Banks are providing a wide range of services nowadays. Do you agree?

Form and Business in which Banking Companies may engage : 

1. Borrowing of Money (Accepting Deposits)

2. Lending or advancing of money either upon or without security.

3. Drawing, making, accepting, discounting, collecting and dealing in bills of exchange, hundies, promissory notes, drafts etc.

4. Issuing of Travellers cheques.

5. Buying and selling of Foreign Exchange

6. Providing safe deposit vaults (Locker Facility)

7. Acquiring and holding any property which may form the security for any loans or advances

Yes. Banks are not only beneficial to their customer for providing savings but varied of financial services are given by the banks to extend its customer base and to provide customer satisfaction.Debit,Atm, Credit cards are excessively used now a days which promotes easy transaction in hasslefree manner. Cheque books,Demand drafts, Fund transfers are inevitable services provided by the banks. Apart of these Insurance services, locker facility, loan assistance , overdraft facility are widely known services provided by Banks.

• Business loans.
• Savings accounts.
• Debit and credit cards.
• Merchant services (credit card processing, reconciliation and reporting, check collection)
• Cash management (payroll services, deposit services, etc.)
• Demat Accounts and Share Trading services.
• Lockers facility

Yes. The description of four services offered by banks are given below
(i) Issue of Bank Draft A hank draft is a type of cheque. It is drawn by a hank either on its own branch or on another hank. Bank draft is a very convenient, cheap and safe method of remitting money from one place to another.
(ii) Pay Order or Banker’s Cheque A pay order or a banker’s cheque means the hank draft which is payable within the city or town. It may be called a local bank draft. Banks issue pay orders for local use and issue bank drafts for outstations. The commission charged for a pay order is lesser than that charged for a bank draft.
(iii) Real Time Gross Settlement (RTGS) It is a funds transfer system under which transfer of funds takes place from one bank to another on a ‘Real Time’ and ‘Gross’ basis. Settlement on ‘Real Time’ means there is no waiting period, in payment-transaction. The transaction is settled as soon as it is processed. ‘Gross’ settlement means the transactior is made on one to one basis without bunching or netting with any other transaction.
(iv) National Electronic Funds Transfer (NEFT)