Topics
Commercial Mathematics
Compound Interest
Co-ordinate Geometry Distance and Section Formula
Loci
Algebra
Shares and Dividends
Quadratic Equations
Circles
- Concept of Circle - Centre, Radius, Diameter, Arc, Sector, Chord, Segment, Semicircle, Circumference, Interior and Exterior, Concentric Circles
- Areas of Sector and Segment of a Circle
- Tangent Properties - If a Line Touches a Circle and from the Point of Contact, a Chord is Drawn, the Angles Between the Tangent and the Chord Are Respectively Equal to the Angles in the Corresponding Alternate Segments
- Tangent Properties - If a Chord and a Tangent Intersect Externally, Then the Product of the Lengths of Segments of the Chord is Equal to the Square of the Length of the Tangent from the Point of Contact to the Point of Intersection
- Tangent to a Circle
- Number of Tangents from a Point on a Circle
- Chord Properties - a Straight Line Drawn from the Center of a Circle to Bisect a Chord Which is Not a Diameter is at Right Angles to the Chord
- Chord Properties - the Perpendicular to a Chord from the Center Bisects the Chord (Without Proof)
- Theorem: Equal chords of a circle are equidistant from the centre.
- Theorem : The Chords of a Circle Which Are Equidistant from the Centre Are Equal.
- Chord Properties - There is One and Only One Circle that Passes Through Three Given Points Not in a Straight Line
- Arc and Chord Properties - the Angle that an Arc of a Circle Subtends at the Center is Double that Which It Subtends at Any Point on the Remaining Part of the Circle
- Theorem: Angles in the Same Segment of a Circle Are Equal.
- Arc and Chord Properties - Angle in a Semi-circle is a Right Angle
- Arc and Chord Properties - If Two Arcs Subtend Equal Angles at the Center, They Are Equal, and Its Converse
- Arc and Chord Properties - If Two Chords Are Equal, They Cut off Equal Arcs, and Its Converse (Without Proof)
- Arc and Chord Properties - If Two Chords Intersect Internally Or Externally Then the Product of the Lengths of the Segments Are Equal
- Cyclic Properties
- Tangent Properties - If Two Circles Touch, the Point of Contact Lies on the Straight Line Joining Their Centers
Banking
Geometry
Factorization
Constructions
Ratio and Proportion
Mensuration
Gst (Goods and Services Tax)
- Sales Tax, Value Added Tax, and Good and Services Tax
- Computation of Tax
- Concept of Discount
- List Price
- Concepts of Cost Price, Selling Price, Total Cost Price, and Profit and Loss, Discount, Overhead Expenses and GST
- Basic/Cost Price Including Inverse Cases.
- Selling Price
- Dealer
- Goods and Service Tax (Gst)
- Gst Tax Calculation
- Gst Tax Calculation
- Input Tax Credit (Itc)
Symmetry
Trigonometry
Similarity
Linear Inequations
Arithmetic Progression
Statistics
- Median of Grouped Data
- Graphical Representation of Data as Histograms
- Ogives (Cumulative Frequency Graphs)
- Concepts of Statistics
- Graphical Representation of Data as Histograms
- Graphical Representation of Ogives
- Finding the Mode from the Histogram
- Finding the Mode from the Upper Quartile
- Finding the Mode from the Lower Quartile
- Finding the Median, upper quartile, lower quartile from the Ogive
- Calculation of Lower, Upper, Inter, Semi-Inter Quartile Range
- Concept of Median
- Mean of Grouped Data
- Mean of Ungrouped Data
- Median of Ungrouped Data
- Mode of Ungrouped Data
- Mode of Grouped Data
- Mean of Continuous Distribution
Probability
Geometric Progression
Matrices
Reflection
Co-ordinate Geometry Equation of a Line
- Slope of a Line
- Concept of Slope
- Equation of a Line
- Various Forms of Straight Lines
- General Equation of a Line
- Slope – Intercept Form
- Two - Point Form
- Geometric Understanding of ‘m’ as Slope Or Gradient Or tanθ Where θ Is the Angle the Line Makes with the Positive Direction of the x Axis
- Geometric Understanding of c as the y-intercept Or the Ordinate of the Point Where the Line Intercepts the y Axis Or the Point on the Line Where x=0
- Conditions for Two Lines to Be Parallel Or Perpendicular
- Simple Applications of All Co-ordinate Geometry.
description
- Bank
- Types of bank account
definition
- Bank: A bank is a government recognized organisation that carries out transactions of money. It is a financial organisation. Finance relates to money.
