BankinGuru

WHAT IS BANKING:- 

Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to conduct economic activities such as making a profit or simply covering operating expenses. 

Whereas A bank is a financial institution licensed to receive deposits and make loans.

What is the difference between Bank and Banking? 

A bank is a tangible object, while banking is a service.

Bank refers to the physical resources like building, staff, furniture, etc, while banking is the output (financial services) of the bank by utilizing those resources.

Types Of Banks:-

There are several different kinds of banks

retail banks, commercial or corporate banks, and investment banks

In most countries, banks are regulated by the national government or central bank.

BANK  TYPES...

Importance Function of the bank

1. Primary functions are accepting deposits, granting loans, advances, cash, credit, overdraft, and discounting bills.

2. Secondary functions are issuing letters of credit, undertaking safe custody of valuables, providing consumer finance, educational loans, etc.

Types Of Accounts

• Current account. (A current account is a deposit account for traders, stockiest, Builders, business owners, and entrepreneurs, who need to make and receive payments more often than others.
• Savings account 
• Salary account
• Fixed deposit account
• Recurring deposit account
• DEMAT Account
• NRI accounts

The different types of bank accounts are – Savings Account, Current Account, Recurring Deposit Account, Fixed Deposit Account, DEMAT Account, NRI Account.

Different types of business banking services include:

• Business loans.
• Checking accounts.
• Savings accounts.
• Debit and credit cards.
• Merchant services (credit card processing, reconciliation, and reporting, check collection)
• Treasury services (payroll services, deposit services, etc.)

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