Good bank minimum required bank balance in savings account is 1000 approx. Less than another banks
A bank is a financial institution that works to collect funds from the public and give loans to the public. People deposit their savings in these institutions for security or to earn interest and withdraw from time to time as needed. Banks thus earn interest by loaning the amount received from deposits to traders and businessmen. In the present era of economic planning, banks and banking system are considered to be an essential requirement for the development of agriculture, industry and trade. 4 Dush-Bank in Frankfurt, Germany 4 1970 Apart from keeping deposits and providing loans, banks also do other tasks such as keeping their jewelery valuables from people for security, collecting their checks for their customers, deducting business bills, agency work, To know in secret about the economic status of customers. Hence banks not only deal in money but also treat credit. That is why the bank is also called the creator of credit. Banks concentrate the scattered and depleted assets of the country and put them into production operations in the country, which encourages capital formation and helps in the progress of production. The definition of bank under the Indian Banking Companies Act, 1979 is given in the following words: Lending and depositing funds from the general public for appropriation and payment of that amount on demand by checks, drafts and orders is called banking business and the institution carrying out this business is called bank. It is difficult, if not impossible, for a single bank to properly finance trade, commerce, industry and agriculture. Therefore, different banks are set up for specific purposes like commercial banks, agricultural banks, industrial banks, foreign exchange banks and savings banks. To regulate and maintain mutual coordination among all these types of banks, there is a central bank which runs the banking system across the country. Many other financial activities were added over time. For example banks are important players in financial markets and are offering financial services like investment funds. Banks are the primary owners of industrial corporations in some countries (such as Germany), while banks in other countries (such as the United States) are prohibited from owning non-financial companies. In Japan the bank is commonly identified as a cross-share holding entity (zaibatsu). Most banks in France provide insurance services to their customers.
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