Definition
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The relation between bankers & clients is created through which account is called bank account. If any individual wants to deposit his accumulated money in bank, he is to open a bank account with his name that hold a particular number which is his identity to bank and his deposited amounts are added to balance or withdrawal amount are deducted from his balance. In this way the money of a client are to be deposited or withdrawal with the help of which account is called bank account. Moreover, a contract between banker & client is implemented through a bank account.
"Bank account is an account maintained by a bank in which a deposits a depositors money is kept". (Oxford Dictionary of Business)
"Bank account is a contractual agreement between a bank and its customers allowing the customer to use bank services for a fee". (Lewis E Devids)
After analysing the above definition the follows are pointed out
* Bank account is a contractual relation between bankers & clients.
* It is continued to a name with number.
* The calculation of deposit & withdrawal are maintained and preserved here.
* Clients separated & detected by this account.
* The money of clients are preserved with safety & security through this account.
Objectives / Importance or Advantages of Bank Account.
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★ Safety preservation of saved money of clients.
★ Easy transfer of money from one place to another including foreign & domestic areas.
★ Creation of savings and savings mentality.
★ Increasing incomes & profits of each other.
★ Formation and creation of capital and liquidity.
★ Creating loan facilities.
★ Assist in foreign exchange.
★ Making economy to clients.
★ Information collection & providing if necessary.
★ Advising to subscribers on various facts for the interests of them.
★ Creating exchange medium.
★ Creating employment opportunities.
★ Giving social status and dignity to clients.
★ Making & increasing consciousness of general people.
★ Giving record facilities to clients for avoiding legal hindrances.
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