Hello and welcome to exampundit. Here are all the information we could arrange for Retail Banking in India. The topic was requested by Nitu.
What is Retail Banking?
Investopedia defines: Retail banking, also known as consumer banking, is the typical mass-market banking in which individual customers use local branches of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs).
Retail Banking Products in India
ACCOUNTS
- Current A/c: Current account is one of the two component accounts of the balance of payments of a nation. It records the trade of goods and services of an economy with other countries of the world.
- Savings A/c: A savings account is one of the simplest types of bank accounts available to consumers, letting you store cash securely and earn interest on your money.
- Salary A/c: It is usually opened by the Company, where your salary is deposited. You can maintain ZERO Balance.
- Minor A/c: Minimum 10 years old to open this account.
- Recurring A/c: It can be opened by any Individual for regular fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits.
- Fixed or Term Deposits A/c: A type of savings account or certificate of deposit where deposits are made for a specified period of time and that pay out a fixed rate of interest.
- Joint A/c: Can be opened by two or more individuals.
- Basic Savings Bank A/c: Zero Balance A/c
- Pension A/c: Zero Balance, usually opened for Pension purpose.
OTHER PRODUCTS
- Bancassurance: Banks partners with Insurance Company to sell Insurance to Bank Customers. United Bank of India has with TATA Life Insurance.
- Cheque: An order to a bank to pay a stated sum from the drawer’s account, written on a specially printed form.
- Demand Draft: A demand draft is a negotiable instrument similar to a bill of exchange. A bank issues a demand draft to a client (drawer), directing another bank (drawee) or one of its own branches to pay a certain sum to the specified party (payee). A demand draft can also be compared to a cheque.
- Mobile Banking: Usually operated by Customer through their Tablets or Phones via Application By Bank. CANMOBILE is an Android/Windows/iOs App by Canara Bank.
- M-Wallet: Prepaid wallet can be used for various payments.
- Tele Banking: Banking done by calling up Bank’s Toll-Free Number.
- Safety Deposit Locker: To keep valuable items usually jewellery, important documents.
- Foreign Inward Remittance: Transfers from foreign to Indian customer’s account. Usually done by Wire Transfer.
CARDS
- Debit Card
- Credit Card
- ATM Card
- Travellers Card: Used for travelling abroad.
LOANS
- Home Loan
- Personal Loan
- Pension Loan
- Car Loan
- Vehicle Loan
- Loan Against Gold
- Loan against Mortgage
- Educational Loan
Online Products
- Internet Banking
- Bill Payments
- Fund Transfer: NEFT, RTGS, IMPS
- Tax Payments
- Demat Account
Note: All the Banks does not have all products mentioned above.
If you have any update to add, please feel free to add in the comment!
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