Banks are providing a wide range of services nowadays. Do you agree?

Asked by Last Modified  

15 Answers

Learn Business Studies +1 Class XI-XII Tuition (PUC)

Follow 17
Answer

Please enter your answer

Artha Classes

Artha Academy

Yes, banks provide a vide range of services like accepting deposits, lending of advances, honouring financial instrumrnts like cheques, demand drafts, bills etc. Nowadays banks are also providing services like demat account services, insurance services.
Comments
Dislike Bookmark

Interested to teach to class 1 to 5 , 6 to 10 , 11&12

Yes. The description of four services offered by banks are given below(i) Issue of Bank Draft A hank draft is a type of cheque. It is drawn by a hank either on its own branch or on another hank. Bank draft is a very convenient, cheap and safe method of remitting money from one place to another.(ii) Pay...
read more
Yes. The description of four services offered by banks are given below(i) Issue of Bank Draft A hank draft is a type of cheque. It is drawn by a hank either on its own branch or on another hank. Bank draft is a very convenient, cheap and safe method of remitting money from one place to another.(ii) Pay Order or Banker’s Cheque A pay order or a banker’s cheque means the hank draft which is payable within the city or town. It may be called a local bank draft. Banks issue pay orders for local use and issue bank drafts for outstations. The commission charged for a pay order is lesser than that charged for a bank draft.(iii) Real Time Gross Settlement (RTGS) It is a funds transfer system under which transfer of funds takes place from one bank to another on a ‘Real Time’ and ‘Gross’ basis. Settlement on ‘Real Time’ means there is no waiting period, in payment-transaction. The transaction is settled as soon as it is processed. ‘Gross’ settlement means the transactior is made on one to one basis without bunching or netting with any other transaction.(iv) National Electronic Funds Transfer (NEFT) It is a countrywide system by which an individual, firm or company can electronically transfer funds from any bank branch to another individual, firm or company having an account with any other bank branch in the country. The funds transfers take place at a particular period of time. All transfers are held till that time. read less
Comments
Dislike Bookmark

Experienced in Accounts and Business Studies for last 7 years.

Form and Business in which Banking Companies may engage : 1. Borrowing of Money (Accepting Deposits) 2. Lending or advancing of money either upon or without security. 3. Drawing, making, accepting, discounting, collecting and dealing in bills of exchange, hundies, promissory notes, drafts etc. 4....
read more
Form and Business in which Banking Companies may engage : 1. Borrowing of Money (Accepting Deposits) 2. Lending or advancing of money either upon or without security. 3. Drawing, making, accepting, discounting, collecting and dealing in bills of exchange, hundies, promissory notes, drafts etc. 4. Issuing of Travellers cheques. 5. Buying and selling of Foreign Exchange 6. Providing safe deposit vaults (Locker Facility) 7. Acquiring and holding any property which may form the security for any loans or advances read less
Comments
Dislike Bookmark

Accountancy Expert

Yes , I agree
Comments
Dislike Bookmark

MATHS PHYSICS CHEM

Yes. Banks are not only beneficial to their customer for providing savings but varied of financial services are given by the banks to extend its customer base and to provide customer satisfaction.Debit,Atm, Credit cards are excessively used now a days which promotes easy transaction in hasslefree manner....
read more
Yes. Banks are not only beneficial to their customer for providing savings but varied of financial services are given by the banks to extend its customer base and to provide customer satisfaction.Debit,Atm, Credit cards are excessively used now a days which promotes easy transaction in hasslefree manner. Cheque books,Demand drafts, Fund transfers are inevitable services provided by the banks. Apart of these Insurance services, locker facility, loan assistance , overdraft facility are widely known services provided by Banks. read less
Comments
Dislike Bookmark

Tutor

Yes, I agree with the statement "Banks are providing a wide range of services nowadays. Some of the examples are: Online line submission of fees through Challan, Netbanking etc. Wallet service for faster payment. Ecommerce, Payment Gateway System etc.
Comments
Dislike Bookmark

Tutor

Business loans. Savings accounts. Debit and credit cards. Merchant services (credit card processing, reconciliation and reporting, check collection) Cash management (payroll services, deposit services, etc.) Demat Accounts and Share Trading services. Lockers facility
read more
Business loans. Savings accounts. Debit and credit cards. Merchant services (credit card processing, reconciliation and reporting, check collection) Cash management (payroll services, deposit services, etc.) Demat Accounts and Share Trading services. Lockers facility read less
Comments
Dislike Bookmark

