What is Financial Literacy?
Financial Literacy refers to knowledge required for managing personal finance. When people know about the financial products available and are able to evaluate the merits and demerits of each product and suitability of the product for their specific needs, they are in a better position to decide what they want. They will also know enough to demand accountability for the deficiencies in the service and also seek redressal of grievances.
What is a Bank?
A Bank is a financial organization where people deposit their money for safety. The bank pays interest to the depositors and lends money to borrowers.
Who can open an account with the bank?
Anyone can open a bank account by visiting a nearest bank branch in their locality by filling up an account opening form.
What are the requirements for opening a bank account?
- Your recent photograph
- A copy of one or more of the following documents
- Photo Identity Card
- Ration Card
- Driving License
- PAN Card
- Telephone bill
- Electricity bill
What are the types of bank accounts available?
- Savings Bank account A common account to keep your savings. The bank pays interest on daily balance and credit the amount once in six months.
- Basic Savings Bank Deposit Account (No Frills Account)BSBD Account is a normal banking service with ‘Nil’ minimum balance and with ATM / Dr Card facility, where only four withdrawals per month,including ATM withdrawals, are allowed.
- Current accountA current account does not have any limits fixed by banks on the number of transactions permitted in the account and also do not pay any interest on the balances maintained.