minimum of 1% above the rate payable on such deposits.

24. Individuals, firms or companies with surplus money may invest their idle funds profitably in this account. The persons who want safety of funds and steady return, deposit money in this account . These deposits are called earning assets.

25. Some of the leading banks transfer funds in excess of some minimum amount from current account to Time deposit so that the accountholder gets income on the same.

27. A depositor opening a recurring deposit account is required to deposit an amount chosen by him , generally a multiple of Rs.5/- or Rs10/- in his account every month selected by him. The period for recurring deposit varies from bank to bank two to ten years.

28. The rate of interest given on recurring account stands favorably as compared with the savings bank account because the former partly resembles the fixed deposit account. According to the latest directive of the Reserve Bank of India, banks are required to ensure that the rates of interest offered by them on recurring deposits are generally in accordance with the rates prescribed for various term deposits.

29. As in savings bank account a customer is served with a passbook. The passbook ordinarily has to accompany each installment as and when it falls due. The account holder can give a standing order to deduct installments from his saving bank account in the bank.

30. At the expiry of the period, the depositor gets a lump sum representing the installments and handsome interest on his savings.

31. In case of depositor needs money before the due date he may borrow up to 90% of the amount in the account at the prevailing rate of interest.

32. Recurring deposit accounts are transferrable from one branch to another.

33. -3441701024255The recurring deposit account can be opened by any person, more than one person jointly or severally, by a guardian in the name of a minor and even by a major. TYPES OF BANKS<br />(1) COMMERCIAL BANK:<br />Commercial bank is the most important type of bank in every country. Most<br />Of the banks operating in every country are commercial bank. England is the birth place of commercial banking .In England these bank are called<br />Joint stocks banks. The main activity of commercial is to accept deposits and to grant loans, cash credits and overdrafts.<br />The functions of commercial banks are not the same anywhere. Actually speaking, their functions differ from country to country and even from time to time. In many countries, separate banking laws are made for regulating the activities of commercial banks. They are now performing wide range of functions. They are now performing function of other bank as well. It financier and investor, providing foreign exchange and performing variety of functions to help business and industry.<br />(2) INDUSTRIAL BANK:<br />As the name indicates, Industrial banks provide long term to industry and help the process of industrialization. Commercial banks do not give advances for long period as their deposits are repayable on demand. Moreover, commercial banks do not possess specialized and trained staff to understand intricacies of industrial finance .Germany are the home of industrial banking. Such banks are popular in Japan and Germany. The financial assistance provided by these banks may take the following forms:<br />• Granting of loans and advances for long term period to industrial units.<br />• Subscribing directly to the shares and debentures of industrial concerns.<br />• Underwriting of shares, bonds or debentures issued by industrials units.<br />• Guaranteeing of loans raised by the industrial concerns which are repayable after a long period.<br />523240410210• Providing technical, managerial and financial guidance to industrial units.<br />(3) AGRICULTURAL BANKS:<br />3028950322580Agricultural sector of the economy has its own financial problems. In order to tackle these problems, separate banks are necessary. Commercial and other banks are generally reluctant to provide finance to agriculture because of various reasons. Due to this, most of the countries have established separate banks to deal with the agricultural sector. These banks provide short term as well as long term advances to agriculturists. They also play a very crucial role in rural rehabilitation and reconstruction activities.<br />[A] Co-operative Banks:<br />3970655346075The primary purpose of co-operative banks is to help the co-operative movement in the country. Co-operative banks constitute the pivotal of the co-operative movement in the country. They provide short term advances to agriculturists for purchasing seeds, manures and short- term and to finance day to day agricultural operations. They also develop among the members spirit of self-help and thrift. Advances are given only to the members of the society for productive purposes. Loans may be secured or issued on personal security.