Banking services in India have undergone a remarkable change from the time when India became an Independent union of states. The credit of this change goes to the governments policies. It is because each government in India laid major impetus on the concept of banking in India. Due to these all consistent and serious efforts, Banking played an important role in the welfare of the entire economy. Also due to these ground breaking policies, the role of national banks also strengthened. Not only that various international banks and the private sector made their way into the market of India. It is only because of this that today both the nationalised and the private sector banks are playing a vital role in the Indian economy.
One of the most important functional aspect of banking field is the current bank account. Current bank accounts are specially meant for the likes of business men, top industrialists and the entrepreneurs. These are the special kinds of bank accounts where there is no limit on the number of transactions. Hence, any person who own this type of account can deposit as well as withdraw the money for any number of time. But in return of this extraordinary facility, the account holder will have to pay a certain amount to the banking authorities. This account works on the lines of the normal account. the only thing that is unique about these account is that since this account is meant for withdrawing money at a very short notice, therefore it also presents the feature of over drawing the amount. Yes, but on this overdrawn amount, the account holder will have to pay a certain rate of interest that is determined by the bank authorities, due to which it may vary from bank to bank.
However, till few years back the current account interest rate used to be on the higher side, but as the intensity of competition among the private as well as the nationalised banks attained new heights, it is the customer that was on the receiving end of all kinds of benefits. Also owing to the competition the current account interest rate have dipped to a very low level. There are various banks in India that are offering current accounts interest rate at a very reasonable level. Which is why more and more corporate people are now opting for it.
On the other hand saving accounts in banks, are the most trusted and the most reliable version that is being used by the Indian people for past many years. Saving accounts are the accounts in which people invest their hard earned money. It is the most effective means of investing the money. It is because the bank authorities charge a certain rate of interest on the deposited money. Thus it is quite a safe technique of increasing the bank balance. It is because this method does not involves any kind of risk of any form. The rate of interest on these saving account offered by various nationalised banks as well as private sector banks are very reasonable. These reasonable rate of interest ensure the account holders of considerable returns on the amount deposited.
Thus current account interest rate that are now being offered by various banks are not only reasonable but also at the same time are proving as a helping hand to most of the businessmen. On the other hand saving accounts are still the most trusted version of investing money that is being used by the most people in India.
About The Author: For more information about high interest rate savings account and current account interest rates. Please visit our website: http://www.paisawaisa.com/
Article Source: http://EzineArticles.com/?expert=Addi_Vardhaman
Subscribe to:
Post Comments (Atom)
Posts
0 comments:
Post a Comment