Banking is becoming a necessity in this growing world. Banking is being added to the daily checklist of almost every person. Banking has grown so much rapidly at the national and international levels. A large business is completely dependent on banks. They can’t think of their business without banking. From starting their business to running it successfully bank helps them a lot. Bank has become the backbone of the market.
Basics about Banking
While doing any job one should be aware of it, and the same applies to bank one should know about banking and its rules and regulations. Some of the banking basic accounts are:
- Saving Account: As it was very much clear from its name, a saving account is made to save your money. This is a better way of saving money than saving it at your home. This is much safer and beneficial as well. According to the interest rates you can earn money from the money kept in your savings account. You will get interested in your money and this how money helps in earning more money.
- Money Market Account: Money market account is similar to saving account, but here the interest rates fluctuate according to the market conditions. You may earn higher if the rates are increased or you have to face the loss if the market goes down.
- Individual Retirement Account: As it is also clear from its name retirement. This is an account that will help you after your retirement. The amount you save now will help you after your retirement with good interest rates.
- Certificate Of Deposit: Many different certificates of deposits give much higher interest rates. There is a certificate in which all the details are mentioned like how much time your money is there at what interest rate and the amount and all your information. In this scheme, money is locked for a certain period but gives you much higher interest rates.
These were some of the banking basics. These were some of the accounts a banker should be aware of banking as it will be helpful for them as well.