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L.Srikumar Pai
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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.

  • When you deposit money in a bank, you have the comfort of knowing your money is in a safe, insured place.
  • Most people and businesses, including your employer, need to have a paper trail to document transactions. Checks are a perfect way to keep a permanent record of business activities, even when they are personal.
  • Using a personal checking account can save you time and money. Imagine how much lost time, travel expense, inconvenience, and potential aggravation you could incur every month if you had to buy money orders or, worse yet, visit all your creditors in person. The ability to simply write a check and drop it in the mail is invaluable.

    For example, every time you need cash to pay a bill, you simply write a check to your creditor. Your creditor deposits your check in their bank. Your creditor's bank processes your check through the Banking System  and the money is pulled from your checking account. Result…for very little effort on your part, your creditor gets paid.
  • The same principles apply to savings accounts. Establishing a savings account keeps your money safe while allowing easy access to it. Plus, you get the benefit of earning some interest on your balance and putting your money to work for you.

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

  • Credit Cards
  • Personal Loans
  • Home and Car Loans
  • Mutual Funds
  • Business Loans
  • Safe Deposit Boxes
  • Debit Cards
  • Trust Services
  • Signature Guarantees

…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: )

( 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.

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