Paragraph on "Working in Banks"

        Banks play a very important role in the economic development of our country. We have nationalized banks, cooperative banks and foreign banks operating in India. Banks take deposits from individuals and organizations. The depositors get interest on their deposits. Banks, on the other hand, give loans to those who need money. We can get loans from Banks for the purpose of making a house, starting a business or buying a computer or any household items like a television or a refrigerator. Students can now take loans for their higher studies in India or abroad. Savings Bank account is the most popular form of account with any bank. Any individual can open a SB account with the nearest branch of any bank. Account holders are supposed to keep some minimum balance always in their account. The bank issues a cheque book and a passbook to the account holder. Individuals can make payment to any party by issuing cheques. This is a safer method of payment compared to cash. Banks give interest periodically, for the amount lying in the account. Organizations and companies have to open current account with banks. Current Accounts do not get any interest on the balance amount. However, companies can have unlimited number of transactions. Recurring account, letter of credit etc. are some other facilities that we can have from banks. Now almost all leading banks have ATM facility in cities and towns. Account holders can withdraw money from ATM counters any time from wherever the facility is available.