Question

Discuss three important services provided by the Banks. *

3 points

Your answer


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Answer 1

Answer:

1. Advancing of Loans

Banks are profit-oriented business organizations.

So they have to advance a loan to the public and generate interest from them as profit.

2. Overdraft

Sometimes, the bank provides overdraft facilities to its customers through which they are allowed to withdraw more than their deposits.

Interest is charged from the customers on the overdrawn amount.

3 Check/Cheque Payment

Banks provide cheque pads to the account holders. Account holders can draw cheque upon the bank to pay money.

Banks pay for cheques of customers after formal verification and official procedures.