Understanding Banking Basics

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Definition of Banking

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A financial institution that manages money, provides loans, and offers financial services.

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Types of Banks

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Commercial, Investment, Central, Cooperative

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Central Bank Role

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Regulates money supply, controls interest rates, oversees banking system

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Interest Rate

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Percentage charged on loans or paid on deposits.

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Savings Account

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A deposit account earning interest with limited transactions.

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Checking Account

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A deposit account for daily transactions, offering no interest.

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Loan

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Borrowed money to be repaid with interest.

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Mortgage

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A loan for purchasing real estate, secured by property.

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Credit Score

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Numerical expression of creditworthiness

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Online Banking

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Managing bank accounts via the internet