Orange villa – I pay you money and you provide me the returns?

gausan By gausan, 6th Oct 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/1l6rjtn2/
Posted in Wikinut>Writing>Essays

Ms Lara used to hear stories from her father and he tells her each day stories which educate her with information on financial matters

Keep your deposit with bank and earn interest


Lara, the ten year old girl used to hear stories from her father each night. Normally Lara; her mother, Nancy; her younger brother, James and father, Victor used to complete their dinner by 08.00 p.m. and his father is good at telling interesting stories to Lara. However, since James is four years’ old, many times, he may not be in a position to understand the stories told by his father and his father used to tell him stories about animals, birds, creatures and insects.
Yesterday, Lara was educated about automated teller machines and how their services were utilized for the customers of banks.
As assured, Victor started telling the story about depositing money with banks for a long time.
“Banking has been defined as an institution which accepts deposits from the public for the purpose of lending and investment in securities.
For the amount accepted from the public as deposits, banks are in a position to provide the returns in the form of interest. Similarly, they collect interest for the amount lent by them to the customers by means of different categories of loans.
When it comes to accepting the deposits from the public, the deposits can be classified into demand deposits and term deposits. In the case of demand deposits, the customers can deposit at any time and withdraw the amount at any time and there are no restrictions for such activities and some banks collect service charges for withdrawal operations over and above the permitted limits.
When it comes to term deposits, the deposits are accepted as fixed deposits and recurring deposits. In the case of fixed deposits, the customer has to deposit a fixed amount for a fixed period. In India, such deposits are accepted for the period ranging from 7 days to ten years. Interest is paid depending upon the period of the deposit. The customer gets interest on the deposit on quarterly basis, whereas he is paid the principal amount on maturity of the deposit. Sometimes, the customer may prefer to collect interest on maturity of the deposit and in such cases, he is paid additional interest apart from normal interest since banks are enjoying the interest amount which has not been paid to the customer.
In the case of recurring deposit, the customer regularly remits a fixed amount on monthly or quarterly basis for a definite period and similar to fixed deposit, he is earning interest depending upon the period of deposit. People who are willing to save on a regular basis can chose recurring deposit and they can use the maturity amount for several purposes namely; education, hospitalization, house construction, vehicle purchase etc.,”
Lara: “Thank you dad. Nowadays, I am keeping a diary and I am in the habit of noting down the valuable points narrated by you each night about the banking habits and I shall utilize the information in future. Please tell me about cheques tomorrow. Good night.”

Tags

Money, Money Management, Money Saving Tips

Meet the author

author avatar gausan
Retired Senior Manager from a nationalised bank in India. I am a trainer and freelance writer and I write articles on banking, economics, health etc. I am available at gausan51@gmail.com

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Comments

author avatar SherryeB
26th Oct 2015 (#)

Well written and informative article. I think all people including children could glean valuable information from this article.

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author avatar gausan
26th Oct 2015 (#)

Thank you Ms SherryB for your nice comments

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28th Sep 2017 (#)

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