LATEST TECHNOLOGIES

Panasonic

2011-09-23T05:12:00.000-07:00

PANASONIC

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i Phone 4

2010-08-31T06:04:00.000-07:00

The iPhone 4 features a redesigned structure , designed by Jonathan Ive. Most notably , the bulges of the back panel as well as the band between the front & back are gone & have been replaced with flattened surfaces. The redesign reflects the utilitarianism & uniformity of existing Apple products, such as the IPad & the iMac. The only remnant of the previous generations of iPhone is the general layout of the device; the distinctive metal structure of the iPhone4 is more reminiscent of the 3G & 3GS. The overall dimensions of the iPhone 4 have been reduced from its predecessor. It is 4.5 inches ( 110mm) high, 2.31 inches (59mm) wide & 0.37 inches (9.4mm) deep, compared to the iPhone 3GS, which is 4.55 inches (116mm) high, 2.44 inches (62mm) wide, & 0.48 inches (12mm) deep; making the iPhone 4 24% thinner than its predecessor, the iPhone 3GS.
Steve jobs claims that it is " the thinnest smart phone on the planet." The devices reduced size is primary due to the antennas being placed externally.
Steve Jobs , CEO at Apple , holding a white iPhone 4.

The i Phone 4 is structured around a stainless steel frame which both acts as the primary structure for the device, & additionally acts as the iPhone 4's antennae. The stainless steel enclosure features three slits that divide the band into three sections; the left section of band acts as the Blue tooth , Wi-Fi , & GPS & antenna , & the right & lower bands sections act as the antenna for GSM & UMTS connectivity, There is some debate as to whether or not not this causes issues with signal strength & availability, The act of touching the gap between the two antennas with an UN- gloved hand potentially bridges these two separate antennas , leading to poor signal reception.

The internal components are situated between two panels of aluminosilicate glass , described by Apple as being " chemically strengthened to be 20 times stiffer and 30 times harder than plastic , " theoretically allowing it to be more scratch resistant and durable than the previous models.

The iPhone 4 switches the placement of the microphone & speaker on the base on the unit the speaker is now on the left.

Display

The display on the iPhone 4 is designed by Apple and is manufactured by LG, it features an LED back lit LCD capacitive touchscreen with a pixel density of 326 pixels per inch (ppi) on a 3.5 inches (8.9 cm) (960-by-640) display, each pixel is 78 micrometers in width. The display has a contrast ratio of 800:1 . The screen is marketed by apple as the "Retina display," based on the assertion that a display of approximately 300 ppi at a distance of 12 inches (305mm) from one's eye is the maximum amount of detail that the human retina can process.

iPad

2010-07-03T04:24:00.000-07:00

The iPad is a tablet computer designed and marketed by Apple for Internet browsing , media consumption, gaming, and light content creation . Released in April 2010, it established a new class of devices between smart phones and laptops. As of may 3, 2010, Apple had sold 1 million iPads.

Similar to the older ( and smaller ) iPod Touch and iPhone , the iPad runs a modified version of the iPhone OS and is controlled by a multi-touch LCD sensitive to fingertips , not a stylus. It runs iPad - specific applications as well as those written for the iPhone and iPod touch, including e- book readers.

The iPad uses Wi-Fi or its 3G data connection to browse the Internet, load and stream media, and install software, A USB cable is required to sync the iPad with iTunes on a personal computer.

SCREEN AND INPUT

The touchscreen is a 25 cm (9.7 in ) liquid crystal display (1024*768 pixels , 132 ppi, XGA ) with fingerprint-resistant and scratch-resistant glass. Like the iPhone, the iPadis designed to be controlled by bare fingers , not gloves and styli that prevent electrical conductivity (although there are gloves and styli designed for this use.)

The display responds to two other sensors: an ambient light sensor to adjust screen brightness and a 3-axis accelerometer to sense ipad orientation and switch between portrait and landscape modes . Unlike the iphone and ipod touch , which work in three orientations, the iPad supports screen rotation in all four orientations , meaning that the device has no intrinsic "up" or "down" ; only the position of the home button changes. Most iPad applications support both portrait and landscape mode.

The iPad has a switch to lock out this screen rotation function ( reportedly to prevent unintended rotation when the user is lying down) . There are a total of four physical switches, including a home button below the display that returns the user to the main menu , and three plastic physical switches on the sides: wake/sleep and volume up/down , along with the screen rotation lock.

CONNECTIVITY

The iPad can use Wi-Fi network trilateration from sky hook wireless to provide location information to applications such as Google Maps. The 3G model contains A-GPS while both models have a digital compass.

The back of the Wi-Fi model ipad is made of contoured aluminium with black plastic buttons. The Wi-Fi+ 3G model also has a black plastic accent on top of the device which helps with 3G radio sensitivity . The ipad does not have any ports for wired connectivity.

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2010-06-27T06:18:00.000-07:00

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UFO

2010-06-22T03:46:00.000-07:00

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LUMIX

2010-06-19T01:45:00.000-07:00

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HYUNDAI AIR

2010-06-10T02:53:00.000-07:00

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USES OF TECHNOLOGIES IN DIFFERENT FORMS

2010-05-25T06:11:00.000-07:00

TELEVISION

Television is certainly one of the most influential forces of our time . Through the device called a television set or TV , we are able to receive news, sports, entertainment, information and commercials., etc. The average American spends between two and five hours a day glued to "the tube"!

Have anyone ever wondered about the technology that makes television possible? How is it that dozens or hundreds of channels of full- motion video arrive at our house , in many cases for free? How does our television decode the signals to produce the picture ? How will the new digital television signals change things ? If we have ever wondered about our television ( or, for that matter , about our computer monitor), then read on! In this article we will answer all of these questions and more.

TV PIXELS AND OUR BRAIN

Let's start at beginning with a quick note about our brain. There are two amazing things about our brain that make television possible.

By understanding these two facts , we can gain a good bit of insight into why televisions are designed the way they are.

The standard piece of video that we see on our TV everyday embodies two principles that make it possible.

The first principle is this: If we divide a still image into a collection of small colored dots, our brain will reassemble the dots into a meaningful image.This is no small feat, as any researcher who has tried to program a computer to understand a images will tell us. The only way we can see that this is actually happening is to blow the dots up so big that our brains can no longer assemble them, like this:

Most people , sitting right up close to their computer screens , cannot tell what it is a picture of - the dots are too big for our brain to handle. If we stand 10 to 15 feet away from our monitor, however, our brain will be able to assemble the dots in the image and we will clearly see that it as it was meant to be seen. By standing at a distance , the dots become small enough for our brain to integrate them into a recognizable image.

Both televisions and computer screens (as well as newspaper and magazine photos ) rely on this fusion - of - small - colored - dots capability in the human brain to chop pictures up into this fusion-of-small-colored-dots capability in the human brain to chop pictures up into thousands of individual elements . On a TV or computer screen , the dots are called pixels . The resolution of our computer's screen might be 800*600 pixels , or may be 1024*768 pixels.

The human brain's second amazing feature relating to television is this : If we divide a moving scene into a sequence of still pictures / images in rapid succession, the brain will reassemble the still images into a single , moving scene.

For knowing about another forms of technology follow the link: http://payal-accountsinformation.blogspot.com/2010/05/what-are-various-qualities-of-samsung.html

what are the various qualities of samsung corby mate mobile phones

2010-05-24T03:58:00.000-07:00

SAM SUNG CORBY MATE HAS SLIDE OUT QWERTY KEYPAD WHICH HELPS FOR QUICK MESSAGING.

