MATHEMATICS

ASSIGNMENT
ON

1. BANKING:RECURRING
DEPOSIT
2.
STATISTICS:MEAN,MEDIAN
MODE,QUARTILES,HISTOG
RAM AND OGIVE.

SUBMITTED BY:
NAME: SAHINA RAHMAN
CLASS: X-SCIENCE
ROLL NO.:32
ICSE-2020
 INDEX
Sl. Contents Page
No. No.
1 Acknowledgement
2 Assignment-1:
Banking: Recurring Deposit
2.1
2.2
2.3
. . .
. . .
. . .
3 Assignment-2:
Statistics: Mean, Median, Mode, Quartiles,
Histogram And Ogive

3.1
3.2
3.3
. . .
. . .
. . .
4 Bibliography

ACKNOWLEDGEMENT
ASSIGNMENT-
1
ON
BANKING:
Recurring
deposit
 WHAT IS A BANK?
A bank is a financial institution that accepts deposits from the public and
creates credit.[1]Lending activities can be performed either directly or
indirectly through capital markets. Due to their importance in the financial
stability of a country, banks are highly regulated in most countries. Most
nations have institutionalized a system known as fractional reserve
banking under which banks hold liquid assets equal to only a portion of
their current liabilities. In addition to other regulations intended to ensure
liquidity, banks are generally subject to minimum capital
requirements based on an international set of capital standards, known as
the Basel Accords.
BANKS IN INDIA
The concept of Banking in India dates back to the first half of 18th
century. The first bank that was established in the country was The
General Bank of India founded in 1786. After that came the State Bank of
India in Kolkata in 1806 which was then known as The Bank of
Bengal.The operations of all the banks in India are controlled by the
Reserve Bank of India. All the Indian banks are governed by the RBI or
Reserve Bank of India. This governing body took over the reasonability of
formally regulating the Indian banks in 1935. The Reserve Bank of India
was announced as the official Central Banking Authority for the smooth
supervision of the banking industry in India. Banks in India are classified
into 2 broad categories namely, Public sector banks and Private sector
banks.
The banking scenario in India has already gained momentum, with the
domestic and international banks gathering pace. All the banks in India
are following the 'cost', determined by revenue minus profit model.
This means that all the resources should be used efficiently to improve
the productivity and ensure a win-win situation. To survive in the long run,
it is essential to focus on cost saving. Previously, banks focused on the
'revenue' model which is equal to cost plus profit. Post the banking
reforms, banks shifted their approach to the 'profit' model, which meant
that banks aimed at higher profit maximization.
Public Sector Banks In India
Banks such as State Bank of India, Bank of Baroda, Syndicate Bank and
Canara Bank are known as Public sector banks. Public sector banks are
controlled and managed by the Government of India. Public sector banks
have been serving the nation for over centuries and are well known for
their affordable and quality services.
List of Public Sector Banks In India
Nationalized Banks
S.N. Bank S.N. Bank
1 Allahabad Bank 11 Indian Overseas Bank
2 Andhra Bank 12 Oriental Bank of Commerce
3 Bank of Baroda 13 Punjab National Bank
4 Bank of India 14 Syndicate Bank
5 Bank of Maharashtra 15 Union Bank of India
6 Canara Bank 16 United Bank of India
7 Central Bank of India 17 Punjab & Sind Bank
8 Corporation Bank 18 UCO Bank
9 Dena Bank 19 Vijaya Bank
10 Indian Bank

PRIVATE BANKS IN INDIA

Private Banks are banks like HDFC Bank, ICICI Bank, UTI Bank and IDBI
Bank. The concept of private banking was introduced about 15 years ago. These
are the banks that do not have any government stakes. IndusInd Bank was the
first private bank in India.
List of Private sector banks in India
Private Sector Banks - Indian Banks
S.N. Bank
1 Axis Bank Limited
2 Bandhan Bank Limited
3 Catholic Syrian Bank Limited
4 City Union Bank Limited
 Private Sector Banks - Indian Banks
5 DCB Bank Limited
6 Dhanlaxmi Bank Limited
7 Federal Bank Limited
8 HDFC Bank Limited
9 ICICI Bank Limited
10 IndusInd Bank Limited
11 IDFC Bank Limited
12 Jammu & Kashmir Bank Limited
13 Karnataka Bank Limited
14 Karur Vysya Bank Limited
15 Kotak Mahindra Bank Limited
16 Lakshmi Vilas Bank Limited
17 Nainital Bank Limited
18 RBL Bank Limited
19 South Indian Bank Limited
20 Tamilnad Mercantile Bank Limited
21 YES Bank Limited

Payments Banks (Pbs)

34 Airtel Payments Bank Limited
35 India Post Payments Bank Limited
36 Fino Payments Bank Limited
37 Paytm Payments Bank Limited

DIFFERENT TYPES OF SERVICES OFFERED BY BANKS

 A bank’s job is to provide customers with financial services that help people
better manage their lives. As technology advances and competition
increases, banks are offering different types of services to stay current and attract
customers.

Individual Banking—Banks typically offer a variety of services to assist

individuals in managing their finances, including:
 Checking accounts
 Savings accounts
 Debit & credit cards
 Insurance*
 Wealth management

Business Banking—Most banks offer financial services for business

owners who need to differentiate professional and personal finances. Different
types of business banking services include:
 Business loans
 Checking accounts
 Savings accounts
 Debit and credit cards
 Merchant services (credit card processing, reconciliation and reporting, check
collection)
 Cash management (payroll services, deposit services, etc.)

