Meaning and Types of Bank and Saving (Primary 4)

Last Updated on July 15, 2020 by Alabi M. S.

 

SOCIAL STUDIES 

RELIGION AND NATIONAL VALUES

SECOND TERM 

WEEK 10

PRIMARY 6

THEME – 

 PREVIOUS LESSON – WHY DIVISION OF LABOUR IS NECESSARY IN AGRICULTURAL INDUSTRY, PROBLEMS OF AGRICULTURAL INDUSTRY AND THEIR SOLUTIONS (PRIMARY 4)

TOPIC – SAVING 

LEARNING AREA

1. Meaning of Saving

2. Types of Saving

3. How to Open a Bank Account

 

PERFORMANCE OBJECTIVES 

By the end of the lesson, the pupils should have attained the following objectives (cognitive, affective and psychomotor) and should be able to –

1. explain what is bank and savings mean.

2. state different types of bank and savings.

3. mention the advantages of saving in the bank.

3. discuss the process of opening a bank account.

 

ENTRY BEHAVIOUR

 

INSTRUCTIONAL MATERIALS

The teacher will teach the lesson with the aid of chart/sample of money and bank’s teller.

 

 

METHOD OF TEACHING – Choose a suitable and appropriate methods for the lessons.

Note – Irrespective of choosing methods of teaching, always introduce an activities that will arouse pupil’s interest or lead them to the lessons. 

 

REFERENCE MATERIALS

1. Scheme of Work

2. 9 – Years Basic Education Curriculum

3. Course Book

4. All Relevant Material

5. Online Information

CONTENT OF THE LESSON  

MEANING OF BANK 

A bank is a place where we save our money. Money saved in the bank generate interest. People can borrow money from the bank for business, financing a project, etc.

 

TYPES OF BANK 

1. The Central Bank

2. Commercial Bank

3. Merchant Bank

4. Savings Bank

5. Development Bank

6. Micro Finance Bank

 

The Central Bank of Nigeria (CBN) control all the other banks. It is owned and managed by the Federal Government of Nigeria (FGN). It prints money and distributes them to other banks.

 

Commercial Banks are most used banks by people and companies to save and borrow money for business or foreign exchange. Commercial Banks in Nigeria include – Polaris Bank, First Bank, etc.

 

HOW TO OPEN BANK ACCOUNT 

SAVING ACCOUNT 

The requirements for opening a saving ban account include –

1. Minimum Amount for Opening Saving Account 

This is vary from bank to bank. It is ranging from 0 to ₦5, 000 and above.

 

2. Proof of Address 

Utility bills like electric bills, water bills or waste management bills. The address on these bills must match your house’s address.

 

3. Valid Identification Card

Valid ID Card such as Driver’s Licence, International Passport, National Identity Card and National Voter’s Card (permanent).

 

4. Two (2) passports 

 

5. Bank Verification Number 

It is compulsory number for new and old accounts.

 

6. Application form 

 

CURRENT ACCOUNT

In addition to the requirements in saving account, two (2) referees and saving account from the same bank.

 

MEANING OF SAVING 

Saving is money set aside for future purposes. Money can be save in a bank account, a pension account, an investment fund, or as cash.

 

TYPES OF SAVING 

1. Traditional savings – savings in the wooden or iron box or cylinder.

2. Modern savings – savings in the bank.

 

OTHER WAYS OF SAVING MONEY 

3. Buying shares

4. Cooperative societies

5. Contribution

6. Buying insurance

7. Investment funds

8. Treasury bills

9. Pension account

 

ADVANTAGES OF SAVING MONEY 

1. It helps in planning the future.

2. It helps in the time of emergency.

3. It prevents from being stolen by the thieves.

4. It generates interest.

5. It qualify people for loan.

 

 

PRESENTATION

To deliver the lesson, the teacher adopts the following steps:

1. To introduce the lesson, the teacher revises the previous lesson. Based on this, he/she asks the pupils some questions;

2. Discusses the meaning and types of banks in Nigeria.

Pupil’s Activities –

3. Asks pupils what is saving money means.

Pupil’s Activities – Explain the meaning of saving.

4. Discusses different types of saving.

Pupil’s Activities – Participate in the discussion.

5. Asks pupils to mention the advantages of saving money.

Pupil’s Activities – State the advantages of saving money.

 

ASSIGNMENT

Pupil’s Activities – Find out the requirements for opening bank accounts in any Nigerian banks.

 

CONCLUSION

  • To conclude the lesson for the week, the teacher revises the entire lesson and links it to the following week’s lesson.

 

LESSON EVALUATION 

Pupils to:

1. explain what is bank and bank mean.

2. mention 4 types of bank and savings.

3. mention 3 advantages of saving in the bank.

3. discuss the process of opening a bank account.

 

 

 

 

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