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Banks: An organization, usually a corporation, chartered by a state or federal government, which does most or all of the following: receives

demand deposits and time deposits, honors instruments drawn on them, and pays interest on them; discounts notes, makes loans, and invests in securities; collects checks, drafts, and notes; certifies depositor's checks; and issues drafts and cashier's checks. A cheque is a written instruction you give to your banker to make payment by debit to your account on demand. Types of Cheque Broadly speaking, cheques are of four types. a) Open cheque, and b) Crossed cheque. c) Bearer cheque d) Order cheque a) Open cheque: A cheque is called Open when it is possible to get cash over the counter at the bank. The holder of an open cheque can do the following: i. Receive its payment over the counter at the bank, ii. Deposit the cheque in his own account iii. Pass it to some one else by signing on the back of a cheque. b) Crossed cheque: Since open cheque is subject to risk of theft, it is dangerous to issue such cheques. This risk can be avoided by issuing another types of cheque called Crossed cheque. The payment of such cheque is not made over the counter at the bank. It is only credited to the bank account of the payee. A cheque can be crossed by drawing two transverse parallel lines across the cheque, with or without the writing Account payee or Not Negotiable. c) Bearer cheque: A cheque which is payable to any person who presents it for payment at the bank counter is called Bearer cheque. A bearer cheque can be transferred by mere delivery and requires no endorsement. d) Order cheque: An order cheque is one which is payable to a particular person. In such a cheque the word bearer may be cut out or cancelled and the word order may be written. The payee can transfer an order cheque to someone else by signing his or her name on the back of it. Cashers Cheque is a check guaranteed by a bank. They are usually treated as cash since most banks clear them instantly. However, banks are

permitted to take back money from a "cleared" check one or two weeks later if subsequent processing finds it to be fraudulent. A money order is a payment order for a pre-specified amount of money. Because it is required that the funds be prepaid for the amount shown on it, it is a more trusted method of payment than a personal check. Merchants welcome the extra security of a pre-paid money order instead of a personal check, which can bounce A certified check is a form of check for which the bank verifies that sufficient funds exist in the account to cover the check, and so certifies, at the time the check is written. Those funds are then set aside in the bank's internal account until the check is cashed or returned by the payee. Thus, a certified check cannot "bounce", and, in this manner, its liquidity is similar to cash traveler's cheque : is a preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege. As traveler's cheques can usually be replaced if lost or stolen (if the owner still has the receipt issued with the purchase of the cheques showing the serial numbers allocated), they are often used by people on vacation in place of cash A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. A debit card (also known as a bank card or check card) is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic cheque, as the funds are withdrawn directly from either the bank account, or from the remaining balance on the card. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card Demand Draft: The Demand Draft is a device used to transfer payments from one bank account to another. Like a cheque, a Demand Draft also is a negotiable instrument. This instrument is used by most banks in India for the effective money transfer. Demand drafts are comparatively a more secure method than cashing cheques, and hence its popularity among customers. A Demand Draft is different from a normal cheque. The major difference is that a Demand Draft does not require a signature for it to be cashed. A demand draft is also known as a remotely created cheque.

A cheque is a document/instrument (usually a piece of paper)[nb 1] that orders a payment of money from a bank account. The person writing the cheque, the drawer, usually has a current account (British), or checking account where their money was previously deposited. The drawer writes the various details including the money amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated. Technically, a cheque is a negotiable instrument[nb 2] instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer's name with that institution. Both the drawer and payee may be natural persons or legal entities. Diffrences between a cheque and demand draft Cheque has been defined in Negotiable Instruments Act 1881 section 6. A cheque is a bill of exchange drawn on a specified bank and not expressed to be payable otherwise than on demand. A demand draft has been defined by Negotiable Instruments Act 1881 in section 85. A demand draft is an order to pay money drawn by one office of a bank upon another office of the same bank bank for a sum of money payable to order on demand. Following are some more differences: 1. 2. 3. 4. A cheque can be made payable to bearer but a Demand Draft cannot. A demand draft can be cleared in a specified branch of the issuer bank A cheque can get dishonored but Demand draft is always honored. An issuer party of the cheque is liable to the cheque and not backed by a Bank Guarantee, A demand draft is backed by a bank guarantee

