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Nowadays bank facilities have become the need of every person, write the working method of any two of the following facilities. (i) ATM Machine (ii) Bank lockers (iii) Fixed deposit (iv) Bank draft |
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Answer» 1. ATM: ATM is a service provided by the bank to its account holders by under which they are given a debit card. If an account holder has to withdraw money, he can withdraw it directly from ATM using the card and pin instead of going to the bank. 2. Bank Locker: Bank locker is a service provided by the bank to its account holders. If account holder wants, then bank can provide a locker in which the account holder can keep his valuable items. Bank charges annual charge and some security deposit for this service. 3. Fixed Deposit: Fixed deposit is a service provided by the bank to its account holders in which the account holder can withdraw unutilized money from the savings account and fixed deposit that money in the bank for 1-5 years. This gives him the benefit of increased interest. 4. Bank Draft: It is also a service provided by bank in which if account holder has to make any payment, then instead of paying through cheque, he can give a demand draft. Paying through demand draft ensures the guaranteed payment to the person/organization concerned. Bank takes some service chargers for it. |
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