Banking system plays a very significant role in the economy of a country. It is central to a nation’s economy as it caters to the needs of credit for all the sections of the society. Today, the banking sector is one of the biggest service sectors in India. Availability of quality services is vital for the well-being of the economy. The banks these day offer variety of services. Some of these services have been discussed herein.
Bank Accounts- The bank offers different kinds of account service which a customer can avail depending upon his requirements. Some of the major types of accounts are the current account, saving account, fixed deposit account and recurring account. Besides these accounts there are certain other specialized types of accounts like students account, nonresident of India account, joint account, business account etc. which are usually for the specific target group. By opening accounts with the bank the individual gets entitled to do various transactions by making payments through these accounts.
Overdraft Facilities- Bank overdraft means bank provide short term credit fund to smoothen out cash flow for business needs. An individual or a business can get in touch with bank representative to know the overdraft ceiling limit permitted for your account. You can borrow up to the permitted amount for which bank charges interest on the overdrawn fund.
Cards- Banks provide free ATM cum Debit Card to its customers who have deposit account with them. This Card provides online access to savings or current account. They can have access to the widest network of ATMs across the country to withdraw cash, enquire about the account balance etc. Transactions limit varies from bank to bank. Banks provide International ATM-cum Debit Card which can be used within as well as outside India, at a nominal fee. ATM Cards enables the customer to shop at a large number of Merchant Establishment in India.
Insurance- Insurance is a kind of investment and is getting popular among the customers of banks. Insurance can be for life or for fixed assets. Banks do services for life insurance. In earlier days people used to go for life insurance with Life Insurance Corporation of India. But now, banks also have entering into the insurance business. ICICI Prudential Life Insurance is one such example.
Online Services- Transaction at the convenience of customers, saving times and cost through Computers is popularly known as Online Banking. It is also known as E-Banking or Net Banking or internet Banking. It is done through a computer with internet facilities. Customers can monitor and control their funds through Internet Banking. They can check account balance, view their account,. Get summary statement, make bill payments and utility payments, request for Cheque book, drafts, transfer funds, request for third party transfers, invest and renew deposits, issue standing instructions, register mobile number for SMS alerts and many more attractive features.
Foreign Exchange Facilities- Many large banks also provide foreign exchange broking and services to the customer around the world. These Foreign exchange services consist of currency exchange where customer can exchange different currency notes, wire transfer where customers can pay or transfer funds to the customer located outside countries, remittance services where migrant employees can transfer money to their home country. This is one of largest types of financial services provided by banks as it involves daily billions of foreign exchange transactions.
Automatic Teller Machine (ATM)- Automatic Teller Machine is the most popular devise in India, which enables the customers to withdraw their money 24 hours a day 7 days a week. It is a devise that allows customer who has an ATM card to perform routine banking transactions without interacting with a human teller. In addition to cash withdrawal, ATMs can be used for payment of utility bills.
Investment Services- Banks provide asset management services to the clients who are registered with the Securities and Exchange Board as a Registered Investment Advisors and focusing on building capital for customers through their investments. Banks also provide custody services for safe keeping and dealing in world’s securities linked with customers portfolio and various other investment facilities to assist clients investment needs.
These were only some of the services which are provided by the banks in India. Besides these there are many other services which offered by bankers these days like locker and safe keeping facility, pension facility, cash management facility, mortgage facility, RTGS etc. Thus, one can analyse the wide range of services offered by the banks in India.
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