SAM SUNG CORBY MATE PROVIDES THE FACILITY OF INSTANT CHAT MESSENGER LIKE GTALK , GOOGLE TALK.

IT HAS 2MP CAMERA AND RECORDING QUALITY.

IT HAS UNIQUE DESIGN.

IT PROVIDES VERSATILE MUSIC PLAYER.

IT HAS FM RADIO WITH RDS.

For some more latest technology follow: http://payal-accountsinformation.blogspot.com/2010/05/uses-of-technologies-in-different-forms.html

INTRODUCTION OF ACCOUNTS.

2009-09-10T02:41:00.000-07:00

ACCOUNTING IS A PROCESS OF RECORDING FINANCIAL TRANSACTION,CLASSIFYING THEM AND COMMUNICATING THE INFORMATION OF FINANCIAL RECORDS TO USERS VIZ. THE PROPRIETERS , INVESTORS , GOVERNMENT AGENCIES ,CREDITORS , E.T.C. IT IS AN IMPORTANT PART OF BUSINESS.

IT HELPS IN SUMMERISING,CLASSIFYING,COMMUNICATING AND INTERPRETING THE FINANCIAL TRANSACTIONS. IT IS A SECONDARY STAGE. IT STARTS WHEN BOOK-KEEPING ENDS. SENIOR STAFFS PERFORMS THIS FUNCTIONS.THIS JOB IS ANALYTIC AND DYNAMIC IN NATURE. THE MAIN PART OF ACCONTING IS JOURNAL ENTRY AND LEDGER. THERE ARE SOME ROLES, OBJECTIVES,MERITS AND LIMITATIONS OF ACCOUNTING. IT IS AN ART OF EDUCATION WHICH HELPS US TO READ ACCONTING EQUATIONS, JOURNAL ENTRY, LEDGER, TRIAL BALANCE, AND SO ON WHICH HELPS IN MAINTAINING THE RECORDS.

Book-keeping(the initial stage of accounting)

2009-09-10T02:40:00.001-07:00

Book-keeping is the proper and systematic keeping or maintenance of the books of accounts. Book-keeping starts from the identification of business transactions. It is concerned with identifying financial transaction , measuring them in money terms; recording and classifying them. It is a primary stage. junior staffs perform this function. The job is derical and routine in nature. The objective of book-keeping is to maintaining systematic records of financial transactions. It is financial in nature and thus, does not require special skills.

PROCESS OF BOOK-KEEPING

Identifying accounting transactions.
Initial records of accounting transactions.
Preparation of ledger accounts.
Balancing ledger accounts.
preparation of trial balance.

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SYSTEMS OF ACCOUNTING

2009-09-10T02:39:00.000-07:00

DOUBLE ENTRY SYSTEM:

We can define Double entry system as:"the system which recognises and records both aspects of a transactions.
The Double entry system has proved to be a scientific and complete system of accounting followed by every enterprise and organisation".

SINGLE ENTRY SYSTEM:
Single entry system of recording transaction in the book of accounts may be defined as a system, which is an incomplete Double entry system.

In this system, all transactions are not recorded on the Double entry basis.
As regards, some transactions both aspects of the transactions are recorded as regards others either one aspect is recorded or not recorded at all.
Only Personal Accounts and Cash book are maintained under this system.
The accounts maintained under this system are incomplete and unsystematic and therefore, not reliable.
It is also known as Accounts from incomplete records.

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Basic Accounting concepts

2009-09-10T02:38:00.000-07:00

Business Entity: It means Business having their own identification. Business is a kind of artificial person , so it has separate legal entity which is known as Business Entity. Further , business having separate entity than their Proprietor.

Money Measurement: There are many activities made inside the Business out of them some activities are Accounting as a money measurement. Therefore, accounting is concerned with Money measurement.

Going concern: In business , how many fixed assets are are purchased at present i.e. not only for this year but also for future. So , how many fixed assets are purchased during the year it should be shifted for next year by charging depreciation for the financial report. So, Accounting is concerned with Going concern.

Cost: The payment done for fixed assets which is used in future as well, is known as Cost.

Dual aspect: Each and every financial transaction at least two accounts one must be debited and other must be credited with equal mount is known as Dual aspect.

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ONLINE SAVINGS ACCOUNT

2009-09-10T02:09:00.000-07:00

An online savings account saves our time and money. Many times, online savings account become hard for us to save our money as we should simply because it's too easy to access. Our debit, credit cards and ATM'S are so close at hand we easily give into our wants and spend the money that we should be saving.

ONLINE SAVINGS ACCOUNT

2009-09-10T02:08:00.000-07:00

If this scenario is familiar to us, then opening an online savings account may be of great benefit. With most online accounts, there is not a local bank or branch to run to in order to withdrawal some cash. Usually, we are given a list of local ATM's that will give us access to our funds. So, buying something on the spot is less likely to happen since we need to plan ahead to get our money out of savings.

Another perk is that the money staying in our online savings account will generally acquire a higher interest rate. This to the limited overhead required with online banking. Having an online savings account is like having a bank in our office.

ONLINE SAVINGS ACCOUNT

2009-09-10T02:07:00.002-07:00

If we want to open an online account, we can simply do a search for online savings banks. Then,we have to make sure that they are legit: fill out an application and we're on our way. It is helpful to have a traditional checking or savings account as we need to transfer over or send a check in for our first deposit and deposits there after. The online savings account has become very popular today.

What is an Online Savings Account?

2009-09-10T02:07:00.000-07:00

What is an Online Savings Account?

An Online Savings Account is a savings account that offers one of the highest yields available in a liquid account, access to our money with free online transfers to and from our existing external bank accounts* – and the security of FDIC insurance.

INTRODUCTION OF ONLINE SAVINGS ACCOUNT

2009-09-10T02:04:00.000-07:00

Online savings account is the correct choice of savings account those who want to do online transaction and wanted to earn interest as higher rates and also who want that their funds should be accessed through another means. Online savings account does not have to be linked with another account and we do not have to wait that our funds will be transferred to another account because we can access our money our self.

"An online savings account is an ideal which encourage us for savings and also help to manage our money in one place from which we can access our money whenever we need".

Minimum balance is not required.
Interest will be calculated daily, and paid monthly.
Unlimited fee free Internet transfers.
No monthly account keeping fees.
Can check balance online at anytime.
Receive regular statements.

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ONLINE SAVINGS DIRECTORY

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Online savings accounts, money market funds and banking in general are taking the banking industry by storm. Competition on the Internet is forcing banks to offer better deals for the consumer with higher interest rates. Costs are lower for banks allowing the savings to be passed on to both individuals and businesses. It is easy to find some of the best interest rates in the world using our online directory.

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2009-08-10T12:36:00.002-07:00

ONLINE SAVINGS DIRECTORY

2009-08-10T12:36:00.001-07:00

Online Savings Directory is a comprehensive directory for our online banking information and to also help us to find some of the best

deals in a very competitive market. If we are considering opening a savings account online we are welcome to use our easy reference directory below.