- Passbook: A passbook is issued for a savings account and a recurring deposit account. Amounts deposited, withdrawn and the balance are recorded in it with their dates.
notes
Bank:
A bank is a government recognized organisation that carries out transactions of money. It is a financial organisation. Finance relates to money.
We save money for use in the future. Our savings are meant to meet expenses on education, building a house, medical treatment, on our occupation such as for using improved methods of agriculture, etc. Small savings made regularly accumulate over a period to become a large amount and prove useful in the future. An amount kept in a bank remains safe and also grows over the years.
1. Financial Transactions:
A bank is a business that is based almost entirely on financial transactions. In addition to acting as a lender for loans and mortgages, banks act as a borrower in a special type of loan called an account. The lender is known as a customer and gives unspecified amounts of money to the bank for unspecified amounts of time. The bank agrees to repay any amount in the account at any time and will pay small amounts of interest on the amount of money that the customer leaves in the account for a certain period of time. In addition, the bank guarantees that the money will not be stolen while it is in the account and will reimburse the customer if it is. In return, the bank gets to use the money for other financial transactions as long as they hold it.
2. Bank Accounts:
To use banking services one has to open an account in a bank. We need the following documents or papers to open a new bank account.
1) Proof of residence: Ration card, electricity bill, telephone bill, domicile certificate, identity card, etc.
2) Proof of identity: Aadhaar card, voter’s identity card, PAN card, passport or any other proof suggested by the bank, besides a reference from another customer who is an account holder.
3. Types of Account:
In India, banks usually have four major types of deposit accounts - Current Account, Savings Account, Recurring Deposit, and Fixed Deposit. Recently banks have also introduced combining features of these accounts as per customer and market requirements. But still, these accounts are not popular among the public and the traditional four accounts are considered above all.
1. Current Account: Current accounts are usually for businessmen and daily transactions. It doesn't serve the purpose of saving your investments. The transaction facility to this account is so flexible that you can make innumerable transactions in a day. Hence, the banks don't pay any interest on your invested amount but it charges certain service charges on such accounts.
A current account is mainly for traders and those dealing in money on a daily basis. An account holder can deposit or withdraw money any number of times in a day. The bank issues a passbook for this account and also a cheque book on-demand. The bank does not pay any interest on the money in this type of account. Money can also be withdrawn or deposited by cheque.
2. Saving Account: Saving Accounts are the most popular kind of individual accounts for the personal purpose of saving your investments and getting interest rates. Saving account provides a cheque facility along with flexibility for deposit and withdrawal of funds from your account. Banks give an interest of 4% to 6% on the money in the savings account. The customer gets facilities like a pass-book, cheque book, ATM card, mobile banking, SMS banking, Internet banking, etc. to operate the account.
A person can deposit a minimum amount and open a savings account. In some banks, no minimum amount is required for opening an account. The bank pays some interest on the basis of the daily credit balance in the account. There are some restrictions on how often money can be withdrawn from this account. For this account too, the bank issues a passbook and, on-demand, a cheque book.
3. Recurring Deposit: Recurring deposits also known as RD accounts who wish to invest an average amount of their savings on a monthly basis. These accounts gain interest on the amount available in your account. This account is specially designed for the working public who don't want to invest a large amount at one instance.
The account holder can decide the amount to be deposited every month in the account. The bank gives interest on the deposit which is more than that paid for the savings account. Such an account is a means of compulsory savings. Often it is convenient to have a joint account for say, husband and wife or guardian and ward, etc. Besides, accounts of business partners, housing societies, trusts of voluntary agencies, etc. are required to be operated by more than one person.
