Prior to independence, an organised Indian banking system practically did not exist. Poor and meek people of Indian villages were always vulnerable to the foxy and unscrupulous elements who robbed them of their meagre savings. Post independence, India started establishing its foothold in the banking systems. Gradually, it developed an extensive financial structure with the help of highly proficient scholars and well-read leaders of India.
Till the time Mr. Rajiv Gandhi presided over the Prime Ministerial position, we were constantly ascending the scale of progress in the banking sector. However, the sudden unfortunate assassination of Mr. Gandhi, led to a downfall or rather a major collapse of the Indian banking framework. The burden of the debt due to heavy loan repayment to the World Bank made the whole country start losing hopes for a daybreak. During such hardships, Mr. Narasimha Rao, emerged as a saviour and made endeavours for taking the economy ashore. Since then, the Indian Banking system has been scaling new heights. Now there is no turning back.
The Indian banks offer a number of account types for people from all walks of life. The saving accounts are for those who want to accumulate their funds with a view to keep them safe and also to earn an income in the form of interest. They are the most common form of accounts and give complete freedom to the customer to deposit, withdraw and transfer the money.
The current accounts, on the other hand, are opened to facilitate frequent transactions. They are formulated keeping in view the manner of working of the private firms and enterprises. The corporate houses perform transactions almost everyday. The best method of carrying out the transactions is through the current accounts. Earning interest is generally not the motto behind opening a current account.
Fixed deposits allow the customers to deposit a lump sum amount for a specific period, say for e.g. 10 years. This brings higher interest earnings for the customer. Precisely, such accounts can be defined as investments for future. A fixed deposit is the most common saving scheme for an average investor.
Any public enterprise which carry out frequent and heavy transactions on daily basis is viable to open a current account. However, there are certain other cases where a current account is permitted, like Hindu undivided family, two or more individuals in their joint names, trusts, local authorities, sole proprietorship concerns, government and semi government bodies etc.
The banks in India are now highly mechanised with a array of highly qualified 'eager to help' staff. You can get instant assistance from the 24 x 7 customer care centres where any query about your account details are attended to. Almost every bank which provides phone banking services, provide the user with a PIN number and a phone banking code, so that no one else but the customer himself can get the details of his account.
Nowadays, the customers are reaping ceaseless benefits from the Internet banking services. This system omit the need of visiting the bank branch as it brings the convenience of banking to your home through the Internet. Like in the case of phone banking, even availing the facility of Internet banking needs a password, which is given to the customer when he signs up with the bank.
The facilities of saving accounts as well as the others are boundless. One not only gets a perfect locker for his money but also watches it growing steadily. The deposited money keeps on adding more to itself. The banking system in India is developing with high pace. No doubt, the foreign traders and investors are looking in this direction to make India their next financial hub.
