BANKING SERVICES IN INDIA
With years, banks are also adding services to their customers. The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in lndia.
With stiff competition and advancement of technology, the services provided by banks has become more easy and convenient. The past days are witness to an hour wait before withdrawing cash from accounts or a cheque from north of the country being cleared in one month in the south.
This section of banking deals with the latest discovery in the banking instruments along with the polished version of their old systems.
Bank Account : Open bank account - the most common and first service of the banking sector. There are different types of bank account in Indian banking sector. The bank accounts are as follows:
• Bank Savings Account - Bank Savings Account can be opened for eligible person / persons and certain . / organisations / agencies (as advised by Reserve Rank of India (RBI) from time to time)
• Bank Current Account - Bank Current Account can be opened by individuals / partnership firms ! Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc"
• Bank Term Deposits Account - Bank Term Deposits Account can be opened by individuals / part¬nership firms / Private and Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc.
• Bank Account Online - With the advancement of technology, the major banks in the public and private sector has faciliated their customer to open bank account online. Bank account online is registered through a PC with an intemet connection. The ad-vent of bank account online has saved both the cost of operation for banks as well as the time taken in opening an account.
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