Finance sector is backbone of any economic system. Finance sector divided into many financial services. It is a combination of banking sector, Insurance sector, investment groups, FOREX (FOReign EXchange market) etc.
Banks are lifeline of any economic systems. These days banks are part of day to day life. In earlier, banks are meant to save the money in secured way. But in current world, without banking services life will be miserable. Banks not only supports for savings and lending loans. They are open to all financial business vertical like insurance, FOREX trading, real estate and credit card etc.
Banks are providing different loans against property, gold, share certificates, insurance bonds etc. People can easily get education loans for higher studies, personal loans, home loans, marriage loans, vehicle loans and many more.
Banks are taking various types of deposits and return interests for the deposited amount. Deposits terms and interest varies based on banks. People can open savings account and current account. Generally, banks are giving interest for savings account and not for current account.
Insurance is a big growing financial service. Insurance service is divided into various kind like Life insurance, health insurance, vehicle insurance, consumer durable insurance, agriculture insurance, business insurance, against natural calamity insurance etc.