Banks are central to the economy in the following respects.

• Deposits are collected from individuals willing to save.
• Lending money to borrowers for housing, education, or expanding their businesses.
• Salary payment facilitation, bill payments, and investments.
• Supporting job creation and economic growth

Types of Bank Accounts Explained

Most people interact with banks through accounts, and each account type plays a different role:

• Savings Account : Keeps your money safe and earning interest, perfect for short-term goals or an emergency fund.
• Current Account : A facility for easy payment and frequent transactions for an individual as well as a business organization.
• Fixed/ Term Deposit : Ties up money for a fixed period in return for a higher interest rate.
• Special Accounts : Students, senior citizens, or salary accounts are those accounts that banks provide with special benefits.

Our banking quizzes take you through practical scenarios such as:

• Choosing the best account for your goals
• Calculating Interest Earned or Charged
• Understanding transaction limits, fees, and benefits

This makes concepts of banking clear and directly applicable to your daily money management.

How Interest Rates Affect Your Savings

Interest rates shape both savings growth and borrowing costs.

• When deposit rates rise, your savings and fixed deposits grow faster, motivating you to save more.
• When loan rates increase, borrowing becomes costlier, which can reduce spending and investment.

Our quizzes simplify this with step-by-step examples:

• How changing rates affect your monthly EMI
• How compound interest impacts your long-term savings
• The link between central bank policy, market rates, and personal finance

Digital Banking: The Future of Finance

Digital banking takes traditional banking activity and puts it much more accessible for you, the consumer. Through an online portal or your mobile application, you can:

• Check your balances and transfer funds in real-time
• Open deposits or apply for loans online
• Use services like UPI, virtual credit cards, and budget dashboard tools

While digital banking makes the advantages of banking services available from your home, it comes with risks related to your cybersecurity and privacy.

Our quizzes in digital banking will help you learn:

• To identify phishing and fraud attempts
• The importance of strong passwords and safe login practices
• How to perform your financial banking securely.

When you have learned the above concepts, you can then enjoy the benefits and ease of digital banking while still protecting yourself.

Difference Between Commercial and Investment Banks

While both types of banks have very important meanings to the financial system, commercial banks and investment banks have very different operating purposes:

Just like we did in the banking comparison above, our banking quizzes provide real-life examples to compare business scenarios:

• A small business loan from a commercial bank
• A company seeking to IPO with the help of an investment bank

This comparison can help demonstrate functioning in the appropriate bank that aligns with your personal or business financial goals.