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Banking Services

A bank is a business that provides financial services, usually for profit. Traditional banking services include receiving deposits of money, lending money and processing transactions. A commercial bank accepts deposits from customers and in turn makes loans based on those deposits. Some banks issue banknotes as legal tender. Currently in most jurisdictions commercial banks are regulated and require permission to operate. Operational authority is granted by bank regulatory authorities and provide rights to conduct the most fundamental banking services such as accepting deposits and making loans.

Although the basic type of services offered by a bank depends upon the type of bank and the country, services provided usually include

Taking deposits from their customers and issuing checking and savings accounts to individuals and businesses.

Extending loans to individuals and businesses.

Cashing Cheques

Facilitating money transactions such as wire transfers and cashiers checks.

Issuing credit cards, ATM cards, and debit cards,

Storing valuables, particularly in a safe deposit box.

Cashing and distributing bank rolls.

Consumer & commercial financial advisory services.

Pension & retirement planning.

Bank Accounts

Fixed Deposits.

Credit Cards.

Debit Cards.

Cash Management / Remittances.

Foreign Exchange.

Lending Products.

Custody and Safe-keeping

banking services including deposits, savings accounts, finance like home loans, personal loans etc. Various banks like ICICI Bank, Citibank, HDFC Bank and many other nationalized and private banks that hold authorized dealer's licenses from the Reserve Bank of India (RBI) provide remittances, savings, earnings, investments and repatriation services.Besides the major commercial banks, certain cooperative and regional rural banks (RRB's) have also been specifically permitted to maintain accounts. This would increase remittances in Bihar, Kerala, U.P. and Gujarat where a large chunk of the rural population have settled abroad.

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