Students should read the Banking ICSE Economics Class 10 notes provided below. These revision notes have been prepared based on the latest ICSE Economics Books for Class 10 issued for the current academic year. Our teachers have designed thee notes for the students are able to understand all topics given in Economics in standard 10 and get good marks in exams. Please refer to Banking ICSE Economics Class 10 notes below
ICSE Class 10 Economics Banking Revision Notes
Students can refer to the quick revision notes prepared for Chapter Economics Banking in Class 10 ICSE. These notes will be really helpful for the students giving the Economics exam in ICSE Class 10. Our teachers have prepared these concept notes based on the latest ICSE syllabus and ICSE books issued for the current academic year. Please refer to Chapter wise notes for ICSE Class 10 Economics provided on our website.
Banking
Important Concepts
1. The business of receiving, safeguarding and lending of money is called banking.
2. Bank is a financial institution which carries on the business of taking deposits, lending money and providing other useful services to the societ
3. Maturity value is the amount returned to the depositor at the end of the peri It includes all deposits made every month plus the interest earned on it.
Recurring Deposit Account (R. D. Account)
In this account, a depositor chooses a specified amount and deposits that amount every month for a specified period.
This period may range from 3 months to 10 years.
At the end of the period (maturity period), the bank returns the lumpsum amount (maturity value).
Maturity Value of R.D. Account:
This includes the amount deposited by the account holder together with interest compounded quarterly at a fixed rate.
By Formula, we have
Maturity Value (M.V.) of the R.D. Account
= Total Sum Deposited + Interest on it
= P × n + P × n(n + 1) / (2 × 12) × r / 100
where,
P = Amount deposited every month
n = Number of months
r = Rate of interest
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