A Bank is a lawful and regulated financial institution which provides deposit services, keep safety of deposit and allow withdrawals when needed. These services are offered to general public individuals or small business to big organizations. Investor with surplus can deposit their money with Bank to earn interest and keep money safe which can be withdrawn when there is a need.
Other side, individual or firms looking for fund to fulfill their immediate need and get the loans from Bank by paying reasonable interest rates. This provides liquidity to money which is a key factor for economic development of a country. It is a type of banking in which we can conduct financial transactions electronically. In this we use Automatic teller machine, wire transfer and computers to move funds between different accounts in different or same bank.
It is an increase in the quantity of money in circulation without any corresponding increase in goods thus leading to an abnormal rise in the price level. It is the time when a company makes the first offering of the shares to the public. Doing banking from a cubicle from which food, newspapers, tickets, etc are also sold.
It is the ability of converting an investment quickly into cash with no loss in value. It is a kind of security which one offers for taking an advance or loan from someone.
These are investment schemes. It pools money from various investors in order to purchase securities. NPA or non-performing Assets are loans given by a bank on which repayments or interest payments are not being made on time. PoS refers to a location at which a payment of a card transaction occurs.
Rate of interest at which a bank gives loan to its most reliable customer i. Postal department also performs the functions of saving bank. Commercial banks are established with an objective to help businessmen. These banks collect money from general public and give short-term loans to businessmen by way of cash credits, overdrafts, etc. Commercial banks provide various services like collecting cheques, bill of exchange, remittance money from one place to another place.
The main objective of these banks is to provide long-term loans for the expansion and modernization of industries. Land Mortgage or Land Development banks are also known as Agricultural Banks because these are formed to finance the agricultural sector. They also help in land development. Every country of the world has a central bank. A, Federal Reserve and in U. K, Bank of England. These central banks are the bankers of the other banks.
They provide specialized functions i. A central bank is a non-profit making institution. It does not deal with the public but it deals with other banks. The principal responsibility of the Central Bank is thorough control of the currency of a country. Co-operative banks generally give credit facilities to small farmers, salaried employees, small-scale industries, etc.
Co-operative Banks are available in rural as well as in urban areas. The functions of these banks are just similar to commercial banks. Following are the various functions of Exchange Banks:- 1. Remitting money from one country to another country, 2. Discounting of foreign bills, 3. Buying and Selling Gold and Silver, and 4. Helping Import and Export Trade. Consumers bank is a new addition to the existing type of banks.
Such banks are usually found only in advanced countries like U. The main objective of this bank is to give loans to consumers for the purchase of the durables like Motor car, television set, washing machine, furniture, etc. Consumers have to repay the loans in easy installments. They are for people who want to keep their money in a safe place and earn interest at the same time. They are savings deposits that require you to keep a certain amount of money in the bank for a fixed period of time.
Usually, banks charge a penalty if we withdraw our money early. Individual retirement accounts: They are savings deposits that offer an excellent way to save for our later years.
They offer safety and convenience. We keep our money in the account and write a check when we want to pay a bill or transfer some of our money to someone else. Banks sometimes charge a fee for checking accounts, many banks also offer no-fee checking and checking accounts that earn interest if you agree to keep a certain amount of money—a minimum balance—in the account.
They are similar to checking accounts that earn interest, except that they usually pay a higher rate of interest and require a higher minimum balance. Personal loan simplifies the cash flow of the customer besides handling its immediate needs. Almost everyone will require a home loan if they are looking to buy a house of their own. In fact providing that we can afford it, getting a home loan is one of the best investment decisions that we can make.
Any person who opts for home loan is entitled for tax benefits under Income Tax Act, on principal and the interest amount in the form of deductions from the chargeable earnings. These loans are very useful when other resources of financing get exhausted.
Before starting a business, the entrepreneur should be mentally and financially prepared to encounter the fiscal setbacks during the process.
To bail the companies out from the fiscal crunch, several banks in India offers business Loans both for meeting urgent official growth and expenses. Other details of Business Loans offered by Banks in India are:. Every individual want to own a car. Hence, the need for car loans emerges at some point or the other. AI Expand child menu Expand. Toggle Menu Close. Search for: Search. Verify Admin login with valid and Invalid data Verify admin login without data Verify all admin home links Verify admin change password with valid and invalid data Verify admin change password without data Verify admin change password with existing data Verify admin logout.
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There may be the cases where requirements are not documented well and may lead to functional gaps in test plan Many non-functional requirements are not fully documented, and testers do not know whether to test it or not. The test should participate in the project right from Requirement Analysis phases and should actively review the Business Requirements.
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