The backbone of any economy is bank which provides various banking facilities.

One of the important and basic facility provided by the bank is giving loans to their clients. But many other banking facilities are being offered to the customers apart from loans. We shall see the important 10 banking facilities in this blog. Before that we will see what exactly banks do.

As mentioned above the purpose of bank is to give loan and earn interest on the amount given as a loan. Also to save the money of their client and return them interest on it. Bank uses this money to extend the loans to earn interest on it. There are different type of loans banks can provide such as Home Loan, Personal Loan, Study Loan, Business loan, Loan for purchase of land, MSME loans, Agricultural loan, Vehicle Loan, Gold loan, Loan against LIC etc.

Let us see best 10 other banking facilities:

1. Payment and transfer of money: This is also one of the important service done by bank i.e. payment of money as per the request. Also transfer of money from one account to other as per the request of client i.e. as per the draft or cheques.
2. Overdraft: This is the facility where bank allows their account holder to withdraw amount more than their limit but for this account holder has to pay interest on this amount.
3. Net Banking/ Online Banking: Currently almost all the banks provides this facility of online banking/ Net banking. The account holder does not need to visit the branch for any banking need. He can use his Net banking credential to log into his account and do the required transactions on his own. Net banking allows the account holder all the facilities right from generating the statement to transfer of amount and paying all the bills.
4. Mobile Banking: This also another important facility provided by banks. This facility allows you to track all the bank transaction just on your mobile. Mobile banking allows you to do the all work of net banking just through banking application. It is as good as net banking just via mobile.
5. Debit card: banks also provides debit card to their clients which allows them to withdraw the money through ATM. Also it allows to pay the bills, books tickets, transfer the money from one account to other.
6. Credit card: Banks also provides you credit cards based on your banking history. Credit card is such a facility which allows the account holder to do shopping, book tickets, pay utility bills without having money in account. However card holder has to pay all the due bills within time limit otherwise bank will charge heavy interest amount on the spending. Infact credit card also provides withdrawal of money from ATM but bank will charge huge interest with high rates.
7. Lockers: Banks provides safety locker facility which is very much needed in present situation. It given an opportunity to save safely all the important things from cash to jewellery to important documents without allowing others to have access.
8. Money transfer and currency exchange: Banking also consist of money transfer from one place to any other place not only in India but World. Also it provides currency exchange facility which is a great help for the tourist especially them who comes from other countries.
9. Insurance Products: Banks also do cross marketing such as selling insurance policy like life insurance policy, Health insurance, Loan against LIC policy, Car Insurance, Home Insurance and other general insurance products.
10. Mutual fund or share market consultancy: Banks provide Demat account facility which is mandatory for share purchase. Banks also offers broker services for share market trading and consultancy of investment in stock market,purchase and trading of Bonds. Banks are also doing Mutual funds consultancy which is useful to create wealth.

I hope this blog has given a broad idea how banks are providing us various banking facilities more than just offering loans. Hope you liked this blog. Please share the banking blog to your loved ones to spread awareness about it.

FAQ:

Q. How to open bank account?

A. You can visit bank branch in which you wanted to open account. or you can visit the bank online site. for example refer SBI Net Banking site.

Q. What type of account we can open?

A. Depend on the requirement you can open either savings account or current account.

Q. What is savings and current account?

A. Savings account is simply for saving of money and current account is for doing any business

Q. Any charges for account opening?

A. Mostly no charges to open bank account.

Q. How much balance to be maintained in account?

A. It varies banks to banks and place to place. If you open zero balance account no such limit to maintain the balance in account.