VARIOUS TYPES OF BANKS ACCOUNTS

AND RATES OF INTEREST OFFERED

 INDEX
oCERTIFICATE. oPLANNING A HOME BUDGET
oACKNOWLEDGEMENT ØINTRODUCTION
oSTUDY OF VARIOUS TYPES OF BANK ØTYPES OF BUDGET
Ø ACCOUNTS AND RATE OF INTEREST ØPERSONAL BUDGET
OFFERED
ØHOME BUDGET FOR GUPTA FAMILY
Ø INTRODUCTION
ØFOR THE MONTH OF JANUARY
Ø TYPES OF BANK ACCOUNTS
ØGRAPHS
Ø FORMULAE
oCONCLUSION
ØRATES OF INTEREST OFFERED
oBIBLIOGRAPHY
CERTIFICATE
ACKNOWLEDGEMENT
 INTRODUCTION
A Bank may be defined as a company which collects money from the public in the
form of deposits and lends the same to borrowers. It is an institution that provides
facilities for safe keeping, lending and transfer of money.
According to Crowther,
“The banker’s business is to take the debts of other people to offer his own in
exchange and thereby create money.”
According to R.P. Kent,
“An organisation whose principal operations are concerned with the accumulation of
the temporarily idle money of the general public for the purpose of advancing to
others for expenditure.”
 TYPES OF BANK ACCOUNTS
oSaving Account: - A savings account is an
interest-bearing deposit account held at a
bank or another financial institution that
provides a modest interest rate.
oCurrent Account: - Current account is opened
by businessmen who have a higher number of
transactions with the bank . It includes
deposits, withdrawals and contra
transactions. Current account can be opened
in co- operative bank and commercial bank.
oRecurring Deposit Account: - In recurring
deposit account, a certain fixed amount is
accepted every month for a specified period
and the total amount is repaid with interest
at the end of the particular fixed period.
oFixed Deposit Account: - The account which is
opened for a particular fixed period (time)
by depositing particular amount (money) is
known as Fixed (term) Deposit Account. It
means that the deposit is fixed and is
repayable only after a specific period is
over.
 FORMULAE
The interest on the recurring deposit account can be calculated by using the formula:
I = P* n(n+1) / 2*12 * r/ 100
Where I is the (simple) interest, P is the money deposited per month, n is the number
of months for which the money has been deposited and r is the (simple) interest rate
percent per annum.
The maturity value on a recurring deposit account can be calculated by using the
formula:
MV = P*N + I
Where MV is the maturity value, P is the money deposited per month, n is the number
of months for which the money has been deposited and I is the simple interest.
RATES OF INTEREST OFFERED
PLANNING
A HOME
BUDGET
 INTRODUCTION
A budget is an estimation of revenue and expenses
over a specified future period of time; it is compiled
and re- evaluated on a periodic basis. Budgets can be
made for a person, a family, a group of people, a
business, a government, a country, a multinational
organization or just about anything else that makes
and spends money. At companies and organizations, a
budget is an internal tool used by management and is
often not required for reporting by external parties.
 TYPES OF BUDGET
oSales budget: A sales budget estimates
the sales in units as well as the estimated
earnings from these sales . Budgeting is
important for any business. Without a
budget companies can’t track process or
improve performance.
o Production budget: A production
budget is a financial plan that lists the
number of units to be manufactured
during a period . In other words, this is a
report that estimates the number of units
that a plant will produce from period to
period .
oRevenue budget: Revenue budget
consists of revenue receipts of
government and the expenditure met
from these revenues. Tax revenues are
made up of taxes and other duties that
the government levies.
oCapital budget: Capital budget is used
to determine whether an organization’s
long term investments such as new
machinery, replacement machinery, new
plants, new products, and research
development projects are worth
pursuing.
 PERSONAL BUDGET
A personal budget or home budget is a finance plan that
allocates future personal income towards expenses, savings
and debt repayment. Past spending and personal debt
are considered when creating a personal budget. There
are several methods and tools available for creating, using
and adjusting a personal budget. For example, jobs are
an income source, while bills and rent payments are
expenses.
 HOME BUDGET FOR GUPTA FAMILY
Family’s name : Gupta’s
No. of Family members : 4
No. of earning members : 1
Maid : 1 (part–time)
No. of children studying : 2
No. of mobile phones : 3
No. of Vehicles : 2 ( 1 four wheeler , 1 two wheeler )
House owned
Designation of earning members : Father: Businessman
 FOR THE MONTH OF JANUARY
Category Amount Category Amount
Total income 70000
Taxes
BAR GRAPH
 CONCLUSION
By doing this project I got information on “Various types of
bank accounts and rate of interest offered” and “planning
a home budget”. I got information about types of bank
accounts, formula to calculate rate of interest, types of
budget, what is personal budget, etc.
 BIBLIOGRAPHY
I visited on:
www.meritnation.com
www.wikipiedia.com
www.scribed.com
and taken information from various books.