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Banking Awareness is considered to be the high scoring section in any competitive exam. It includes two main portions, current affairs GK and static GK. In this article, we will discuss some really important Banking Awareness topics that are covered in almost all competitive exams. Also, you can download the PDF of lists of different Banking Awareness topics.
In Banking Section, the questions are asked from following topics: History of Banking, banking terms, Marketing of Banking Products, Functions of Banks, Banks and their taglines, schemes, committees related to banking, headquarters of bank, some Banking news related, apps launched by banks, new schemes etc.
In a series of sharing useful study material for upcoming banking exams. Here, we are providing Banking Awareness notes for all banking Exams (IBPS, SBI & Other Banking Exams).
Banking Awareness Study Notes on Different types of account holders
Who is Account holders ?
Individual or entity which is authorized to perform transactions on behalf of an account, such as a bank account. Authorization is provided through signatures placed on file with the bank or company managing the account.
Various Types of Accounts Holder
Saving Account
Current Account
Current account is mainly for business persons, firms, companies, public enterprises etc and are never used for the purpose of investment or savings.These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day.
Recurring Deposit Account
Recurring deposit account or RD account is opened by those who want to save certain amount of money regularly for a certain period of time and earn a higher interest rate. In RD account a fixed amount is deposited every month for a specified period and the total amount is repaid with interest at the end of the particular fixed period.
Fixed Deposit Account
In Fixed Deposit Account (also known as FD Account), a particular sum of money is deposited in a bank for specific period of time. It’s one time deposit and one time take away (withdraw) account. The money deposited in this account can not be withdrawn before the expiry of period.
DEMAT Account
A Demat account (short for Dematerialized account) is an account to hold financial securities (equity or debt) in electronic form. In India, Demat accounts are maintained by two depository organisations, National Securities Depository Limited and Central Depository Services Limited.
NRI Accounts
There are various types of NRI Accounts that are available to an NRI Investor. Some of the major ones are-
- Non-Resident Ordinary (NRO) Savings Account/ Fixed Deposit Account
- Non-Resident External (NRE) Savings Account/ Fixed Deposit Account
- Foreign Currency Non -Resident (FCNR) Fixed Deposit Account
