Banking Products and Services
A detailed list of banking products and services available in India.
- Indian Banks offer various types of banking services and products.
- A savings account is the most basic product in which you can park money and earn interest.
- A current account is ideal for high-value transactions with unlimited withdrawals and deposits.
- You can withdraw and deposit cash without visiting banks through ATMs and CDMS.
- You can also avail of investment banking services through certain SEBI-authorised banks.
The first step to moving towards financial stability is to open a bank account. Today, banks serve as more than mere account providers and money lenders. They offer a bouquet of products and services, thereby streamlining the entire banking experience. Below are the banking product and services you can expect from a typical Indian bank.
The following are the commonly available banking products:
A savings bank account is one of the primary banking products a bank offers. You can deposit cash in a savings account and gradually grow your corpus. Savings accounts are further categorised into different types like Regular, Premium, Children’s, Women’s, etc.
Banks also offer current accounts. These are primarily designed for business owners and individuals who need to conduct daily, high-value withdrawal and deposit transactions.
The banking products list also includes ATM-cum-debit cards. These cards allow you to access funds in your account without visiting the bank. You can use bank cards for PoS and online shopping or paying bills. If you are eligible, your bank may also offer you credit cards.
Banks allow you to open fixed and recurring deposits. While fixed deposits enable you to earn higher interest rates on lump-sum amounts, recurring deposits empower you to deposit a fixed amount every month and gradually build a lump sum.
As an account holder, you can enjoy the following types of banking services.
Loans and Overdraft Services
You can borrow money from a bank, pay interest, and repay the loan over a specific repayment tenure. Banks typically offer home loans, personal loans, auto loans, etc. You can also borrow money if you do not have sufficient funds in your account to pay for certain transactions. This service is known as an overdraft.
Banks offer mobile and internet banking services that allow you to access your bank account 24x7. You need to sign up for internet banking at the time of account opening. You can use the facility to transfer funds, pay bills, check account balances and statements, etc.
ATMs & CDMs
Automated Teller Machines (ATMs) and Cash Deposit Machines (CDMs) are banking services that allow you to withdraw and deposit cash, respectively. You can conduct these transactions using your ATM-cum-debit card.
Several banks also provide forex services. You can get competitive foreign exchange rates on converting INR to foreign currencies, especially if you need forex while travelling abroad.
Some banks in India also offer investment banking services. You can open DEMAT accounts, trading accounts, and Mutual Fund accounts with these banks. You must complete the Know Your Client (KYC) process to enjoy investment banking services.
As is apparent, you can choose from various types of banking products and services. You can conduct all kinds of transactions and approach your financial institution if you need funds urgently. Ensure you sign up for mobile and internet banking services to enjoy 24x7 access your bank accounts.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.