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.

What
is Retail Banking?


Retail banking refers to the dealing of commercial banks
with individual customers.


What
are the 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
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

Demand Draft

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.

Locker

CARDS

Debit Card
Credit Card
ATM Card
Travellers Card
  • Used for travelling abroad.

Prepaid Instruments

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

Tax Payments



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


Regards

Team ExamPundit