ONLINE SAVINGS DIRECTORY

2009-08-10T12:35:00.000-07:00

Educational References:

American Savings Education Council : ASEC is a national coalition of public- and private-sector institutions committed to making saving and retirement planning a priority for all Americans. ASEC brings together public- and private-sector partners to share information on best practices and to collaborate on financial security initiatives. Federal Reserve Bank of Chicago: There is a lot that we should know about Internet banking. It can save our time, money and effort, but it's important to protect our self from potential pitfalls.

Federal Deposit Insurance Corporation : Internet offers the potential for safe, convenient new ways to shop for financial services and conduct banking business, any day, any time. However, safe banking online involves making good choices - decisions that will help us to avoid costly surprises or even scams.

Types of Savings Accounts

2009-08-10T12:34:00.001-07:00

Many banks offer a varieties of various savings options,and mainly three kinds are offered. As we decide that which kind of account we want, we can ask our self how much money we like to save and how do we want to access that money. For that we should do a comparison shopping, paying a attention towards fees and how much interest rates are associated with every account.

Basic or regular savings accounts are mainly known as a common types of savings accounts.this types of savings accounts is simple for use.Basic or regular savings accounts are sometimes also called as 'PASSBOOK ACCOUNT' , with a few amount of money. These passbook account mainly don't require a minimum balance and will give us a facility to access the money easily whereas it may be limited to that how much can we withdraw per month without being charged a fee. This types of savings accounts also offer us a low interest rates, so if we want a higher return on our money we should also investigate another type s of savings accounts.

Money Market Accounts: With a money market account, we will receive as higher interest rate than it would with a basic savings account, but we also have to keep a higher minimum balance (the amount differs from bank to bank). we still have easy access to the funds in our account, though the number of withdrawals we can make will probably be limited. In addition, we may have the ability to write checks, but the number you are allowed to write will also probably be limited and the another types of savings accounts is CD ( certificate of deposit).

Now a days,there are various types of savings which had difficult for us to select. The type of savings accounts which will be good for us is dependent upon various factors - like, do we need instant access to our money, how far we can tie our cash up for and do we pay tax or not.

Mostly savings accounts are of five types:

• It is easy to access
• Notice account is needed
• Bonds or Term Accounts is also important
• Regular Saving Accounts
• IS As and Tax-free accounts

FIRSTLY SAVINGS ACCOUNT CAN BE CATEGORIZED AS:
Instant access or easy access accounts

This type of savings accounts provide us a instant access to our money without giving any notice,financial penalty etc. These types of savings accounts are ideal for those people who wants to save their money but access to the cash at short notice can be needed and because of flexibility of this type of savings accounts the interest rates are lower than other types of savings accounts.No notice accounts can be operated.

It is easy to check our rate at least every three months to make sure that if we are getting the best result on our savings or not.

SECONDLY SAVINGS ACCOUNT CAN BE CATEGORISED AS:
Notice accounts

Notice accounts mostly earn a good rate of interest but few amount is needed to give before drawing funds to avoid the penalty and amount of notice which we need to give depends upon the accounts which we have chosen.

Notice accounts are becoming less attractive whereas,instant access accounts have become more attractive and competitive which allows us to draw our money immediately.

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FEATURES OF ONLINE SAVINGS ACCOUNT

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Penalties is not needed for withdrawal:
We can withdraw or deposit as much or as little as we like in our Savings Account without penalty.

No minimum term or deposit : Unlike some of our competitor's monthly savings products, we don't have to make a minimum deposit or deposit as regular amount every month to avail of our great rates. It's the perfect place for regular saving or depositing that lump sum amount.

Instant access to our money : At RaboDirect we have instant access to our money whenever we like. It's on demand.

Immediate interest : At RaboDirect interest is calculated daily and allocated annually. Once our account has been opened, we can watch our interest grow by clicking on 'Our Interest' within our secure site.

We're open 24/7 : Because we're an online bank, we're open for business when it suits us. we can log on whenever we like, wherever we like.

One of the worlds safest banks : RaboDirect offers the highest levels of online security in Ireland by using the Digipass. We also offer a no fraud online guarantee, and we're a Triple AAA rated bank so we know our money is in safe hands.

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HOW ONLINE SAVINGS ACCOUNT IS BENIFICIAL FOR US??

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We can save our money through online savings account because if we keep that money with us than it can be spent. Online savings account will help us to utilize our unnecessary goods which are purchased and we don't want that for current use. and if we need that for future than we should know that what benefits will we get by opening that online savings account. To know more about online savings account contact: http://payal-accountsinformation.blogspot.com/2009/09/now-let-us-take-look-at-some-of-most.html

HOW ONLINE SAVINGS ACCOUNT IS BENIFICIAL FOR US??

2009-08-10T03:27:00.000-07:00

Now, let us take a look at some of the most important benefits that we will get to enjoy as an account owner when we take advantage of the high interest rates offered by our bank for setting up an online savings account:

1. We can take advantage of high interest rates. Again, the economy is rough on almost every country these days - but despite the fact that the interest rates plummeted over the past couple of years, it still is a good financial move to open an online savings account.

As compared to other forms of saving - like placing our money in a vault or something similar where we physically store our savings - having an online savings account will allow our funds to earn over time through the still high interest rates.

2.We can easily separate our checking account from our online savings account. Despite the high interest rates of on online savings account, some individuals still fail to use it as their primary means of saving money because they do not keep a separate checking account for their expenses.

If we are serious in using the high interest rates of an online savings account to boost our rainy day funds - then keeping a separate savings account and spending account is worth the effort.

3. When we place it in an online savings account, our money is both safe and available when we need it. No matter what our long-term and short-term financial goals are, an online savings account with high interest rates is flexible enough because the funds are liquid and secure.

With all the benefits that it provides, setting up an online savings account with high interest rates is a good move with so that we can easily reach our long-term and short-term financial goals. To know more about advantages of online savings account follow this link:http://payal-accountsinformation.blogspot.com/2009/10/advantages-of-online-savings-account.html

HOW ONLINE SAVINGS ACCOUNT IS BENIFICIAL FOR US??

2009-08-10T03:26:00.000-07:00

Banks are now bored by working in their old ways or methods. Now every banks want to do their work with new technologies and with different method like online savings account which is little bit risky but the result is also better than others.

Now for the young investors online savings account is the best and those who have never done savings activities have now started doing it for the betterment of their future. The online savings account does not have any limitation of advantages. It is limitless.

Now public can open an account with few money also and can do a much management from that savings account using their different online features.

There is the important part that to take the advantages of the fantastic interest rates which an online savings account can yield . About 5%is available using many online savings account. These accounts will give a chance to the people to make CD rates by their liquid money. And we don't have to wait for 1 year in order to invest for mature. It automatically matures every minute with an online savings account.

If we are hoping to start a savings future, we should try an online savings account.we will be satisfied with the result and the returns. For this we need a few technological knowledge, and then we will feel easy to get into online investing.

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WHAT ARE THE REASONS BEHIND THE LIMITATIONS OF ONLINE SAVINGS ACCOUNT

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FNBO Direct is a division of First National Bank of Omaha

We must deposit a minimum of $1.00 to open this account.

Interest is paid on collected balances eg.checks.

We use the daily balance method to calculate the interest on our account. This method applies a daily periodic rate to the principal balance in the account each day.

Interest for our account will be compounded and credited monthly.

Currently, the interest rate on our account is 1.49% with an annual percentage yield of 1.50%*.

Our interest rate and annual percentage yield may change.

