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
What
is Retail Banking?
Retail banking refers to the dealing of commercial banks
with individual customers.
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/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
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.
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
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