Respuesta :
Bank is providing payment services.
What are the services provided by a bank ?
1. Depositing facilities :
Opening an account, issuing checks, providing nominees with nomination rights, providing stop payment instructions, processing death claims, paying periodic interest, and other formalities are all part of opening current, savings, and term deposit accounts.
2. Credit Facilities:
Banks have a reputation for providing a range of credit facilities, including term loans, cash credit, bills discounting, loans for vehicles, loans for agriculture, corporate credit, retail loans, guarantees and letters of credit, among a host of other need-based options.
3. Remittances and Payments: These include transfers of money between accounts and between cities, paying bills, collecting checks and bills, and problems with modern payment systems like Real-Time Gross Settlement (RTGS), Electronic Clearing Service (ECS), National Electronic Funds Transfer (NEFT), Society for Worldwide Interbank Financial Transfers (SWIFT), among others.
4. Export, import, and foreign exchange services: Banks provide a range of domestic banking services as well as international banking services. Services including export and import credit, foreign letters of credit, cross-border payments, currency exchange, international remittance, and similar ones are available to both individuals and corporate entities.
5. Personal banking, asset management, executor and trusteeship arrangements, and other services are provided under investment banking and wealth management.
6. Auxiliary Services: Banks also offer a vast array of auxiliary and subsidiary services, including secure custody and safe deposit locker facilities, solvency certificates, insurance and mutual fund services, credit and debit cards, and the selling of gold coins.
All of the aforementioned activities, as well as all other similar services and facilities that banks provide to their clients, would unavoidably be covered by banking correspondence.
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