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WHY ONLINE SAVINGS ACCOUNT ALSO HAVE LIMITATIONS

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The first deposit we make to our FNBO Direct account will be subject to a hold.

Funds from that deposit will not be available for transfer or withdrawal until after the tenth business day after our account is opened and funds are received into our account.

Interest, however, will begin to accrue no later than the business day we receive credit for our deposit (typically, this will be 2- 3 business days after the first deposit is deducted from our funding account).

All funds from deposits received via a check may not be available for up to 10 business days from date we deposit the check into our FNBO Direct account. Interest, however, will begin to accrue no later than the business day we receive credit for your deposit.

A NOTE ABOUT LINKED ACCOUNTS

We agree:

(1) Not to enroll an external account that anyone else owns or has an interest in (the title on any external accounts must match the title on our FNBO Direct account)

(2) Not to deposit funds other than our own funds into our FNBO Direct account.

WHY THERE IS A LIMITATIONS OF ONLINE SAVINGS ACCOUNT

2009-08-10T03:21:00.000-07:00

We may require additional verification of our ownership of any external linked account at any time before or after enrollment and before or after allowing any transfer activity with respect to that account (this is referred to as "Additional Verification").

By requesting to enroll an external account, it:

(1) Authorize us to tell the account-holding institution that consent to their disclosure, to us and our representatives, of any information that we request about you or the external account.

(2) Agree to cooperate in Additional Verification, including by promptly providing any identification and/or other account documentation that we may request.

Among other things, this means that we may not establish an account for another person in a representative capacity. For example, we may not establish an account as an agent, trustee or broker for another person.

Generally, we may have to make no more than six transfers and withdrawals from the account during any statement cycle.

WHAT ARE THE LIMITATIONS OF ONLINE SAVINGS ACCOUNT

2009-08-10T03:10:00.000-07:00

If our Next Day Transfer Service is made available on our account, we may use that service to transfer up to

(i) $2,000 from our account in any one transaction.

(ii) $2,000 from our account on any one business day.

(iii) $10,000 from you account in any one month. Our Next Day Transfer Service allows for expedited processing of certain transfer request that we receive prior to 3:30 p.m. C.S.T. on a business day; that service option will show on the "Request a Transfer" screen if our account is eligible.

We can see the Fees Schedule in this disclosure for more information.

Upon closing of an account, all interest accrued will be paid on the account without penalties.

Foreign ATM fees will not be assessed if the transactions occur at any ATM branded with the (Circle One) logo.

Fees may reduce earnings.

LIMITATIONS OF ONLINE SAVINGS ACCOUNT

Best Online Savings Account Reviews and Comparisons

2009-08-10T03:08:00.000-07:00

Opening an online savings account is a great way to earn some extra money on our cash balances. Most of these accounts are designed to “piggy-back” onto our existing checking accounts. If we don’t need the money immediately, we can transfer the money into the savings account, and when we do need it, we can transfer it right back. Sometimes we can even pay bills directly from the account.

While the following list isn’t exhaustive, these are the more well-known ones with no minimum opening value, no minimum balances, and no monthly fees. In other words, the most simple and hassle-free accounts.

HIGH-YIELD SAVINGS ACCOUNT

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High-yield savings

We can earn a higher rates than traditional savings and can get a free online banking transactions.

Open with $0
No minimum balance
No monthly fees
Daily compounded interest for maximum earnings

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THE ALLY DIFFERENCE

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We don't have monthly fees. Ever. Some banks charge a monthly fee if our deposit doesn't come directly from our employer.

We don't require minimum balances. Many others charge a fee if our balance dips too low.

We work to keep our rates high. Other banks often tempt new customers with promotional rates.

We grow our money faster by compounding interest daily. Many others compound monthly, quarterly, or even annually.

SAVINGS ACCOUNT

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Savings accounts are accounts which are maintained by retail financial institutions that pay interest but can not be used directly as money ( for example, by writing a cheque). These accounts let the customers set aside a portion of their liquid assets while earning a monetary return.Savings accounts are offered by commercial banks, savings and loan associations, credit unions, building societies and mutual savings banks.

WHAT IS A SAVINGS ACCOUNT?

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A savings account typically refers to an account in which one places money to earn a small amount of interest. The savings account funds are usually easily accessible, though some banks charge for withdrawing money early. In most cases, people can withdraw money from a savings account at any time, at least at any time the bank is open, or one has access to the bank.

WHAT IS A SAVINGS ACCOUNT?

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The obtained funds which are held in a savings account may not be convenient for demand account like as instead of writing a cheque or using DEBIT CARD some one needs to visit an ATM or BANK BRANCH. Therefore this transfer system is quiet easy where savings account is also termed as ''near money''.

Some savings accounts require funds to be kept on deposit for a minimum length of time, but most permit unlimited access to funds.

About 65% of people in the United States have savings accounts.

COSTS

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Withdrawals from a savings account are occasionally costly and are sometimes much higher and more time-consuming than the same financial transaction which are being performed on a demand account. However, most savings accounts do not limit withdrawals, unlike certificates of deposit. With online accounts, the main penalty is the time required for the Automated Clearing House to transfer funds from the online account to a "brick and mortar" bank where it can be easily accessed. During the period between when funds are withdrawn from the online bank and transferred to the local bank, no interest is earned.

DEPOSIT ACCOUNT

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A deposit account is a current account, savings account, or other type of bank account, at a banking institution which allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank, and represent the amount owed by the bank to the customer. Some banks charge a fee for this service, while others may pay the customer interest on the funds deposited.

MAJOR TYPES

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Checking accounts: A deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

Savings accounts: Accounts maintained by retail banks that pay interest but can not be used directly as money

Money market deposit account: A deposit account with a relatively high rate of interest, and short notice (or no notice) required for withdrawals. In the United States, it is a style of instant access deposit subject to federal savings account regulations, such as a monthly transaction limit.

Time deposit: A money deposit at a banking institution that cannot be withdrawn for a period of time. Generally speaking, the longer the term the better the yield on the money.

PERSONAL ACCOUNT

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A personal account is an account which is used by an individual for their own needs. It is a relative term to differentiate the said accounts from those accounts for corporate or business use. The term "personal account" may be used generally for financial accounts at banks and for service accounts such as accounts with the phone company, or even for e-mail accounts.

BANKING

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In banking in the United States, "personal account" refers to one's account at the bank that is used for non-business purposes. Most likely, the service at the bank consists of one of two kinds of accounts or sometimes both -- a savings account and a checking account.

Banks differentiate their services for personal accounts from business accounts by setting lower minimum balance requirements, lower fees, free checks, free ATM usage, free

debit card (Check card) usage, etc. The term does not apply to any one service or limit the banks from providing the same services to non-individuals.

Now a days, many banks started offering free checking, a checking account with no minimum balance, a free check book, and no hidden fees. This encouraged those Americans who would otherwise live from check to check, to open their "personal" account at financial institutions. For businesses that issue corporate checks to employees, this enables reduction in the amount of paperwork.

FINANCE

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In the financial industry, 'personal account' (usually "PA") refers to trading or investing for ourself, rather than the company one is working for. There are often restrictions on what may be done with a PA, to avoid conflict of interest.

TRANSACTION DEPOSIT

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Federal reserve use transaction deposit for the account directly for cash without any limitation or restriction for withdrawal. This system is done in U.S. They want their bank to keep reserved at central bank and this is also called bank deposit which is contrast to time deposits.

