General Banking Services
General banking services refer to the range of financial products and services provided by banks to individuals, businesses, and other entities. These services aim to facilitate various financial transactions, savings, investments, and other banking needs. Here are some common general banking services:
Deposit Accounts: Banks offer various types of deposit accounts, including:
a. Savings Accounts: Designed for individuals and businesses to deposit and save money while earning interest on the balance.
b. Current Accounts: Suitable for regular banking transactions, such as deposits, withdrawals, and payments. Current accounts usually do not earn interest.
c. Fixed Deposit Accounts: These accounts allow customers to deposit a specific amount of money for a fixed period at a predetermined interest rate, offering higher interest rates compared to savings accounts.
d. Recurring Deposit Accounts: In recurring deposit accounts, customers regularly deposit a fixed amount for a predetermined period, with interest earned on the accumulated balance.
Loans and Credit Facilities: Banks provide various types of loans and credit facilities to individuals and businesses, including:
a. Personal Loans: Unsecured loans for personal expenses, such as education, home renovation, or debt consolidation.
b. Home Loans/Mortgages: Loans to purchase or construct residential properties, with the property serving as collateral.