Internet Banking The necessary things that a person needs for using online banking are, an active bank account with balance in it for transactions, debit or a credit card number, customer's user ID, bank account number, the Internet banking PIN number, and a PC with access to the web. People using Internet banking are certainly benefited by the online services their respective banks are providing them with. The primary reason why it is so famous and mostly used is that, customers are allowed to bank at nonworking hours. The common features fall broadly into several categories Transactional (e.g., performing a financial transaction such as an account to account transfer, paying a bill, wire transfer, apply for a loan, new account, etc.)

Payments to third parties, including bill payments and telegraphic/wire transfers Funds transfers between a customer's own transactional account and savings accounts Investment purchase or sale Loan applications and transactions, such as repayments of enrollments Non-transactional (e.g., online statements, cheque links, cobrowsing, chat) Viewing recent transactions Downloading bank statements, for example in PDF format Viewing images of paid cheques

Remittance Transfer of funds, usually from a buyer to a distant seller, instrument of transfer (such as a check or draft), or funds so transferred. Overdraft Loan arrangement under which a bank extends credit up to a maximum amount (called overdraft limit) against which a current (checking) account customer can write checks or make withdrawals. The most common form of business borrowing, an overdraft is a type of revolving loan where deposits (credits) are available for re-borrowing, and interest is charged only on the daily overdraft (debit) balance. It is, however, also a demand loan: the facility can be cancelled (and entire outstanding amount 'called') at any time by the lender at its discretion, without any warning notice or explanation. If the overdraft is secured by an asset or property, the lender has the right to foreclose on the collateral in case the account holder does not pay. If there is a prior agreement with the account provider for an overdraft protection plan, and the amount overdrawn is within this authorised overdraft limit, then interest is normally charged at the agreed rate. If the balance exceeds the agreed terms, then fees may be charged and higher interest rate might apply. Wire transfer or credit transfer is a method of transferring money from one person or institution (entity) to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. Different types of acounts in a bank: CURRENT DEPOSITS /ACCOUNTS: These accounts are used mainly by businessmen and are not generally used for the purpose of investment. These deposits are the most liquid deposits and there are no limits for number of transactions or the amount of transactions in a day. Most of the current account are firm / company

accounts. Cheque book facility is provided and the account holder can deposit all types of the cheques and drafts in their name or endorsed in their favour by third parties. No interest is paid by banks on these accounts. On the other hand, banks charge service charges, on such accounts. SAVING DEPOSITS / ACCOUNTS These deposits / accounts are one of the most popular deposits for individual accounts. These accounts not only provide cheque facility but also have lot of flexibility for deposits and withdrawal of funds from the account. Most of the banks have rules for the maximum number of withdrawals in a period and the maximum amount of withdrawal, but hardly any bank enforces these. However, banks have every right to enforce such restrictions if it is felt that the account is being misused as a current account. The interest on these accounts at present is regulated by Reserve Bank of India. Banks in India at present offer 3.50% p.a. interest rate on such deposits. RECURRING DEPOSITS / ACCOUNTS These kind of deposits are most suitable for people who do not have lump sum amount of savings, but are ready to save a small amount every month. Normally, such deposits earn interest on the amount already deposited (through monthly installments) at the same rates as are applicable for Fixed Deposits / Term Deposits. These are best if you wish to create a fund for your child's education or marriage of your daughter or buy a car without loans. Under these type of deposits, the person has to usually deposit a fixed amount of money every month (usually a minimum of Rs,100/- p.m.). Any default in payment within the month attracts a small penalty. However, some Banks besides offering a fixed installment RD, have also introduced a flexible / variable RD. Under these flexible RDs the person is allowed to deposit even higher amount of installments, with an upper limit fixed for the same e.g. 10 times of the minimum amount agreed upon. Such accounts are normally allowed for maturities ranging from 6 months to 120 months. A Pass book issued where the person can get the entries for all the deposits made by him / her and the interest earned. Premature withdrawal of accumulated amount permitted is usually allowed (however, penality may be imposed for early withdrawals). These accounts can be opened in single or joint names. Nomination facility is also available. FIXED DEPOSIT ACCOUNTS / TERM DEPOSITS

