TYPES OF BANKS AND ACCOUNTS

1. TYPES OF BANKS AND ACCOUNTS CHAPTER-2

2. CLASSIFICATION OF BANKS • A) AS PER SECOND SCHEDULE OF RESERVE BANK OF INDIA ACT • Scheduled banks • Non-scheduled banks(their number has decreased to 2 only at present B)ON THE BASIS OF DOMICILE • Foreign banks • Domestic banks

3. C) ON THE BASIS OF OWNERSHIP • Public sector banks • Private sector banks • Cooperative banks D)ON THE BASIS OF FUNCTIONS AND FUNCTIONAL AREA • Commercial banks 4)exchange banks • Industrial banks 5)savings banks • Agricultural banks 6)central banks

4. STRUCTURE OF BANKING SYSTEM • Unit banking • Branch banking • Chain banking • Group banking • Correspondant banking

5. TYPES OF BANK ACCOUNTS • Fixed or time deposit account • Saving bank deposit account • Recurring deposit account • Flexible account • ATM(automatic teller machines)

6. THANK YOU

7. Procedure to open a current account or a savings account • 1. application in the prescribed form • 2. introduction of the applicant • 3. Specimen signatures • 4. Photographs • 5. To make the initial deposit

8. OPERATION OF BANK ACCOUNTS • Pay-in-slip book • Cheque book • Pass book ADVANTAGES OF A BANK ACCOUNT • Safety of money • To cultivate habit of saving • Securing loans and overdrafts • Collection of cheques etc • Facility in making payments • Safe custody of valuable articles • Providing credit information and letter of credit