Retail Banking Products in India

Hello and welcome to ExamPundit. So, here we have prepared an article regarding the Retail Banking Products in India. It is very important for both Banking Exams and Banking Interviews. It is also important for upcoming IBPS PO and IBPS Clerk Interviews.

• 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.

• It is usually opened by the Company, where your salary is deposited. You can maintain ZERO Balance.

• Minimum 10 years old to open this account.

• 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.

• 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.

• Can be opened by two or more individuals.

• Zero Balance A/c

• Zero Balance, usually opened for Pension purpose.

• Banks partners with Insurance Company to sell Insurance to Bank Customers. United Bank of India has with TATA Life Insurance.

• Usually operated by Customer through their Tablets or Phones via Application By Bank. CANMOBILE is an Android/Windows/iOs App by Canara Bank.

• Prepaid wallet can be used for various payments.

• Banking done by calling up Bank’s Toll-Free Number.

• Used for travelling abroad.

Prepaid Instruments

• NEFT, RTGS

Note: All the Banks does not have all products mentioned above.




Regards

Team ExamPundit