<br />[B]Land Development Banks:<br />3465830328930These banks are called land development banks because they mainly give advances for the development of agricultural land. The advances are given for different purpose like construction of well, purchase of tractor, purchasing costly agricultural equipment, effecting permanent in land, buying more land, etc. these banks are supplementary to co-operative credit agencies and provide long term credit to agriculture.<br />(4) Exchange banks foreign banks:<br />3676650239395Foreign exchange business is a specialized type of business. Exchange banks are necessary for financing the foreign trade and for conducting foreign exchange transaction. The main function of an exchange bank is to provide foreign exchange for financing imports and exports. Its brings about the settlement of debts transactions between the different countries. It is a specialized type of bank and deal mainly in foreign exchange transactions. It opens branches at important commercial and industrial centers and maintains worldwide contacts.<br />(5) SAVINGS BANK: <br />304800093980Savings is a bank established for collecting savings of the people. Savings banks are actually thrift promotion institutions. They are established for the mobilization of savings. Interest is also paid on the deposits collected. These banks collect small savings of the people and impose indirect check on extravagant spending.<br />(6) CONSUMERS BANKS:<br />296354598425Such banks are usually found only in industrially advanced countries like U.S.A and Germany. The main object of this bank is to advances to the consumers for the purchase of consumer durables. The advances are mainly granted for the purchase of articles like motor car, washing machine, television set, and furniture etc. Consumers’ banks collect funds by the shares, bonds and other securities. They also borrow from commercial and industrial banks. Since advances are mainly provided to middle class people i.e., consumers for the purchase of consumption articles, they are called consumers bank.<br />(7) RURAL BANKS:<br />1600200589280Rural banks are recently started in India. These banks are mainly for meeting the commercial needs of rural sector. Rural bank provides financial facilities to small and manufactures in the rural areas. Financial help is also given to artisans engaged in village industries and agro-industries. Rural banks are mainly for rapid growth of rural sector economy. Public sector banks take active interest in the formation of rural banks. The beneficiaries of rural banks are mainly small farmers, rural artisans, craftsmen and other self employed persons. Rural banks are established on a large scale in U.P. Bihar and other northern states. Rapid development of rural areas is possible through rural banks.<br />(8) INTERNATIONAL BANK:<br />International bank is international in character. It is regarded as an example of international monetary co-operation. In fact, international financial institutions are not banks in the usual sense of the term. They usually meet the development needs of member countries. Important international banks are as follows: <br />a) International Bank for Reconstruction and Development popularly called World Bank(IBRD) <br />b) Asian Development Bank (ADB)<br />c) International Finance Corporation (IFC)<br />133350776605d) International Monetary Fund (IMF) <br />(9)CENTRAL BANK<br />Central bank stands at the top of all banking institution of the country .It is regarded as the leader of the money market and also of the banking system. It is different from the other types of the banks. Central bank is not the profit hunting institution but concerned with the promotion of general monetary stability. In the present century, all the countries of the world have independent central banks. The Central Bank of our country is called Reserve Bank of India. Central Banks are owned and managed by the Government.<br />Important functions of the Central Bank are as follows:<br />i. Acting as Bank of Notes Issue. It is given the monopoly of note issue.<br />ii. Acting as Government’s Banker, agent and adviser.<br />iii. Acting as banker’s bank and also as a lender of the last resort.<br />iv. Acting as a custodian of the Nation’s reserves of international currency. It also keeps supervision and control on foreign exchange transaction.<br />v . Acting as controller of credit.<br />vi.Collection and publication of financial and statistical information.<br />128905631190vii. Performing any other function entrusted by the Government from time-to-time.<br />Conclusion<br />Banks, today, have become integral part of our society as well as of our nation. Banks play a vital role in stabilizing the economic activities of the country. Thus, from above statement6s we all can conclude that banks are very important part our lives as well as for the fast economic growth of every country.<br />Banks are in existence since 18th century. We can say that banks are as old as our civilization. Banks today perform various and innumerable functions which has benefited human life. Thus, banks are useful in man’s economics as well as personal life.<br />533400414020<br />628650-323850<br />