COMMON BANKING PRODUCTS

COMMON BANKING PRODUCTS

Credit Card: Credit card is “ Post Paid” or “ Pay later” card that draws from a credit line-money made available by the card issue (bank) and gives one a grace period to pay. If the amount is not paid full by the end of the period, One is charged interest.​

Debit Cards: Debit Card is “Prepaid” or “Pay now” card with some stored value. Debit cards quickly debit or subtract money from one’s savings accounts, or if one were taking out cash.Every time a person uses the card, the merchant who in turn can get the money transferred to his account from the bank of the buyers. By debiting an exact amount of purchase from the card. To get a debit card. To get a debit card along with a personal Identification Number (PIN). 

Automic teller Machine: The ATM’s are use3d by banks for making the customers dealing easier. ATM card is a device that allows customer who has an ATM  card to perform routine banking transaction at any time without interacting with human teller. It provides exchange services. This service helps the customer to withdraw money even when the banks are closed. This can be done personal Identification Number and Secret Password. 

It allows the customers

• To transfer money to and from accounts.
• To view account information.
• To order cash.
• To receive cash. 

​ELECTRONIC FUNDS TRANSFER (EFT): The system called electronic fund transfer money from one account to another. This system facilities speedier transfer of funds electronically from any branch to any other branch. In this system the sender and the receiver of funds may be located in different cities and may even bank with different banks. Funds transfer within the same city is also permitted. The scheme has been in operation since February 7, 1996, in India. 

Telebanking:  Telebanking refers to banking on phone services. A customer can access information about his/her account through a telephone call and by giving the coded personal Identification number (PIN) to the bank. Telebanking is extensively user friendly and affective in nature.

MOBILE BANKING: A new revolution in the realm of e-banking is the emergency of mobile banking. On-line banking is now moving to the mobile world, giving everybody with a mobile phone access to real-time banking services, regardless of their location. It provides a new way to pick up information and interact with the banks to carry out the relevant banking business. The potential of mobile banking is limitless and is expected to be a big success. Booking and paying for travel and even tickets is also expected to be a growth area. This is a very flexible way of transacting banking business.

INTERNET BANKING: Internet banking involves use of internet for delivery of banking products and services. Banking is no longer confined to the branches where one has to approach the branch in person, to withdraw cash or deposits a cheque or request a statement of accounts. In internet banking, any inquiry or transaction is processed online without any reference to the branch (anywhere banking) at any time.