4. Fixed Deposit: Fixed Deposits Popularly known as FD are available at various schemes with tenure from 7 days to 10 years. This account is specially designed who want to deposit their savings for the long term to gain a good rate of interest. But the interest rate on these accounts varies from bank to bank. The term 'Fixed' denotes the period of maturity or tenure.
A depositor deposits a certain amount for a fixed period in the bank. This deposit attracts a greater rate of interest than the savings account. However, these rates are different in different banks. Senior citizens get a slightly greater rate of interest than the usual.
4. Passbook:
A passbook is issued for a savings account and a recurring deposit account. Amounts deposited, withdrawn and the balance are recorded in it with their dates.
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Shaalaa.com | Banking Part 2
Related QuestionsVIEW ALL [22]
Virat opened a Savings Bank account in a bank on 16th April 2010. His pass book shows the following entries:
Date | Particulars |
Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
April 16, 2010 | , By cash | - | 2500 | 2500 |
April 28th | By cheque | - | 3000 | 5500 |
May 9th | To cheque | 850 | - | 4650 |
May 15th | By cash | 1600 | 6250 | |
May 24th | To cash | 1000 | - | 5250 |
June 4th | To cash | 500 | - | 4750 |
June 30th | To cheque | - | 2400 | 7150 |
July 3rd | By cash | - | 1800 | 8950 |
Calculate the interest Virat earned at the end of 31st July 2010 at 4% per annum interest. What sum of money will he receive if he closed the account on 1st August 2010?
A page from the Savings Bank Account of Mr Prateek is given below:
Date | Particulars | Withdrawal (In Rs.) |
Deposit (In Rs.) |
Balances (In Rs.) |
January 1st, 2006 | B/F | - | - | 1270 |
January 7th, 2006 | By Cheque | - | 2310 | 3580 |
March 9th, 2006 | To Self | 2000 | - | 1580 |
June 26th, 2006 | By Cash | - | 6200 | 7780 |
June 10th 2006 | To Cheque | 4500 | - | 3280 |
July 15th, 2006 | By Clearing | - | 2630 | 5910 |
October 18th, 2006 | To Cheque | 530 | - | 5380 |
October 27th, 2006 | To Self | 2690 | - | 2690 |
November 3rd, 2006 | By Cash | - | 1500 | 4190 |
December 6th, 2006 | To Cheque | 950 | - | 3240 |
December 23rd, 2006 | By Transfer | - | 2920 | 6260 |
If he receives Rs. 198 as interest on 1st January 2007, find the rate of interest paid by the bank.
A page from the ‘Savings Bank’ account of Priyanka is given below:
Date | Particulars |
Amount (Rs.) |
Amount deposited (Rs.) |
Balance (Rs.) |
03/04/2006 | B/F | 4000.00 | ||
05/04/2006 | By cash | 2000.00 | 6000.00 | |
18/04/2006 | By cheque | 6000.00 | 12000.00 | |
25/05/2006 | By cheque | 5000.00 | 7000.00 | |
30/05/2006 | By cash | 3000.00 | 10000.00 | |
20/07/2006 | By self | 4000.00 | 6000.00 | |
10/09/2006 | By cash | 2000.00 | 8000.00 | |
19/09/2006 | To cheque | 1000.00 | 7000.00 |
If the interest earned by Priyanka for the period ending September 2006 is Rs. 175, the find the rate of interest.
A page from the savings bank account of Mrs Ravi is given below.
Date | Particulars | Withdrawal (Rs.) |
Deposit (Rs.) | Balance (Rs.) |
April 3rd 2006 | B/F | 6000 | ||
April 7th | By cash | 2300 | 8300 | |
April 15th | By cheque | 3500 | 11800 | |
May 20th | To self | 4200 | 7600 | |
June 10th | By cash | 5800 | 13400 | |
June 15th | To self | 3100 | 10300 | |
August 13th | By cheque | 1000 | 11300 | |
August 25th | To self | 7400 | 3900 | |
September 6th 2006 |
By cash | 2000 | 5900 |
She closed the account on 30th September 2006. Calculate the interest Mrs Ravi earned
at the end of 30th September 2006 at 4.5% per annum interest. Hence, find the
amount she receives on closing the account.