Tutor

Different types of business banking services include: Business loans. Savings accounts. Debit and credit cards. Merchant services (credit card processing, reconciliation and reporting, check collection) Cash management (payroll services, deposit services, etc.) Locker Facility Demat Services Tranding...
read more
Different types of business banking services include: Business loans. Savings accounts. Debit and credit cards. Merchant services (credit card processing, reconciliation and reporting, check collection) Cash management (payroll services, deposit services, etc.) Locker Facility Demat Services Tranding in shares read less
Comments
Dislike Bookmark

Tutor

yes, now there is huge competition even in the banking sector, which is enforcing them to improve and provide much more than they did in past.
Comments
Dislike Bookmark

Yes. The description of four services offered by banks are given below(i) Issue of Bank Draft A hank draft is a type of cheque. It is drawn by a hank either on its own branch or on another hank. Bank draft is a very convenient, cheap and safe method of remitting money from one place to another.(ii) Pay...
read more
Yes. The description of four services offered by banks are given below(i) Issue of Bank Draft A hank draft is a type of cheque. It is drawn by a hank either on its own branch or on another hank. Bank draft is a very convenient, cheap and safe method of remitting money from one place to another.(ii) Pay Order or Banker’s Cheque A pay order or a banker’s cheque means the hank draft which is payable within the city or town. It may be called a local bank draft. Banks issue pay orders for local use and issue bank drafts for outstations. The commission charged for a pay order is lesser than that charged for a bank draft.(iii) Real Time Gross Settlement (RTGS) It is a funds transfer system under which transfer of funds takes place from one bank to another on a ‘Real Time’ and ‘Gross’ basis. Settlement on ‘Real Time’ means there is no waiting period, in payment-transaction. The transaction is settled as soon as it is processed. ‘Gross’ settlement means the transactior is made on one to one basis without bunching or netting with any other transaction.(iv) National Electronic Funds Transfer (NEFT) read less
Comments
Dislike Bookmark

View 13 more Answers

Related Questions

Distinguish between public sector and private sector.
Key difference is public sector is to serve the citizens of their country, aided by govt., job security, promotions on basis of seniority private sector is to earn profits for self, aided and administered...
Apollo

I am a storyteller. I am willing to train Business people in storytelling? How do you think should I go about it?
Hi Alvin, You can create profile and post your requirement on portal and you will surly get the response. Thank!
Alvin Raja
0 0
8

Hello everyone, I can teach economics and business studies of 11th and 12th class
U r welcome in the world of providing teaching services to students through this fabulous app. I'm also a Tutor of Commerce having qualifications M.Com, B.Ed, UGC-NET & HTET Qualified with additional...
Sakshi Rao
0 0
5
Elaborate the steps involved in on-line trading.
Steps involved in online trading are:1.Registration: Before online shopping, one has to register with the online vendor by filling up a registration form. Registration means that you have an 'account'...
Jitender
0 0
6
State the features of cottage industries.
Cottage industries are the type of industries where artistic and creative goods are produced using manual labour and techniques—for example, the handloom and the weaving industry. The features of...
Jainam

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Shashi Shankar

0 0
0

Shashi Shankar

0 0
0
Introduction on business:-
Overview of nature and purpose of businessConcept of business:-Business can be defined as an economic activity concerned with regular production and distribution of goods and services to fulfil the needs...
I

Ishita R.

1 0
0

Shashi Shankar

0 0
0
Profession and its features - Type of Economic Activities, NCERT Business Studies
CBSE Class 11th, OC/OCM - State Board, ICSE/ISC - Commercial Studies, IGCSE/GCSE - Economics

Rajiv Vadera

0 0
0

Recommended Articles

Top Benefits of e-Learning

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

6 Healthy Habits of School Children

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

The Rising Problems in Indian Government School

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

Find Class 11 Tuition near you
Class 11 Tuition in Delhi
Class 11 Tuition in Bangalore
Class 11 Tuition in Hyderabad
Class 11 Tuition in Kolkata
Class 11 Tuition in Mumbai
Class 11 Tuition in Chennai
Class 11 Tuition in Pune
Class 11 Tuition in Gurgaon
Class 11 Tuition in Noida
Class 11 Tuition in Ghaziabad

Looking for Class 11 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you