Banking is an industry that handles cash, credit, and other financial transactions.

Banks provide a safe place to store extra cash and credit. They offer savings
accounts, certificates of deposit, and checking accounts. Banks use
these deposits to make loans. These loans include home mortgages, business
loans, and car loans.

Banking is one of the key drivers of the U.S. economy. Why? It provides
the liquidity needed for families and businesses to invest for the future. Bank
loans and credit mean families don't have to save up before going to college or
buying a house. Companies use loans to start hiring immediately to build for
future demand and expansion.

How It Works

Banks are a safe place to deposit excess cash. The Federal Deposit Insurance
Corporation (FDIC) insures them. Banks also pay savers interest rates or a small
percent of the deposit.

1. Savings accounts
2. Checking accounts, including interest checking
3. Money market accounts
4. Certificates of deposit (CDs)
5. Retirement accounts

Savings accounts are typically the first official bank account anybody
opens. Children may open an account with a parent to begin a pattern of
saving. Teenagers open accounts to stash cash earned from a first job or
household chores. Checking accounts provide you with a basic
account to deposit checks, make withdrawals, and pay bills. A money
market account earns more interest than either a savings or checking
account but combines features of both. For those who tend to carry higher
balances in checking accounts, these can be a great option to park cash.
A CD account usually allows you to earn more than any of the accounts
listed above. Retirement Accounts
Retirement accounts offer tax advantages. In very general terms, you get
to avoid paying income tax on interest you earn from a savings account or CD
each year.

Bank Loan
The extension of money from a bank to another party with the agreement that the money will be repaid.
Nearly allbank loans are made at interest, meaning borrowers pay a certain percentage of the principal
amount to thelender as compensation for borrowing. Most loans also have a maturity
date, by which time the borrower musthave repaid the loan. A bank loan occasionally is called a bank adv
ance.

Documents required for personal loan(our wish loan).

1. Photo Identity Proof

2. Residence Address Proof
3. Residence Ownership Proof
4. Income Proof
5. Job Continuity Proof
6. Bank Statement
7. Investment Proof
8. 1 passport size color photograph

Here is the list of common documents that should be submitted irrespective of which bank
you are applying and where you are located.

1. Complete loan application form with one passport size photograph.

2. Valid Proof of Applicant's Identity: Voter ID Card/Passport/PAN Card/Driving
License
3. Proof of Residence: Ration Card/Passport/Utility Bill
4. Proof of Age: Voter ID Card/Passport/PAN Card/Driving License
5. Financial Documents:

a. Salaried Individuals: Latest 3 month's Salary Slips and Form 16, Bank
Statements of 6 months

b. Self Employed Individuals: Latest 1 year bank statement for both savings and
current account
nk Tenure Interest Rate

is Bank 6 months to 8 months 29 days 6.75%

tak Mahindra Bank 180 days to 269 days 7.00%

te Bank Of India 180 days to 210 days 6.35%

ICI Bank 61 days to 184 days 6.25%

DFC Bank 46 days to 6 months 6.25%

nk of Baroda 91 days to 180 days 5.75%

FC Bank 91 days to 180 days 6.75%