Survey Bank and Collect Information on Banking Services

One project work for most Class X students is to survey different banks and collect to information on the various types of bank accounts, loans, and rate of interests.

Q. Carry out a survey of 3 banks and collect information on the different types of bank accounts, and the rate of interest offered for various loans like home loan, education loan, car loan and the interest offered for savings and recurring scheme.

Answer:

Banks considered: HDFC Bank, ICICI Bank, SBI Bank

Bank Accounts available at HDFC Bank

• Savings Account: Regular Savings Account for day-to-day banking needs with the facility to issue cheques. There are further variations of this type of account such as:
  Women Savings Account with special loan offers and insurance benefits
  Senior Citizens Account with preferential rates on Fixed Deposits, and special health & insurance benefits.
  Kids Advantage Account for children with the aim of teaching them money management skills
  Institutional Savings Account for Trusts, Societies, Associations, Clubs, NGOs, etc.
• Salary Account: This is a type of savings account and a special arrangement between a company and HDFC, where all the employees of the company open their salary account in HDFC.
• Current Account: Current Account is suited for those who do regular transactions, such as businessmen, professionals, proprietors, etc. There is no limit on the number of transactions that can be made in a day.

Bank Accounts available at ICICI Bank

• Savings Account: Regular Savings Account for day-to-day banking needs, allows the holder to deposit money as is convenient, and provides the facility of issuing cheques. More types of savings account in ICICI:
  Women Savings Account with special loan offers and insurance benefits
  Senior Citizens Account with preferential rates on Fixed Deposits, and special health & insurance benefits.
  Young Stars Account for children above 10 years old
  Privilege Account: For those who maintain higher balance in the account.

• Current Account: Current Account is suited for those who do regular transactions, such as businessmen, proprietors, etc. There is no limit on the number of transactions that can be made in a day.
• Salary Account: All the employees have their salary account in the same bank so that salaries can be easily credited.

Bank Accounts available at SBI Bank

In addition to the regular Savings Account, Savings account for women and kids, Salary Account, Current Account, SBI Bank offers a few more types of accounts, such as Rural Account which is a basic savings account for farmers (a zero balance account).

Interest offered for savings and recurring scheme

• HDFC Savings: 4.00%
• HDFC Recurring: 6.25%-7.25%
• ICICI Savings: 4.00%
• ICICI Recurring: 6.25%-7.25%
• SBI Savings: 2.75%
• SBI Recurring: 6.70% -6.85%

Rate of interest offered for various loans

HDFC Home loan: 6.95% – 7.50% (Floating Rate)
HDFC Car loan: 8.80% – 10.00%
HDFC Education loan: 9.55% – 13.25%

ICICI Home loan: 8.65% – 10.35% (Floating Rate)
ICICI Car loan: 8.30% – 13%
ICICI Education loan: Starting at 11.75%

SBI Home loan: 6.95% – 7.50% (Floating Rate)
SBI Car loan: 8.00% onwards
SBI Education loan: 7.97% – 10.05%

Types of Bank Accounts available in most banks

• Savings Account: These are regular Savings Account for day-to-day banking needs, allows the holder to deposit money as is convenient, and offers the facility to issue cheques. There are further variations of this type of account such as:
• Women Savings Account with special loan offers and insurance benefits
• Senior Citizens Account with preferential rates on Fixed Deposits, and special health & insurance benefits.
• Kids Advantage Account for children with the aim of teaching them money management skills
• Privilege Account: For those who maintain higher balance in the account.
• Institutional Savings Account for Trusts, Societies, Associations, Clubs, NGOs, etc.
• Salary Account: This is a type of savings account and a special arrangement between a company and the bank, where all the employees of the company open their salary account in HDFC. All the employees have their salary account in the same bank so that salaries can be easily credited.
• Current Account: Current Account is suited for those who do regular transactions, such as businessmen, professionals, proprietors, etc. There is no limit on the number of transactions that can be made in a day.

Types of Loans offered by most banks

• Home loan for purchasing residential properties.
• Commercial loans for buying shops and offices
• Car loan for purchasing vehicles
• Education loan for funding higher education.
• Personal loans: Loans to help people deal with emergencies or short-term expenses such as renovation or holidays.