- Acceptance of money on deposit (current deposit, savings deposit and time deposit) from the public.
- Grant of credit to all sectors of the economy (loans and advances, discounting of bills, and investment in open-market securities).
- Collection of checks, draft, bills, and other instruments for their depositors and customers.
- Issue of performance and financial guarantees.
- Provision of remittance facilities by issue of drafts, Electronic Money Transfer, Telephonic Transfer.
- Provision of facilities of safe custody of deeds and securities and safe deposit volts.
- Purchase and sale of securities for their constituents.
- Granting consumer loans.
- Providing financial advisory services (helping to prepare financial plans for individuals, consulting about marketing opportunities at home and abroad).
- Offering equipment leasing (the bank buys the equipment and rents it to the customer).
- Making venture capital loans (financing the start-up costs of new companies, particularly in high-tech industries, generally done through a subsidiary company of a bank).
It should be noted that
most banks offering a wide array of financial services today, the bankers’
service menu is growing rapidly. Now, commercial banks arc considered as
‘financial super markets for the economy and assist to explore new business
opportunity.