What Are The Agency Services Rendered by Bank?: Funds Transfer Service
What Are The Agency Services Rendered by Bank?: Funds Transfer Service
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products that cover these services are Demand Drafts, Bankers Checks/Pay orders,
EFT(Electronic Funds Transfer ),etc.
The names given to these services may vary among the banks but basically they are the same.
2) Forex service: You can buy the foreign exchange for any purpose of expenditures like
travel, buying merchandise,etc..and sell the same to the bank when you earn or receive from
abroad . Of course, these forex transactions are subject to the rules and regulations prevailing
in a country and they are provided by only those bank branches which are approved by the
Banking Authority or Regulator for this purpose.
3) Custodial Service: You can keep your valuables like jewels, documents, etc..under this
service which is commonly known as Locker facility(Safe Deposit Vaults in banking
parlance.The bank will collect a nominal fee for the service.
4) Gold sale: You can buy pure gold for self consumption or for trading by the jewelry
businesses.Here also, only a few selected branches of banks or banks are allowed to provide
this .The products usually range from a coin to a 100 gm biscuit or bar.
5) Investment service: Invest your money in the mutual funds run by the banks.The service
comes as Portfolio service( the decision to maximize the returns on your money is left with the
banker or portfolio manager) and as Stand-alone product where the decision to get maximum
returns is borne by you. Both have the plus and minus but these products are offered to suit
the convenience of the investors.
6) Insurance sale: A range of insurance products covering the risk of life, health, assets like
vehicle, credit and debit cards, travel,etc..are offered by almost all the banks by themselves or
in collaboration with the leading insurer companies ,which again may be local or
multinational entities.
7) Card services: Primarily intended for safety and convenience purpose but now, has become
a payment mode and a symbol of economic status.The card products usually are called as
Debit card, Credit card .
8) eBanking: also known as Netbanking or Internet banking is the latest and most
convenient facility of the banks .You can get id and password to operate your account online :
for transfer of funds to another account in the same bank or another bank. You can keep the
surplus funds in fixed deposit by using this facility.The best use of this facility is for shopping
online.
Acts as Correspondent
Sometimes banks act as representative and correspondents of their customers. They get passports,
traveller’s tickets and even secure air and sea passages for their customers.
Income-tax Consultancy
Banks may also employ income tax experts to prepare income tax returns for their customers and to
help them to get refund of income tax.