What is retail banking? What are the different types of retail banking? What are some common services offered by retail banks?
What are 3 services products offered by retail banks? 1. Checking accounts: A checking account is a bank account where customers can deposit and withdraw money as needed. Customers can use their checking account to write checks, make online purchases, or withdraw cash from an ATM.
2. Savings accounts: A savings account is a bank account where customers can deposit money to earn interest. Customers can use their savings account to save for a long-term goal, such as retirement or a down payment on a house.
3. Credit cards: A credit card is a plastic card that customers can use to make purchases on credit. Credit cards allow customers to borrow money up to a certain limit and pay it back over time, with interest. What is retail banking PPT? Retail banking is the provision of banking services to individuals, rather than to businesses or other organizations. Retail banks offer a wide range of services, including checking and savings accounts, loans, and investment products. Many retail banks also offer additional services such as financial planning and advice, credit cards, and mobile banking.
While the term "retail banking" is typically used to refer to the services offered by banks, it can also include the services offered by credit unions and other financial institutions.
What are the different types of banking?
There are different types of banking depending on the services offered and the type of customer. The three main types of banking are personal banking, commercial banking, and investment banking.
Personal banking is the type of banking that most people are familiar with. It involves services such as checking and savings accounts, loans, and credit cards. Commercial banking is geared towards businesses and includes services such as business accounts, loans, and merchant services. Investment banking is a more specialized form of banking that deals with activities such as underwriting, trading, and managing investments.
What are the types of deposits? The types of deposits can broadly be classified into two categories: demand deposits and time deposits.
1. Demand Deposits
Demand deposits are those deposits which can be withdrawn by the depositor on demand, i.e. without any prior notice. The prime examples of demand deposits are savings bank accounts and current accounts.
2. Time Deposits
Time deposits are those deposits which cannot be withdrawn by the depositor on demand, but only after a specified period of time. The prime examples of time deposits are fixed deposit accounts and recurring deposit accounts.
What are the 8 types of money?
1. Fiat Money: This is government-issued currency that is not backed by a physical commodity, but rather by the government that issued it. Fiat money is used as a medium of exchange and a store of value.
2. Commodity Money: This is a currency that is backed by a physical commodity, such as gold or silver. Commodity money is used as a medium of exchange and a store of value.
3. Token Money: This is a currency that is not backed by a physical commodity, but rather by a unit of account. Token money is used as a medium of exchange.
4. Credit Money: This is a currency that is created through the lending and borrowing of funds. Credit money is used as a medium of exchange and a store of value.
5. Electronic Money: This is a currency that exists solely in electronic form. Electronic money is used as a medium of exchange and a store of value.
6. Virtual Money: This is a currency that exists in the virtual world, such as in online games or social networks. Virtual money is used as a medium of exchange.
7. Cryptocurrency: This is a digital or virtual currency that uses cryptography for security. Cryptocurrency is used as a medium of exchange.
8. Fractional-reserve Banking: This is a banking system in which only a fraction of deposits are held in reserve, while the rest is loaned out. Fractional-reserve banking is used as a medium of exchange and a store of value.