Meaning and Types of Savings | Meaning and Types of Bank | Requirements for Open Saving Account Primary 4 (Basic 4) Term 2 Week 10 Social Studies
RELIGION AND NATIONAL VALUES
PREVIOUS LESSON – Why Division of Labour is Necessary in Agricultural Industry | Problems and Solutions to the Problems Agricultural Industry Primary 4 (Basic 4) Term 2 Week 9 Social Studies
TOPIC – TRADITIONAL AND MODERN SAVING
2. Meaning and Types of Saving
3. Meaning and Types of Bank
4. How to Open a Bank Account
5. Lesson Evaluation and Weekly Assessment (Test)
By the end of the lesson, most of the pupils should have attained the following objectives –
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.
4. discuss the process of opening a bank account.
The pupils can explain the concepts of saving and banking.
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.
1. Scheme of Work
2. 9 – Years Basic Education Curriculum
3. Course Book
4. All Relevant Material
5. Online Information
CONTENT OF THE LESSON
LESSON 1 – INTRODUCTION
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 – Gtbank, Polaris Bank, First Bank, etc.
MEANING OF SAVING
Saving is the money set aside for future purposes.
Money can be save in a piggy bank, bank account, as pension account, investment fund, or cash.
TYPES OF SAVING
1. Traditional savings
2. Modern savings
Traditional savings is the savings of money in the wooden or iron box, cylinder or piggy bank.
Modern saving is the savings of money and other valuable items in the bank.
OTHER WAYS OF SAVING MONEY
3. Buying shares
4. Cooperative societies
6. Buying insurance
7. Investment funds
8. Treasury bills
9. Pension account
LESSON 2 – 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
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
In addition to the requirements for saving account, two (2) referees and saving account from the same bank.
LESSON 3 – REVISION AND WEEKLY ASSESSMENT (TEST)
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; he/she
2. Displays sample piggy bank or chart showing piggy bank.
Pupil’s Activities – Identify and describe the object.
3. Asks pupils in groups or pairs to discuss the important uses of piggy bank.
Pupil’s Activities – State the uses of piggy bank.
4. Asks pupils to state other means of saving.
Pupil’s Activities – Mention banks, contributions, etc. as other means of saving.
5. Uses the chart and pupil’s responses to the introduce the lesson.
6. Leads pupils to explain the meaning of saving.
7. Uses piggy bank and banks to classify savings as traditional and modern savings.
Pupil’s Activities – Pay attention to the lesson lesson introduction, listen and participate actively in the class discussion.
8. Asks pupils to find out the reasons why people save.
9. Uses pupil’s home work to leads a discussion on the advantages of saving.
Pupil’s Activities – State the reasons why people save money.
10. Leads pupils in group or pair to discuss meaning and types of of banks in Nigeria.
Pupil’s Activities – Participate in the group or pair discussion.
11. Take pupils out to the nearest bank (if available) or invites one of the bank field agent who duties to open bank account for market people to discuss the basic requirements for open a saving account.
Pupil’s Activities – State the basic requirements for open a saving account.
12. Summarizes each lesson on the board.
Pupil’s Activities – Participate actively in the summary of the lesson and write as instructed.
- To conclude the lesson for the week, the teacher revises the entire lesson and links it to the following week’s lesson.
- Next Lesson – Employment and Unemployment | Reasons for Employment | Causes of Unemployment | Problems and Solutions to the Problems Unemployment Primary 4 (Basic 4) Term 2 Week 10 Social Studies
Teacher asks pupils to:
1. explain the meaning of saving.
2. state 2 types of saving.
3. explain the meaning of bank.
4 mention 4 types of bank and savings.
5. mention 3 advantages of saving in the bank.
6. discuss the process of opening a bank account.