Question: What Are The Two Types Of Banking?

Which documents are required for bank account?

Savings Bank Account(a) Proof of identity (any of the following with authenticated photographs thereon): (i) Passport.

(ii) Voter ID card.

(iii) PAN Card.

(iv) Govt./Defence ID card.

(b) Proof of current address (any of the following) (i) Credit Card Statement.

(ii) Salary slip.

(iii) Income/Wealth Tax Assessment Order.

(iv) Electricity Bill..

What are the two main types of banks?

Under the umbrella of banking and finance, the industry has commercial banks—which are consumer facing like Bank of America—as well as central banks—the government entities that regulate the industry and manage monetary policy.

What are the types of banking?

Types of BanksRetail Banks. The majority of people are the most familiar with retail banks, as they are aimed primarily at consumers. … Commercial Banks. Commercial banks service primarily individuals and small businesses. … Central Banks. … Cooperative or Mutual Banks. … Investment Banks. … Private Banks. … Online Banks. … Credit Unions.

What are 3 functions of a bank?

– Primary functions include accepting deposits, granting loans, advances, cash, credit, overdraft and discounting of bills. – Secondary functions include issuing letter of credit, undertaking safe custody of valuables, providing consumer finance, educational loans, etc.

What is the most common type of bank?

Some of the most common types of banks are retail bank, commercial bank and online banking.

How many types of banking systems are there?

12 TypesBanking System in India: 12 Types of Banks.

What is the two meaning of bank?

American. Noun. bank (ORGANIZATION) bank (RAISED GROUND)

How many banks failed in 2019?

Bank failures since 2009YearBank failure cost to DIFTotal number of bank failures: 5092020 (estimated)$60.9 million22019 (estimated)$36.2 million42018 (estimated)$002017 (estimated)$1.307 billion88 more rows

How many types of accounts are there?

3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.