MONEY MARKET DEPOSIT ACCOUNT

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A money market account is a deposit account which is of relatively high rate of interest, and short notice (or no notice) required for withdrawals. In the United States, it is a style of instant access deposit subject to federal savings account regulations, such as a monthly transaction limit.

ADVANTAGES OF SAVINGS ACCOUNT

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A savings account is not only a safe place to keep our money: it also allows us to earn money on our savings in the form of interest. The interest rate, which dictates us how much we will earn on our savings, is linked to the Bank of England's base rate. Interest earned will usually be subject to income tax, but it is possible to save tax-free if we choose to invest in an ISA. Additionally, savings accounts can enable us to manage our money more efficiently and save for specific goals such as a car, a home, or our retirement. The security of a savings account enables us to develop long-term financial plans. The main benefit of keeping our money in a savings account rather than a current account is that savings accounts offer more favourable interest rates on our account balance.

We may even be offered a savings account which pays bonus interest rates on high balances in addition to a regular interest rate. Such benefits are often offered to new customers or customers who agree not to make withdrawals from their savings account. This is especially true of online savings accounts, which benefit from lower running costs than their branch-based counterparts and can afford to offer quite generous interest rates .And for further information we can take help from (online savings account). Learn more about advantage of saving accounts

DISADVANTAGES OF SAVINGS ACCOUNT

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A main disadvantage of savings accounts is, in the case of notice accounts , that our money is often tied up for a specific period of time and cannot be accessed without incurring large penalties. Additionally, if our account does not have a fixed interest rate, the interest rate we are offered can diminish over time, thus lowering the investment return on our savings. Similarly, if we have a fixed interest rate and the basic interest rates rise, we could be earning less on our savings than if we had a variable interest rate. The main disadvantage associated with stock-market linked accounts is that they tend to involve a lot of risk. If our savings are invested in stocks and shares which increase in value, we may make impressive returns on our investment. If, on the other hand, the stocks and shares fall significantly in value, we may retain serious losses. It is important to assess our attitude to this risk before investing our money in an investment savings account.

TYPES OF SAVINGS ACCOUNT

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There are two types of savings account:

Passbook account: Passbook account are not common now a days. But also customers choose passbook account . They will choose it till that time where the charge will be taken by modern technology. Passbook account is a bank book where all our transactions are recorded manually .But now a days ,many banks don't offer this service.

Statement accounts: Statement account gives us a facility of monthly or quarterly statement of all transactions activity which should be recorded using online activity or paper.

FEATURES OF SAVINGS ACCOUNT

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Savings accounts make it quick and easy to access our money. Unlike other investments, there is no waiting period for a withdrawal.
Some banks will also let us to tie our savings and checking account together, so we've got a reserve just in case we dip into our cash too much.

MEANING OF FINANCIAL STATEMENTS

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Every firm likes to measure the performance of its business operations in terms of profit or loss.It also likes to know the values of its assets and liabilities on the closing date of accounting period. In order to to ascertain its income and also to assess the position of assets and liabilities statements prepared are known as financial statements. These statements are also known with their traditional name as final accounts.

Financial statements are divided in two parts,i.e., income statements and position statements. The term income statement is traditionally known as trading and profit & loss account and position statements is known as balance sheet.

USRES OF FINANCIAL STATEMENTS

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INTERNAL USERS:In accounting information top,middle and bottom level of management executives are internal users.The top level management is concerned with accounting information relating to planning, the middle level is interested in planning and controlling and the lower level with operational affairs.

EXTERNAL USERS:These users may have direct interest or indirect interest.

CLASSIFICATION OF EXPENDITURE

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Expenditure in business can be classified in 3 categories:

Capital expenditure:The expenses which are incurred in acquiring and increasing the value of fixed assets are known as capital expenditure.The amount spent on the purchase of land and building,plant and machinery,vehicles,furniture e.t.c.is capital expenditure.
Revenue expenditure:The expenses which are incurred as routine business expense are known as revenue expenditure. They are concerned with day-to-day transactions.
Deferred revenue expenditure:The expenditures which are incurred likely to give benefit for more than one accounting period are known as deferred revenue expenditure which are of capital nature.

FEATURES AND EXAMPLES OF CAPITAL EXPENDITURE

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SPECIAL FEATURES:

Capital expenditure is made for acquiring fixed assets.
These expenditure increases the value of assets.
These expenditure also increase the profit earning capacity of business.
These expenditures are casually incurred.

EXAMPLES:

Purchasing fixed assets.
payment for goodwill.
payment of wages for construction.
payment of wages for addition of rooms.
Installation charges of plant and machine.
Cost of significant upgrades to an existing facility.
Abstracts of title costs.
Credit cards,membership fees.
Drainage costs.
Electrical system replacement costs.
Fire escapes.
Irrigation system costs.
Insulation costs.
Well water costs.
Package design costs.
Performance bond premiums.
Author's publishing costs.
Copyright development costs.
Display cases, remodeling costs.
Electric wiring costs.

FEATURES AND EXAMPLES OF REVENUE EXPENDITURE

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Special features:

These are routine expenses.
These expenses are usually incurred.
These expenses do not add to the value of assets.
Revenue expenses are shown at the debit side of trading and profit and loss account.

Examples:

Purchase of goods.
Payment of selling and distribution expenses.
White-washing of building.
Repairs the furniture's and equipments etc.

FEATURES AND EXAMPLES OF DEFERRED REVENUE EXPENDITURE

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Special features:

Expenditures for developments,improvement and alterations are revenue expenditures but treated as capital expenditure.
These expenditures are not immediately written off in the year of actual expenditure but split over a period of certain years as per the decisions and policies of the management.
These expenditures are treated as assets and shown at the assets side of balance sheet.

Examples:

Advertising suspense
Preliminary expenses
Loss on issue of shares
Cost of issue of shares and debentures.

CLASSIFICATION OF RECEIPTS

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Receipts can be classified in two ways:

Capital receipts:The amount which we receive from the sale of fixed assets is known as capital receipts. Capital receipts are shown in the liabilities side of balance sheet only.These receipts are capital in nature.
Revenue receipts: Revenue receipts are the routine receipts of the business just as receipt from sale of goods. Revenue receipts are shown at the credit of either trading account or profit and loss account.

HIGH YIELD SAVINGS ACCOUNTS

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A high yield savings accounts is also called as a bank account which is usually a online savings account where we can earn a small amount , but is safe return on our cash.

There are some best high yield savings accounts such as:

Ally Bank: In ally bank account the fees and minimum balance is not required.The ally bank online savings account yields a 1.70%APY and is only one among many bank products available from any bank.

Ever Bank: In Ever Bank account the fees is not required but there should be minimum $1500 as deposit. After we open our account for 3 months the Ever Bank Yield Pledge Money Market Account will return 2.51% APY to us. After this period our new rate will be 2.07% APY for the first year.

Dollar Savings Direct: In dollar savings account also fees is not required but the minimum balance should be $1000 to open an account.The Dollar savings account returns a 1.70% APY which is above 1% till now.

WT Direct: In WT Direct account the fees and minimum balance both is not required. The WT Direct savings account offers a 1.51%APY but under this condition we have to receive 1.51% interest for first 60 days. Then we have to retain the balance of at least $10000 to continue for receiving the 1.51%APY.