All Banks offer fixed deposits schemes with a wide range of tenures for periods from 7 days to 10 years. The term "fixed" in Fixed Deposits (FD) denotes the period of maturity or tenor. Therefore, the depositors are supposed to continue such Fixed Deposits for the length of time for which the depositor decides to keep the money with the bank. However, in case of need, the depositor can ask for closing (or breaking) the fixed deposit prematurely by paying paying a penalty (usually of 1%, but some banks even do not charge any penalty). (Soon some banks have even introduced variable interest fixed deposits. The rate of interest in such deposits will keep on varying with the prevalent market rates i.e. it will go up if market interest rates goes and it will come down if the market rates fall). The rate of interest for Fixed Deposits differs from bank to bank (unlike previously when the same were regulated by RBI and all banks used to have the same interest rate structure. The present trends indicate that private sector and foreign banks offer higher rate of interest. The rate of interest for Fixed Deposits differs from bank to bank (unlike previously when the same were regulated by RBI and all banks used to have the same interest rate structure. The present trends indicate that private sector and foreign banks offer higher rate of interest. Usually a bank FD is paid in lump sum on the date of maturity. However, some banks have facility to pay interest at the end of every quarter. If one desires to get interest paid every month, then the interest paid will be at a discounted rate. The Interest payable on Fixed Deposit can also be transferred to Savings Bank or Current Account of the customer

How may numbers are there on Credit cards: 16 Numbers Forieign Banks operating in india: RBS(Royal Bank Of Scotland), HSBC (Honkong Schangai Banking Coprporation), Standard Chartered Bank, Barclays Bank, Citi Bank, ABN Amro Bank. Public Sector Banks in India: Andhra Bank, State Bank Of India, Bank of Baroda, Union Bank of India, Vijaya Bank, Indian Overseas Bank. Private Sector Banks in India: ICICI Bank, HDFC Bank, Indusland Bank, ING Vysya Bank, Bank Of Punjab, Bank of Rajasthan, Axis Bank

Governor Of RBI: DR.D.Subba Rao Foriegn Curriencies : US $, Singapore $, Aus $, SLR(Sri Lankan Rupee) , Japnese Yen, PKR (Pakistan Rupee),Swiss Frank Finance Minister Pranab Mukherjee RBI governs the functioning of the Banks in India SEBI governs the functioning of the stock markets in India Two companies that became bankrupt during recession Lehman Brothers and Morgan Stanley What do you know about Bank of America or Why do you want to join Bank Of America: Bank of America Corporation :is a financial services company, the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500.. The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth manager and a major player in the investment banking industry.. As of 2010, Bank of America is the fifth largest company in the United States by total revenue,as well as the second largest nonoil company in the US (Behind Walmart). In 2010, Forbes listed Bank of America as the third largest company in the world. The company holds 12.2% of all U.S. deposits, as of August 2009, and is one of the Big Four Banks of the United States, along with Citigroup, JP Morgan Chase and Wells Fargo its main competitors. On January 11, 2008, Bank of America announced they would buy Countrywide Financial for $4.1 billion. On September 14, 2008, Bank of America announced its intentions to purchase Merrill Lynch & Co., Inc. in an all-stock deal worth approximately $50 billion. BA Continuum Solutions Private Limited is a non bank subsidiary of Bank of America, set up under Bank of America's Global Delivery Center of Expertise. Operating" out of 3 locations in India, BA Continuum Solutions provides Business Processing solutions exclusively to Bank of America across a number of Lines of Business ranging from Consumer and Small Business Banking, Global Investment Banking, Cards Services, Global Wealth and Investment Management.