Financial assets have been here with us from ages. From using stamps as coins to using alloy of copper nickel as coins and paper as notes and storing the amount of money has also been a headache from ages. Also getting some loans and interest rate on your savings or money saved safely and securely is also difficult.
That’s where the Introduction of Banking System comes in; it saves money for the people and you can get different types of loans on less interest rates and secure your valuable small assets or important paper in the bank vault.
Now-a-days banks are supporting many start up groups by providing them simple loans for their business and also with less rate of interest. An individual you tend to study or gain more knowledge but have some monetary issue can apply for an education loan which he/she can pay by working afterwards. Which comes really handy. That too in affordable interest rates.
Banks give home loans too for the people who want their own home in the big cities.
After loans, bank also provide fixed deposit facility which after reaching maturity dated you can withdraw and it gets high return of F.D depending on the period of the F.D(fixed deposit)
They also provide savings accounts for the individuals who don’t have any relation with the business world who can save the amount and the balance amount is less for them but the times of withdrawal is fixed in the week or so varies from bank to bank.
They also provide business amounts for the people who have business or have to go through a lot of transactions in a day or so. And these accounts are provided with overdraft facility in which the person can withdraw more than the balance amount of the account so the transactions won’t face any error. But for overdraft facilities one has to get approval from the bank authorities for the amount of overdraft etc.
Vault system is really great for the person who want to secure his/her precious things but can’t feel safe to keep it in the house so the vault or locker system it good option the one can rent a locker the provided my pin code or key which the person will handle and person have to give amount every month or annual depending on the how long does the person wants the locker.
Now digital banking is taking the market by which u can make account, make transactions easily without any delay you can get your statement for a month easily. That too in any day or time it’s like having a small on your finger tips.
Every day the banking and banking system is growing and innovating the way of banking and saving money etc. To make the life of people hassle free and more easy and convenient for all. So that banking system or norms can be easily understood by small kids.