List of Banks in
List of Banks in India |
International Banks |
IFS Codes |
India is home to biggest number of financial institutions and it is estimated about over 130 different banks and more than 50'000 bank branches in India.
A bank is a financial institution where you can deposit your money. Banks provide a system for easily transferring money from one person or business to another. Using banks and the many services they offer saves us an incredible amount of time, and ensures that our funds "pass hands" in a legal and structured manner.
In addition to providing a safe place for your money, banks also loan money to businesses and consumers. A large portion of a bank's business is lending. How do banks get the money they loan? The money comes from depositors like you. Banks use these deposits to make loans. Every fee you pay to your bank enables them to reinvest in themselves, giving them more money to loan to you, for another fee, of course.
Banks are in business to make a profit. Their profit generally comes from the difference in interest paid to depositors and the interest earned on loans. Making loans helps banks make money, and offering checking accounts is a way to attract deposits, which banks turn into profitable loans.
Banks cannot legally loan all of their deposited money all at once. The Reserve Bank, which is part of the Federal Reserve System, requires that banks must keep a certain percentage of their deposits in reserve at all times, assuring you, the customer, can withdraw your money when you need to.
Other Services Offered by Banks
…and many other investment services.
Today you can bank by phone, use Automated
Teller Machines (ATM's) or log onto your bank's Internet site to handle
most of your transactions in a secured environment, conveniently and
safely. There are hundreds of banks, thrifts, and credit unions from
which you can choose. As a result, there is increased competition for
your business. This can be translated into great news for you! You have
a wide array of products and institutions to choose from and can expect
better fees for better services.
( Courtesy: Reserve Bank )
Note: Never login to your bank website through a link in an email, even if the email appears to have come from your bank. Type the web address in yourself.