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A commercial bank provide various services …

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A commercial bank provide various services to its customers.Explain such services.

Posted by Shaurya Maurya 3 years, 1 month ago

CBSE > Class 11 > Business Studies

1 answers

Nivedha . 3 years ago

The main services provided by commercial banks are (i) Collection of Deposits Commercial banks is that they accept deposits from their clients. The common types of deposits accepted by bank are (a) Saving account deposits (b) Current account deposits (c) Recurring deposits (d) Fixed term deposits (ii) Lending of Funds The commercial bank is to provide loans and advances out of the money received through deposits. These advances can be made in the form of overdraft cash credit etc. (iii) Cheque Facility The banks collect the cheques for their customers drawn on other banks. To collect cheques banks have clearing houses. (iv) Agency Functions Bank pay insurance premium on behalf of their clients. Bank also collect divided premium, interest, pension etc. (v) Allied Services In addition to above functions bank also provide allied services such as bill payments, locker facilities etc.

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