FNBO Direct: Here in FNBO Direct account, we don't have to be worried about the monthly fees and minimum balance for maintaining our FNBO online savings account which yields about 1.50%APY. FNBO Direct is a well respected and highly awarded online banks.They are also called as a "best online savings account".

HSBC Direct: In, HSBC Direct account we don't require minimum balance and monthly fees. The HSBC Direct gives a 1.35%APY.HSBC Direct is one of the best banks known as till now.

ING Direct: The ING Direct account do not require fees and balance.

WHY ONLINE HIGH YIELD SAVINGS ACCOUNTS ARE GOOD CHOICES

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In my opinion, high yield savings accounts that can be opened at online banks can work out pretty well for our liquid funds. Many financial shows and articles have been trumpeting the advantages of online banks, while now a days, many customers have been flocking to these financial institutions as they have become more comfortable with using the Internet. Now a days, there are a lot of solid reasons that why online savings accounts are worthy of our review.

There are some justifications for parking our money in online accounts:

Fewer or lower fees: Fewer or lower fees is because of many business can be conducted online now.

Higher yields: Higher yields are those in which the products are seen from traditional savings institutions.Online banks also passes some of their savings to the customers in the form of higher returns.

Quick access to our accounts: In quick access accounts, we do not have to wait or call for customers service representative to access our bank account information.It is very easy to check our reports online.

Secure access: Online banks have taken a responsibility to make sure that our accounts are highly secured.

SAVINGS DEPOSIT

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Savings account or savings deposit are the account in which the money is deposited by customers not for recent use. A savings account is also a deposit account of a bank or credit union which pays interest on our balance though some of the institutions require that we should have at least a minimum amount in the account to qualify for earnings.

We can deposit and withdraw from savings accounts as for our wish, but we can't transfer money from the account directly to other people or firms.

While savings accounts typically pay interest at a lower rate than other bank accounts, that may not always be the case. Savings accounts are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund.

BEST HIGH INTEREST SAVINGS ACCOUNTS IN ONLINE BANKING

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Now a days , the banking options are sporting lower rates., are higher than the average interest rates which we can encounter at banks and financial institutions around the nation.Banking options are also scored for some other features of online banking.

What makes a good online bank?

There are some factors for choosing a high interest savings account,mostly in online banking:

Stability and reliability: In stability and reliability bank,we can be assured that our savings are somewhere stable and safe.

Information security: Online banks are too safe for us.In reality , banks have become very strict for ensuring the security of our online information and because of this we are now less vulnerable to acts of fraud by noticing them against their activity and so on.

TYPES OF SAVINGS

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There are mainly four types of savings and those savings are:

Emergency reserve fund, Accumulation fund, Long-term investments, and college education savings. But in this article we will address only three types of savings .

The first type of savings :An Emergency reserve fund is used for emergencies and to replenish but an Accumulation fund is used for unexpected large expenditure or major purchases. And mainly Long-term investments are used for family security, inheritance and retirement.

Emergency reserve fund:

An Emergency reserve fund is not part of accumulation fund or long-term investment portfolio rather it is managed differently.Every family should have a emergency reserve fund which will protect them from unexpected expenditure.

We should place the emergency reserve fund where the money is kept safely and where it can be easily converted into cash where the early withdrawal penalty is not needed.So , there are three primary options which is used for housing an emergency reserve account.They are banks, credit unions, and money market mutual funds.

TYPES OF SAVINGS

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ACCUMULATION FUND:An Accumulation fund is in effect a long - term emergency fund. Accumulation fund is able to cover a unexpected expenses or large purchases. An accumulation fund allows us to have longer time frame in mind-anywhere from one to five years before we will need the money. Because we plan to leave the money in the account for one to five years,and here liquidity is not as important as higher returns.

There are four most famous investment options for accumulation funds :

Certificates of deposit(CDs)

Ultra short-term bond funds

Short-term bond funds

Mortgage-backed bond funds.

CERTIFICATES OF DEPOSIT(CDs):CDs offer us a safety and reasonable returns but there is a lack flexibility due to the early withdrawal penalties.

ULTRA SHORT-TERM BOND FUNDS:If we don't need our money for six months to a year, we might want to consider Ultra short-term bond funds.These ultra short - term bonds funds typically have very low volatility and pay a reasonable rate.

SHORT-TERM BOND FUNDS:If we don't need our money for two or three years, short-term bond funds will offer the potential for better returns at a slight increase in volatility.

MORTGAGE-BACKED BOND FUNDS:If we don't need our money for four or more years, we might want to consider mortgage-backed bond funds,such as Ginnie Meas. Mortgage-backed bond funds offer a attractive yields and pay a monthly dividends , which we can reinvest in more shares.

LONG-RANGE INVESTMENTS:There are three primary reasons for long-term investing . They are to help our family for achieving a greater degree of security,to provide an inheritance for our family , and for fund retirement.Long-term investments are not intended to be short-term get-rich-quick programs.Long-range investments are exactly what they say they are-investments meant to last and grow for years to come.

BANKS

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Now a days, banking has become the foundation of economic development. A BANK is an financial institution which accepts deposits with drawable by cheque and makes loans and advances for the purpose of earning profits.Bank means an organisation which transact in money.

TYPES OF BANKS

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BANKS CAN BE CLASSIFIED ON FOLLOWING BASIS:

Classification on the basis of Ownership

Public sector bank

private sector banks

Cooperative banks

Classification on the basis of Functions

commercial banks

Foreign commercial banks

Indian commercial banks

Industrial development bank

National level

State level

Agricultural bank

Cooperative banks

land development bank

Regional rural banks

Other apex banking institutions

Central bank

Export-import bank of India-EXIM bank

National housing bank

Industrial reconstruction bank of India

National bank for agriculture and rural development(NABARD)

CLASSIFICATION OF A BANKS ON THE BASIS OF OWNERSHIP

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Public sector bank : Public sector banks are those banks which are owned by government. Government also control them. Generally,Public sector bank are stated for service motive not for earning profit.The main objective of public sector is social welfare.

Private sector banks: Private sector banks are those banks which are owned and controlled by private sector or individuals. The main objective of private sector is to earn profit.

Cooperative banks: Cooperative banks are those banks which are organized by a group of individuals. The main objective of cooperative banks is to help its members. State cooperative banks,District cooperative bank, and Primary loan society are included in cooperative banks.

CLASSIFICATION OF BANKS ON THE BASIS OF FUNCTIONS

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Commercial banks: Commercial banks are opened for profit motive.commercial banks accept the deposits from general public and provide short term loans to manufactures and traders and commercial banks also performs a various agency functions for their customers.

IN INDIA,THERE ARE TWO TYPES OF COMMERCIAL BANKS

Foreign commercial banks:Foreign commercial banks are based in foreign countries but they also have a branch in India.
Indian commercial banks:Indian commercial banks are based in India like there are types of Indian commercial banks :

Public sector banks : Public sector banks are owned by government.

Private sector banks:Private sector banks are owned by Private sector.

Industrial development bank: Industrial development banks are those banks which gives medium term and long term loans to industries.

Agricultural bank:Agricultural banks are those banks which provides loan mainly for agricultural works.

Regional rural banks:Regional rural banks help to provide loan to small traders,small farmers and for the development of agricultural activities.

INSURANCE

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Insurance is a kind of contract which is made between two parties where one party takes the responsibility of the risk of another party in exchange of some fee i.e. premium either at the happening of an event or at the expiry of certain period.

