a) The Reserve Bank of India (RBI) is the central bank of India. It is the apex bank that supervises the monetary and banking system of India. It is responsible for maintaining the economic stability of the country. It prints notes and lays down rules and regulations for commercial banks.

b) Overdraft facility is given to current account holders. It is a temporary arrangement whereby a customer is allowed to withdraw amount more than that prevailing in his/her account. For the overdraft facility, the bank charges interest on the amount overdrawn.

c) Savings accounts are basically meant for people who have fixed incomes (like salaried people). This type of account encourages the habit of saving among people.

d) An automatic teller machine (ATM) is an electronic machine that offers convenience to customers, as they can deposit or withdraw money from their accounts anytime without having the need to visit the branch of the bank. ATMs provides 24×7 service facility.

e) A fixed deposit account is an account in which deposits are kept for a fixed period of time. Also, deposits cannot be withdrawn from this account before maturity. More the time period, greater is the interest rate earned. The rate of interest is decided by the RBI.