Bank Account

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Bank Account

An agreement between a bank and a person or institution, whereby the bank agrees to hold money and/or other assets on behalf of the other party. What the holder may do with those assets depends upon the nature of the account. In a checking account or a savings account, the bank holds money and pays the client a certain percentage in interest. This payment gives the bank the right to lend the money to other clients or invest it within the confines of law and banking regulations. However, the client has the right to withdraw the total amount of money on demand.
References in periodicals archive ?
Asked if personalities from the political opposition can examine Duterte's bank accounts, Roque replied: 'He said anyone could look at his bank accounts to confirm that they do not contain more than P40 million.
The Senate Standing Committee on Finance and Revenue, which met under the chair of Senator Saleem Mandviwalla, has expressed concern over the opening of bank account of former finance minister Ishaq Dar in the NBP.
A flexi bank account gives you higher interest rate benefit of a fixed deposit and liquidity of a saving account or in other words, it operates as the best-of-both-worlds for customers.
Intervening on the occasion, he asked the journalists to discuss only the matter pertaining to bank accounts of the suspect.
The State Bank earlier confirmed it had received a request from the joint investigation team (JIT) regarding reports by a private media house suggesting that the accused, Imran Ali Naqshbandi, held several bank accounts, including currency foreign accounts.
Nationwide and Lloyds Banking Group opened the most feefree basic bank accounts between July 2016 and June 2017.
The consumers receive cooking gas subsidy in their bank accounts linked to their Aadhaar cards.
Use of banks in India is higher than in other countries: 64% of Indians used a bank account, compared to 19% in Bangladesh, 30% in Indonesia, 31% in Kenya, 41% in Nigeria and 9% in Pakistan, according to the survey.
The Central Board of Excise and Customs (CBEC) said it has asked exporters to align their bank account details declared to the customs with that of GST regime.
The clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank had not issued any order making the linking of Aadhaar to bank accounts mandatory.
Duterte said Trillanes was able to close his bank accounts in Singapore before the senator signed a waiver and flew to that country.
TerraPay has partnered with Yes Bank in a rupee drawing arrangement which enables TerraPay's network partners to make instant cross-border money transfer to bank accounts in India.