What Services Do Banks Offer?

As an account holder, you can make use of these services that banks offer:

Passbooks

Small books that show all deposits and withdrawals.
They are a record of your expenditure and savings.

Cheque books

You can receive and give money through cheques.
Useful to give and take large sums of money.

Funds Transfers

You can transfer money to other bank accounts.
It can be made to people living far away from you.

Debit cards and Credit cards

With these cards, you can withdraw cash whenever you want from an ATM – you don’t have to go to the bank.
You can book bus and train tickets and do online shopping with them too.

Home, Mobile and Online banking

You will need a smartphone and internet connection to use this service.
You can use this to transfer money, check account balance, transaction history and do online shopping as well.

Consultation

Banking Correspondents are bank employees that offer guidance on issues related to banking upon request.
They will help find the best banking solution as per your personal situation.

Loans

You can borrow money from the bank for various things such as – home, personal, vehicle, education etc.

Interest on savings

Your savings will attract interest from the bank.
You can see your money grow, even while you’re simply keeping it in the bank a/c.

Points to remember:

Here are some key takeaways from this section that you should remember.

A bank is where you can withdraw and deposit money, take a loan and get interest on your savings.
A bank account helps you keep a record of your money transactions, get a credit card/ debit card, and get access to government welfare schemes and pension.
You can transfer money from your bank account to another bank account, and vice versa, no matter where the other person is.
Commercial, Small Finance, Payment and Co-operative banks are the four main types of banks.

To track your progress