A Quick Look At All The Services Offered Under The Personal Banking Umbrella

Most of us have a personal bank account. We use this account to conduct basic transactions such as depositing and withdrawing money and updating our bank statements every now and then. However, what we fail to realize is that this account comes with a wide range of banking services that are meant to make most, if not all types of financial transactions easy. A single savings account can help you fulfil all your banking needs. As such, it is important to realize the value that your bank account can add. Here’s a look at the most common types of services you can get with your personal banking account.

A wide range of accounts to choose from: Bank accounts are not just divided into savings and current accounts these days. In fact, there are different types of accounts you can choose from under this broad category of accounts. Since personal banking essentially deals with individual accounts, it includes the various types of savings accounts such as basic/regular savings account, joint accounts, senior citizens, women’s and minors’ accounts, digital savings accounts, salary accounts and Pradhan Mantri Jan Dhan Yojana Account. You should choose an account based on your needs and requirements.

Debit Cards: Banking at the branch is a time-consuming activity. One may have to wait in long queues for hours, for something that can be done under two minutes. In order to reduce the foot-falls in banks and ensure customers do not need to visit the bank for everyday transactions such as cash withdrawal, deposit or checking account statements, banks also offer debit cards as a part of banking services. While cash can be withdrawn from any bank ATM, it should be deposited in the ATM of the bank with which you have an account. That said, not all ATM vestibules offer this service. Debit cards also allow you to easily shop without having to withdraw cash.

Bank loans: While loans are essentially classified as products offered by banks, getting a loan from a bank with which you have an account is much easier than raising funds from one with which you do not have a banking relationship. Loyal customers also earn several benefits for taking out a loan from a bank with which they have a longstanding banking relationship. Thanks to your personal banking relationship with your bank, you can get lower interest rates, better loan repayment tenures, discounts or waivers on processing fees and so on.

Credit cards: If you are a salaried employee earning more than a specific amount per month, your bank can also offer you a credit card as a part of banking services. Credit cards generally come with specific credit limits. You can put all your expenses on the credit card, up to the specified limit and pay off your outstanding dues on a specific date each month. Credit cards come in handy when you do not have cash up front, but need funds urgently.

NRI Banking: NRI banking is also a common personal service offered by banks. Non Resident Indians who have sources of income in India can open one of the two bank accounts, i.e. NRE and NRO accounts that are especially meant for NRIs. You can use this account to deposit money in various currencies. Savings parked in the NRI account can also help you get a loan in the foreign country.

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Created on Jul 19th 2019 05:05. Viewed 634 times.

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