BASIC TERMINOLOGY OF INSURANCE

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INSURER:Insurer means a person who does the insurance that means who takes the responsibility of risk.

INSURED:Insured means a person whose insurance is done that means whose responsibility of risk is taken by the insurer.

PREMIUM:Premium means the fee which is charged by the insurer on the account of providing services .

POLICY:Policy means the document of a contract of insurance in which terms and conditions are related to contract of insurance.

SUM ASSURED:Sum assured means amount for which insurance policy is taken .

FEATURES OF INSURANCE

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FEATURES OF INSURANCE ARE AS FOLLOWS:

TWO PARTIES: We will always a two parties to do any types insurance contract and the two parties will be one whose insurance is done (INSURED) and another who does the insurance (INSURER).

BASED ON UTMOST GOOD FAITH: Insurance is based on utmost good faith.Utmost good faith means that each and every information and details concerned with insurance will be provided to us (insurer) by the insured.

BASED ON COOPERATIVE SYSTEM:Insurance is also based on cooperative system. There are many insured who is considered as member of cooperative. They all contribute a few amount of money and create a big fund and if any member suffers from the loss will compensate from this fund.

FREE FROM EXPECTED RISK: Insurance provide security against any kind of risk.

PAYMENT OF PREMIUM: If few amount of fees is paid by the insured to insurance company than only the insurance company takes the responsibility of risk and the fee which is give is known as insurance premium.

VARIOUS TYPES OF INSURANCE: Insurance is mainly of two types:
LIFE INSURANCE
GENERAL INSURANCE

HAPPENING OF EVENT:The objective of insurance is fulfilled only at the time of happening of some event.

SECURITY AND INVESTMENTS: Life insurance consists both of the elements of security as well as investments.

OWNERSHIP NOT COMPULSORY: It is not essential to be the owner of property, for which the insurance is being taken.

TYPES OF INSURANCE

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INSURANCE CAN BE CLASSIFIED AS:

LIFE INSURANCE: Life insurance is the most popular form of insurance.In this insurance any person can insure himself either against death or for loss of any of his body parts. Under life insurance , each and every insured person has to pay a premium. Life insurance is refundable.

GENERAL INSURANCE: General insurance,unlike life insurance , provide insurance for theft, fire, marine, accident etc. General insurance is done mainly of the properties such as car , stock in trade, building, scooter,TV, house, jewelleries , etc. General insurance is not refundable.

GENERAL INSURANCE IS ALSO CLASSIFIED INTO THREE WAYS:

FIRE INSURANCE: Fire insurance provide safety against loss from fire.

THEFT INSURANCE:Theft insurance provides insurance against theft.

MARINE INSURANCE:Foreign business is done mainly through sea ways.While abroad,both ship and goods transported are unsecure. If ship meets any mishappening and gets damaged , loss of crores of rupees has to incur . Therefore, marine insurance provides insurance facility against such losses.

PRINCIPLES OF INSURANCE

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PRINCIPLES OF UTMOST GOOD FAITH : The principle of utmost good faith suggests that both parties that is insurer and insured must disclose each fact and information related to insurance contract to each other.

PRINCIPLE OF INSURABLE INTEREST: For a valid insurance contract it is necessary that insured has full interest in property or life so insured by him. This means that if there is any damage to life or property so insured, the insured will have to incur loss due to this damage and insured will be benefited if full security is been provided.

PRINCIPLE OF INDEMNITY: Except for the contract of life insurance estimation regarding loss can be made on all other contracts. Hence , principle of indemnity applies to all contracts except the contract of life insurance.

PRINCIPLE OF WARRANTY:The term 'warranty' here mean for certain terms and conditions which are to be fulfilled by insured.If insured does not follow this terms and conditions , the insurance contract can be cancelled.

PRINCIPLES OF CONTRIBUTION:Principle of contribution suggests that if any person gets his property insured by three insurance companies then at the time of incurrence of loss all the three companies will compensate for the loss incurred but in a proportionate manner.

PRINCIPLE OF SUBROGATION:Principle of subrogation applies to all compensatory insurance contracts.As per this principle of subrogation when any insurance company compensates the insured for loss of any of his property then all rights related to that property automatically get transferred to insurance company.

PRINCIPLE OF MIGRATION OF LOSS:Principle of migration of loss suggests that insured should try to minimize the loss of his property even if it is insured.

PRINCIPLE OF PROXIMATE CAUSE: The insurance company will compensate for the loss incurred by the insured due to reasons mentioned in insurance policy but if losses are incurred due to the reasons not mentioned in insurance policy, then principle of proximate cause is followed.

TYPES OF INSURANCE CONTRACT

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CONTRACT BETWEEN INSURED AND INSURER IS KNOWN AS INSURANCE CONTRACT.

There are two types of insurance contract :

CONTRACT OF INDEMNITY:Except the life insurance contract ,all other types of insurance contracts are contracts of indemnity.These contracts are fire insurance , marine insurance , theft insurance , etc. Under this contracts, insured pays premium to insurance company and insurance company takes the responsibility of compensating the insured if he suffers any loss on insured property.

LIFE INSURANCE CONTRACT:This contract is not a contract of indemnity.Value of life of any human being cannot be estimated hence it is very difficult to calculate the exact amount of loss . Under such contracts insured pays a fixed premium every year and either at the expiry of policy or on his death.

RE-INSURANCE

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RE-INSURANCE means when an insurance company gets its risk insured from another insurance company. In Re-insurance contract both insured as well as insurer are insurance companies . When an insurance company finds that its risk has exceeded a certain limit, it transfers a part of the risk to some other insurance company by taking re-insurance of certain items. Re-insurance contract does not affect the contract between main insured and the insurer.

DOUBLE INSURANCE

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DOUBLE INSURANCE refers to the insurance of the same property or person more than one time by the insurer himself/herself. Double insurance has different implications for Life Insurance and General Insurance (fire Insurance , Marine Insurance , etc.) For instance , a person can get any number of Life Insurance policies of any amount. He/she will get pre-determined amount in case of his/her death during the period of policy/policies or on the maturity date of the policy whichever is earlier. It means a person can take the benefit of double insurance. On the another hand , in case of general insurance an insurer can get more than one insurance policy on the same property but in the situation of damage the loss incurred the incurred will be shared by all the policies taken and compensation will be paid on all the policies collectively which will not exceed the actual loss incurred.

ASSURANCE

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Assurance is related with life insurance. Under,assurance compensation is paid whether event happens or not. Assurance is used when risk is of certain nature,meanings thereby, it is bound to be happen. The insurance company is bound to be paid whether insured suffers a loss or not.

IMPORTANCE OF INSURANCE

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Insurance plays a vital role in every aspect of life.insurance not only reduces the risk but also helps in investing the money.There are some points which justify the importance of insurance:

PROVIDING PROTECTION : Insurance provide protection. The protection can be either protection for life or protection for property.

INVESTMENT ELEMENTS : A life insurance contract,provides not only protection but also helps in investments. A policy holder pays premium to insurance company on a regular time interval.

DISTRIBUTION OF RISK : Through insurance, the risk of one person can be distributed among many people. The policy holder pays premium. The amount of policies accumulates in the form of one large fund.

LOAN FACILITY:Banks, financial institutions and even insurance companies can easily extend the loan facility to policy holders.

