MONEY AND BANKING

8. MONEY AND BANKING

1.Visiting a Bank : -

1). How to open a savings Account in your name ?

• We can open a savings bank account by providing the information below

• Your Details.
• Address Proof
• Marks of Identity for the Bank
• 2 Recent Pass port size Photos. 

• Application form to be filled by the Candidate duly signed by him / her.
• Submitted at the Counter of the Bank Officer.

2). How are cheques are cleared by the Bank ?

• Cheques are cleared by the - Clearing Bank.

3). How do bank makes NF TS / RT GS ?

• NE FT and RT GS are done through the Computer that are connected each of the computers by the Internet.
• By using these service we can transfer the money in the on line. (2,00,000

4).Which security precaution are necessary for an ATM to work ?

• CCTV are provided at ATM Centre.
• To look after that watchmen should be present.
• Check the computer before using the machine.
• Better to use fingerprint Analyser.

5). What are the different modes of exchange ?

• By Cheques.
• NE FT/ RT GS.
• On line transactions.
• IMPS.
• Demand Draft

6).What are the uses of On line transaction with compared to Cheques?

• The fastest way of  transferring the money one person to another by on line is the easiest way and it will take less time.
• Cheques are cleared by the banks with in 2-3 days.
• By on line we can save the time.

Different types of Interest Rates :- (MODEL)

Tenors	Existing for Public w.e.f on 05-10-2015	Revised for Public w.e.f 27-04-2016	Existing for Senior Citizens w.e.f 05-10-2015	citizen w.e.f on 27-04-2016
7 Days to 45 Days	5.25	5.50	5.50	5.75
46 Days to 179 Days	6.50	6.50	6.75	6.75
180 Days to 210 Days	6.75	6.75	7.00	7.00
211 Days to Less than 1 Year	7.00	7.00	7.25	7.25
1 Year to 455 Days	7.25	7.25	7.50	7.50
456 Days to less than 2 Years	7.50	7.50	7.75	7.75
2 Years to less than 3 Years.	7.50	7.50	7.75	7.75
Years to less than 5 Years	7.00	7.00	7.25	7.25
5 years and up to 10 Years	7.00	7.00	7.25	7.25

OPINION :-

• I have visited the bank and learned how to open savings bank Account.
• How the cheques are exchanged.
• About the online transaction.
• Uses by the NEFT/RTGS.
• I have Learned banking activity done with the help of Computers.
• Cheques are cleared by the Seperated Clearing Bank.
• Using Of ATM and its precautions.

2. Visiting the Official Website of  www.rbi.org.in  :-

               Visiting Process:-

      Financial Inclusion and Financial Literacy :-

• It helps in expanding Prime Minister's Jan Dhan Yojana (PMJDY)to become a sustainable and scalable financial inclusion initiative.

                     Explanation :-

• PMJDY is the Scheme Introduced by the Hon'ble Prime Minister of India.
• It is access to the Financial services like banking/Savings, Deposits,Credit and Insurance.
• The Account can be opened at any of the Govt Recognised Banks.
• These scheme Account opened at Zero balance.

                    USES :-

• Interest will added on Deposits.
• Accidental Insurance Rs /- 1. lac.
• No minimum balance required.
• Money can be easily Transfer across the country.
• Overdraft of facility can be given for only one account in the family, especially for females.

OPINION :-

• The information which is useful to the common people .
• By this Scheme the poor sections of the society get benefited.
• The people can be open an account easily in the Nationalised Banks.
• RBI is circulating the money across the country.
• RBI serves the money to all the Banks.
• From the website we know that Deposit Interest Rates , Loans Interest Rates, Exchange Rates,Marketing trends.
• Monitoring Bank release the various bonds.
• It is playing a major role in circulating the money across the world by exchanging process.