Banking is a business activity of accepting and securing money owned by individuals and enterprises, which also involves transactions carried out to produce profits. It is a principal procedure which creates and controls the money supply of the country.
It not only provides liquidity needs for businesses and families to invest for the future but also makes use of its deposits to give out loans. The loan can either be short term or long term and it claims repayment in the form of installments. The bank also charges a certain amount of rate of interest on the amount sanctioned. The deposits collected from the customers can be of different types, namely savings, fixed, current and recurring deposits, respectively.
Recurring Deposit- Periodically, a certain sum of money is deposited into the bank. Along with a higher rate of interest, withdrawals are restricted to the expiry of a certain period.
Banking operations are continually evolving with the advent of technology and are inching towards better customer-vendor relationships. The deployment of newer and efficient technologies in the banking sector will also result in an increase in revenue, optimize cost structure and manage enterprise risk.
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