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 tech¬nology, the services provided by banks has become more easy and convenient. The past days are witness to an hour wait before withdrawing cash from ac¬counts or a cheque from north of the country being cleared in one month in the south.
This section of banking deals with the latest dis¬covery in the banking instruments along with the pol¬ished 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 cer¬tain . / organisations / agencies (as advised by Re¬serve Rank of India (RBI) from time to time)
• Bank Current Account - Bank Current Ac¬count can be opened by individuals / partnership firms ! Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc"
• Bank Term Deposits Account - Bank Term De¬posits 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 pri¬vate 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.
Note: A minor account can be opened but jointly with a guardian and only the guarqian would is allowed to operate the account.
