4 Important Types Of Banks Around The World

The first image that comes to our head when we hear the word ‘bank’ is the bank around the corner where you usually deposit money. The commercial bank has somewhat drowned the existence of the other types of banks in our society. Apart from cash, there are other things that need to be stored up and protected like money. There are a number of banks all around the world dedicated to receiving deposits of various other important things. These things are deemed necessary in our society and are sometimes valued more than money. Being aware of the existence of such banks is highly crucial as most of these exist for our help. Not being aware of such things can sometimes be quite detrimental in many ways so let’s look at the top four most important types of banks that we know of.

Commercial bank

All of you would know about this one. The place you go to for storing and saving all your hard-earned money and enjoying the different benefits the banks have to offer. This type of bank that stores money is probably crucial to the economy and has a direct impact on every person of that country. In many countries, it is impossible to not have a bank account. It is mostly linked to your social security number and other details.

Blood bank

Many of you might also be aware of blood banks. The name is self-explanatory. It is a place where we store donated blood for medical reasons. Though not all of you would know that blood is donated in many ways apart from the usual vein extraction. Umbilical cord blood, placental tissue, and other interesting blood sources are also very valuable. A lot of research went into figuring out exactly how long can cord blood be stored for and in what medium. The answer came out to be a whopping 20 years if stored in the right condition thus it is now very common to see a blood bank near almost every major hospital.

Sperm bank

Collecting sperm may sound a bit absurd but it is a blessing for some couples who are unable to conceive due to infertile sperms. A sperm bank collects and stores the sperms from healthy individuals. If you’re wondering if this is a common practice all around the world then no, it is not. Some countries disapprove of sperm banks due to the process of artificial insemination but all the developed countries understand the plight of some of their unfortunate citizens. They invest and develop sperm banks to be a reliable institution.

Seed bank

A seed bank is simply a place to store seeds of all types. It is also sometimes called a gene bank as it contains a specimen of all flora and fauna known to man. The knowledge regarding everything we know about the seed and the plant it will become is stored alongside and the bank is well protected. Most of these banks are funded by the public and the resources and data are made publicly available.

Banks are basically institutions that collect and store various essentials in an organized way for us. Mostly these banks are on the priority list and are heavily guarded. Every bank is important in its own way and contributes to the development of society.

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