Showing posts with label banking. Show all posts
Showing posts with label banking. Show all posts

Tuesday, February 6, 2018

What is a Bank Account?

A registered profile for services in a bank is called a bank account. Banks are financial institutions which provide the services of bank accounts to individuals who should want to have them. Bank accounts are profiles of the services the bank has, to offer the customers of the bank with.

A picture representing a bank account.
A picture representing a bank account.

Types of Bank Accounts

There are various types of bank accounts. Some of the types of bank accounts are mentioned in the below points:
Recurring Deposit Account - the type of bank account in which an amount of money is required to be deposited at regular periods of time is called a recurring deposit bank account. 
Saving Bank Account - the type of bank account in which any amount of money can be put in, to be saved is called a savings bank account. 
Corporate Bank Account - the type of bank account which is setup by companies, and used by their employees to receive their salary from companies is called a corporate bank account. 
Non-Resident Bank Account - the type of bank account which is required by non-resident individuals of a country to deposit money is called a non-resident bank account. 
Investment Bank Account - the type of bank account which is used to invest in the trade market is called an investment bank account.

Features of Bank Accounts

Bank accounts provide many features to registered users at banks. Some of the features of bank accounts are mentioned in the below points:
  • Bank accounts help individuals save their money.
  • Bank accounts help invest money over periods of time.
  • Bank accounts provide account holders with a fee for depositing their money in the bank, this fee is called interest.

Benefits of Bank Accounts

Bank accounts give more money to individuals who save their money in banks. Some of the benefits of bank accounts are mentioned in the below points:
  • Bank accounts help you save money with a gain.
  • Bank accounts help transfer money anywhere in the world, securely.
  • Bank accounts provide an easy system that anyone can become a part of.

Doubts of Bank Accounts

There are some doubts of opening bank accounts. Some of the doubts of bank accounts are mentioned in the below points:
  • Bank accounts may not be available in some areas.
  • Bank accounts can only be operated using some types of methods.
  • Opening bank accounts to save very small amounts of money is not advisable.

Starting Bank Accounts

Bank accounts can be started by investing an amount of money in a bank in your area. One would need to provide certain, valid documents to identify the person as a citizen, and a small amount of money as an investment into the bank account. There are different types of bank accounts which address the needs of individuals in different situations. What types of bank accounts are you familiar with?

Related Links About Bank Accounts

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Monday, February 5, 2018

What is Insurance?

Insurance is a type of scheme which aims to protect individuals or property from financial losses. The most popular form of insurance is life insurance, which everyone is aware of. There are other types of insurance which protect properties, investments, and individuals when unexpected situations may occur.

A picture of insurance.
A picture of insurance.

Features of Insurance

Insurance pre-determines the amount one would lose in unexpected situations and prepares them for such situations. Some of the features of insurance are written in the below points:
  • Having insurance helps recover after an unexpected situation.
  • Insurance cannot help people during good times, within the insurance period.
  • Insurance requires a regular supply of money to be deposited with the insurance company.

Benefits of Insurance

Insurance helps people recover after experiencing from situations which they are insured against, using their insurance policy. Some of the benefits of insurance are written in the below points:
  • Insurance requires an appreciating premium of money.
  • Insurance provides a source of nearly limitless relief after a given situation.
  • Insurance is like investing in mutual funds, except it is without the risk, as you get it back when the policy ends.

Doubts of Insurance

Having insurance presents some doubts. Some of the doubts of insurance are written in the below points:
  • Insurance may only take care of some types of risks.
  • Life insurance only works after the death of an individual.
  • Insurance only helps after a situation has happened, while it doesn't help prevent it from happening.

Buying Insurance

Insurance can be purchased, subscribed, or financed from the nearest insurance company in your area. Be it cars, houses, people, or property, having insurance can provide you with money you need to recover after a natural calamity, accident or worse. There are different types of insurance available in the world today. Which types of insurance are you familiar with?

Related Links About Insurance

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Sunday, February 4, 2018

What is Saving Money?

People save money by keeping some amount of money aside. When individuals earn money, they may choose to spend or save the money they've earned. There are different ways in which money can be saved in the world of today. Saving money helps individuals prepare for unexpected situations which may arise in the future.

A picture of saving money.
A picture of saving money.

Features of Saving Money

Saving money can be done in many ways. Some of the features of saving money are listed in the below points:
  • Saving money helps increase the amount of credit you can spend.
  • Saving more money qualifies individuals for higher interest rates in banks and finance establishments.
  • Saving money increases bank balance and this helps prepare for unexpected or expected situations, which may arise, in the future.

Benefits of Saving Money

Saving money has various benefits to offer individuals. Some of the benefits of saving money are listed in the below points:
  • Saving money helps prepare for the future.
  • Saving money could help grow investments for life.
  • Saving money can provide emergency funding, when the need arises.

Doubts of Saving Money

There are some doubts when it comes to saving money. Some of the doubts of saving money are listed in the below points:
  • Saving money would take individuals a long time to get more.
  • Saving money in some ways may not the best way to save money.
  • Saving money may not be beneficial, without a well-defined purpose to save money.

Saving Money Today

There are many ways in which individuals can save money today. Banks, financial institutions, government schemes and private sector investments are popular ways to save money with great return of investment. Everyone, these days, saves their money in popular mechanisms which give them back more money for their use. Which types of money saving methods have you used before?

Related Links About Saving Money

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