What is Personal Banking
Learn about the different products and services offered under Personal Banking
- Personal Banking comprises products and services offered by banks.
- It is also known as retail banking.
- Personal Banking includes essential products like Savings Account, Current Account, and Debit Cards.
- Financial assistance products like Credit Card and Loans are included under Personal Banking.
- Services like investment banking and wealth management fall under Personal Banking.
When you open a bank account, you often look at the range of facilities the bank offers to fulfil your various financial needs. Your primary concerns could include easy transactions, a place to park idle money and secure online platforms. To ensure you meet these primary financial needs, banks offer Personal Banking services. Let us understand it in detail.
What is Personal Banking?
Personal Banking essentially includes a wide range of products and services offered by banks and financial institutions. These bank products are specifically designed to meet your individual requirements as opposed to business-specific needs. Personal Banking is also referred to as Retail Banking and is meant to provide you with easy access to a bouquet of specific banking requirements.
Products And Services Banks Offered Under Personal Banking
Every commercial bank offers a Savings Account that allows you to safeguard your funds while earning interest income. The interest rates depend on the type of Savings Account you open and the average balance requirements in that account. With Savings Accounts, you get access to a pool of facilities like online and mobile banking, international ATM-cum-debit card, at-par cheque books, etc.
Current Accounts are banking accounts designed to facilitate your daily business transactions. They are also known as Checking Accounts in different parts of the world. You can make frequent transactions through a Current Account for day-to-day use. Current accounts come with daily high deposit and withdrawal limits along with overdraft facilities, access to loans, and more.
Debit Cards and Credit Cards
Credit Cards allow you to borrow funds from a bank or financial institution up to a pre-approved line of credit. You can borrow funds on credit and repay funds, wholly or partially, per your market cycle. Partial payments typically attract interest. Conversely, a Debit Card is linked to your bank account. When you swipe or use it, funds are debited from your account in real-time. You can conduct daily transactions with both debit and credit cards and enjoy exclusive discounts, reward points, cashback, etc.
Personal banking also includes investment banking services. Many banks have a brokerage arm through which you can invest your funds to grow your wealth and fulfil capital requirements. Such services are designed to help you purchase and sell securities in the investment market. You can rely on investment banking services for asset and wealth management purposes, as well.
Loans are a critical part of Personal Banking Services. Whether you wish to purchase your dream house through a Home Loan, buy a vehicle with an Auto Loan or funds emergencies with a Personal Loan, you can meet all your fund requirements easily with loans. Bank Loans are an added perk you get when you avail of Personal Banking Services.
Final NoteNow that you know what is meant by Personal Banking, ensure you choose a bank that offers maximum facilities. You can enjoy all the facilities mentioned above with your digibank by DBS Savings Account. At digibank, we provide a range of bank accounts, loan services, and exclusive banking facilities.
Download digibank today to experience the benefits of digital savings account.
*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.