Digital Banking—The ability to manage your finances online from your

computer, tablet, or smartphone is becoming more and more important to
consumers. Banks will typically offer digital banking services that include:
 Online, mobile, and tablet banking
 Mobile check deposit
 Text alerts
 eStatements
 Online bill pay

Loans—Loans are a common banking service offered, and they come in all
shapes and sizes. Some common types of loans that banks provide include:
 Personal loans
 Home equity loans
 Home equity lines of credit
 Home loans
 Business loans
 What are Different Types of Bank Accounts in India?
With the advancement in banking technology, many banks are offering
tailor made products to suit individual needs. While accounts may differ
from bank to bank their purpose remain the same.
Many banks have different products on the basis of customer's age,
income and gender. Here are a few different kind of bank accounts that
you can open.
1) Senior Citizen Savings Bank Account
As the name indicates the Senior Citizen Savings Bank Account, is tailor
made for people above the age of 60. There are various benefits attached
to it such as preferential rates of FD and comparatively less charges
involved with fees and charges.
2) Women Saving Accounts
Many banks have accounts specially designed for women with features
catering to womens financial needs, investment and lifestyle needs. Some
banks offer higher withdrawal limit with attractive benefits and cash back
offers.
3) Normal Saving Accounts
Normal savings account which can be opened by anyone. Average
Quarterly balance needs to be maintained for such accounts, failing which
banks charge penalty.
Normal savings account comes with features such as passbook, net
banking, phone banking, cheque book facility and Debit cards.
4) No-Frill Saving Accounts
Individuals having a no frill account need not maintain minimum balance
criteria or very low minimum balance. This was after instruction from the
Reserve Bank of India to reach vast sections of the population. However,
the no-frills account comes with certain restrictions, which vary from
bank to bank.
5) Student Savings Account
Only few banks offer student savings account, with no minimum balance
or very less balance to be maintained.
6) Current Account
Current Account is a type of bank account which is relevant to the people
who run business. Such accounts can be opened with public or private
sector banks. Current accounts is ideal for carrying out day-to-day
business transactions.
7) Kids Account
Individual can open separate account for kids. Which will help in saving
money and the same can be used for future fee payment or making any
further investment.
NRI related Accounts
There are different accounts for non Residents, they are:
8) NRE Savings Account
In this account rupee denominations can be maintained. The account can
opened in the names of two or more non-resident individuals provided all
the account holders are persons of Indian nationality or origin.
9) NRO Savings Account
NRO accounts may be opened / maintained also in the form of rupee
denomination could be in the form of current, savings, recurring or fixed
deposit accounts. The account can be held jointly by residents. You can
transfer money into an NRO account from any account - even other
individuals residing in India can transfer money into an NR I's NRO
account.
10) Salary account
It is a type of bank account, where the salary gets credited. As savings
account can be opened by anyone, salary account will be opened by the
employer for its employees.
11) Recurring deposit account
Recurring deposit account can be opened by a customer who wants to
save a certain amount of money regularly for a specific period and get a
higher interest rate. In recurring deposit account, a settled amount of
money is deposited for a specific period for every month, and the total
amount refunded with interest at the end of the particular fixed time.
The minimum period of deposit is six months and maximum ten years.
The interest rates change for different plans based on the amount one
saves and the period and also on banks. No withdrawals are allowed from
the recurring deposit account.
However, the bank may allow closing the account before the maturity
period. These Recurring Deposit Account can be opened in single or joint
names. Banks are also providing the Nomination facility to the RD
account holders.

Recurring Deposit
Recurring Deposit is a special kind of Term Deposit offered by banks in
India which help people with regular incomes to deposit a fixed amount
every month into their Recurring Deposit account and earn interest at the
rate applicable to Fixed Deposits. It is similar to making FDs of a certain
 amount in monthly installments, for example ` 1000 every month. This
deposit matures on a specific date in the future along with all the deposits
made every month. Thus, Recurring Deposit schemes allow customers
with an opportunity to build up their savings through regular monthly
deposits of fixed sum over a fixed period of time. Minimum Period of RD
is 6 months and maximum is 10 years.
The Recurring Deposit can be funded by standing instructions which are
the instructions by the customer to the bank to withdraw a certain sum of
money from his Savings/ Current account and debit to the Recurring
Deposit account.

How to Open a Recurring Deposit?

All major private and public banks in India offer Recurring Deposit
products for their customers. Also, India Post offers a very popular
recurring deposit scheme in the name of Post office Recurring Deposit
scheme. Follow the steps given below to open a recurring deposit
account.
 If you already have an account with the bank that you wish to open a
Recurring Deposit with, you can contact the nearest bank branch or the
bank’s customer service cell to open a recurring deposit account.
 If you wish to open a recurring deposit account in a bank with you do not
have an account with, you will have to contact the nearest branch and
submit an application form. Also, you will have to submit basic KYC
documents to open an account.
 At the time of opening a recurring deposit account, the tenure as well as
the monthly due amount (deposit amount) should be decided. Monthly
payments for Recurring Deposits can be done online using ECS, online
banking or fund transfer.

Advantages of Recurring Deposits

With banks offering an attractive interest rate for Recurring Deposit

products, customers can gain the maximum out of their investments. Here
are some of the advantages that come with Recurring Deposits.
 Useful for Planning Short Term Goals
Investing in a Recurring Deposit is completely risk free and gives
guaranteed returns. Investing in Mutual Funds and Stocks might not be
a safe option if you have short term investment goals. Because of this
nature of RD, investors contemplating on short term goals in a time span
of 1 to 3 years choose to involve in Recurring Deposit. Consider the
situations given below, Recurring Deposit might just be the right financial
product if you are