The most important banking services can be as follows:
- Account opening
- Check issuing facility
- Loan facility
- Issuing credit or debit cards
- Insurance assistance
What is a bank?
The bank is a financial authority that is accountable to the account holders who have opened their accounts in their bank.
Banks provide various types of services which are described as follows:
- Banks allowed every individual of a country to open their respective accounts in any bank as per their income source.
- Banks provided the account holders the permit to issue a check in respect of any transaction in his/her name.
- They are given loans to the holder at a certain interest rate in accordance with the amount held in their bank accounts.
- They offer credit or debit cards for making cashless transactions or buying something expensive product in installments.
- They also provide insurance facilities in collaboration with the insurance company for a time span of some years.
Therefore, the service being provided by banks are explained as above.
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