ENCOURAGEMENTS TO SAVINGS : Under the insurance contract,every policy holder has to pay a premium on insurance policy. If premium is not paid,chances of penalty/cancellation of policy increases.

MORE EMPLOYMENT:Insurance provide employment to many people.

HEALTH INSURANCE

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Everybody wants to remain healthy.The insurance company cannot help anybody to keep him healthy. However , if somebody falls ill and has to spend for the treatment of his illness, the insurance company can help him in meeting the medical expenses. In order to get this facility we have to get ourselves insured. Health insurance policy can be got from any general insurance company. Under this health insurance policy the insurance company assures the insured person that in lieu of the premium it will pay him a particular amount of money to meet the the expenses of the medical treatment of a particular disease.

FIDELITY INSURANCE

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Fidelity insurance contract is between an insurance company and some employer. Under, fidelity insurance, the insurance company compensates the loss suffered by the insured employer on account of the fraud, dishonesty and embezzlement of his employees. We can also say that Fidelity insurance provides security against the breach of faith by the employees and the subsequent loss caused by such a breach of faith. Fidelity insurance is mostly taken where the employees are incharge of cash and goods of the company. If some employee indulge in fraud , dishonesty , and embezzlement , the loss is compensated by the company.

LIFE INSURANCE

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Life insurance refers to that insurance under which , in consideration of a premium, the insurer promises to pay a sum of money on the death of the person whose life is insured or expiry of a certain period whichever is earlier.

OBJECTIVES OF LIFE INSURANCE

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Life insurance involves both protection and investment.When any person does the life insurance policy then he wants to achieve two objectives and that are protection and investment.

PROTECTION OBJECTIVES:The main objective of life insurance or any other type of insurance is to provide protection. If any member of a family mainly the main earner of that family dies because of some incident than the family faces a lot of problems. Though the person cannot come back but the problem of family can be minimized with the help of life insurance . After the death of insured his family receives the sum assured with which their problem can be minimized and can spend their life comfortably. People take the life insurance policy so that their family would not get any problem in future.

INVESTMENT OBJECTIVES: Life insurance not only provide a protection for future risk , it is also a good way of investment for the people. Here insured invests a few amount as a premium to insurance company.

TYPES OF LIFE INSURANCE POLICIES

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MAIN TYPES OF LIFE INSURANCE POLICIES:

WHOLE LIFE INSURANCE POLICY: Under this types of insurance policy the whole life will be insured and the insured cannot receive the money from L.I.C. till he remains alive. The rate of premium is also very low for this policy. These types of policies can also be classified as:

Whole policy life of limited premium
Ordinary whole life policy
Whole life policy of single premium

ENDOWMENT INSURANCE POLICY:This insurance policy is the famous life insurance policy and insurance is done for certain period. If that certain period is expired or the death of insured happens than only they get the sum assured plus bonus.The rate of premium is higher than other types of policies.There are few more endowment insurance policies:

Ordinary endowment life policy
Double endowment life policy
Deferred endowment life policy

INTEREST SAVINGS ACCOUNT

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HIGH INTEREST SAVINGS ACCOUNT

Though the options of banks are providing low rates, but now also they are called a higher in the average interest rates .For that we can do inquiry at different banks and financial institutions within our country itself and this option gains more for another characteristics of online banking.

Some of the points are given to understand that what can make a good online bank:

There must be information security.
customer service can help for proving the better knowledge and information about particular products.
We should be sure that our savings account are stable and reliable.
There should be the brand name of a bank for the strong reputation and must be recognized by its own name in the market.

DIRECT ONLINE SAVINGS ACCOUNT

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Direct online savings account is a quick and easy solution to manage our online savings account . Direct online savings account is a new option or way or method to save our money and financial position which gives the best results and good returning. Direct online savings account is safe which also secures our online savings environment and can be easy to access our money.

BEST ONLINE SAVINGS BANK

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The top online savings bank is EVER BANK and is the first online savings bank. Online savings bank can become a great choice for banking if we are able to give minimum balance as $1500 per account. The base rate of Ever bank in money market is 1.51% and the bonus rate will be 2.51%. The net worth scale of Ever bank is higher till its end. The net worth is better than the average bank customer because it help in reducing the risk. And the main thing is that there is also a AMERICAN EXPRESS PERSONAL SAVINGS ACCOUNT which does not charge minimum balance and we can get 1.70% APY.

ONLINE SAVINGS ACCOUNT RATES

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EVER BANK YIELD PLEDGE MONEY MARKET ACCOUNT
AMERICAN EXPRESS HIGH YIELD SAVINGS
ALLY BANK HIGH YIELD SAVINGS
HSBC DIRECT ONLINE SAVINGS ACCOUNT
ING ORANGE SAVINGS ACCOUNT

These are the banks whose position is in the top of all online banks. These banks provide us a facility of high yield , interest and money market savings account. And from these banks we can hope best results or returns after investment. These days the interest rates of high yield savings account has become 1.5-2% APY which is known as annual percentage yield and also said as interest rates.

ONLINE SAVINGS ACCOUNTS

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We can determine the two criteria before making our account i.e. which is the best online savings accounts and for short period of savings where to put our money. And for short period savings there are two options i.e. interest rates and customer service. Interest rates helps us to maintain our purchasing power. And, Customer service may provide us important aspects like: maintenance and transfer of accounts should be given at valid and professional websites so that we can get the details from representatives of customer service and for that the website must be easy to search.

FIRE INSURANCE

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Fire insurance is an insurance contract in which insurance company promise the insured that they will compensate if there property gets damaged due to fire till a specific period of time in exchange of fixed premium.

NATURE OF FIRE INSURANCE

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There are few points that means the nature of fire insurance:

Written contract: Written contract means that fire insurance do the contract between insured and insurer.

Two parties: In fire insurance the contract is made between two parties i.e. insured and insurer.

Period of insurance:This type of insurance is done maximum for one year.

Only protection element: Here in fire insurance only protection element is present and lacks investment elements.

Use of word insurance:In fire insurance 'insurance ' word is used instead of 'assurance'. This means the compensation will be paid only if there is loss.

MARINE INSURANCE

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Marine insurance is the oldest insurance mainly which was started for insuring the ships going to Britain from Italy which was mainly used in London in 1774. Marine insurance is the contract of indemnity under which insurance company promise the insured that they will compensate the loss for damage arising out of marine risk in exchange of some premium.

PRINCIPLE OF MARINE INSURANCE

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Some principles of marine insurance are as follows:

Principle of insurable interest: In marine insurance also the insured must have the insurable interest in property which is insured same as other insurance contract . Interest must be present at the time of damage. Here insurable interest means that if goods reach safely to their destination then there is profit and if they don't then it is loss. Some of the insurable interest in marine insurance is :

Owner of ship in his ship.

passengers in their goods.

owner of goods in his goods.

Person who charges freight in that freight.

Principle of implied warranties:These are the certain facts related with contract, which we don't need to explain clearly and specifically. Hence implied warranties are those warranties which are followed even if they are not mentioned clearly in the contract.Some of the warranties are as follows:

Worthiness of ship

Non-deviation of ship

Legality of venture

INTERNET SAVINGS ACCOUNT

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The best advantages of Internet savings account is that it saves our time like:

It is accessed 24 hours which helps us to check our balance online.

It transfer the money online very fast.

It set up the standing orders.

It reviews the transactions and view the statements.