Banking is the activity of a licensed financial institution protecting your money. You can keep your hard earned money in checking and savings accounts. You can also earn attractive interest income by investing in interest-bearing time deposits. Banks also offer a variety of loans and overdrafts depending on the type of account you have opened with. The bank serves a wide range of clients, from retail investors to large and small commercial enterprises.

Bank customers can visit a bank branch or use remote banking services online through mobile banking or internet banking.

How does banking work?

Bank accepts deposits and lends money to customers and other individuals and entities. They make money from the facilities they provide. Banks also offer a variety of products and services to retail and business customers.

Interest rates

When you open a savings account or term deposit, the bank pays interest on your investment. Savings accounts have lower interest rates, but you can get higher rates by opening a time deposit. Banks also provide loans and charge competitive rates to build a customer base.

Bank Card

Bank provides a free debit card when you open an account. Some banks also offer credit card service, but availability depends on your relationship with the bank and the funds in your account.

Banks usually charge a monthly or annual fee.

Additional Services

Additional Banking Services include a variety of insurance products (free with select credit and debit cards), overdraft services, foreign exchange and remote banking services. The bank charges competitive fees for most services, but offers free internet banking and mobile banking services.

Why do you need banking?

  1. Banking provides individuals, governments and businesses with the financial assistance they need.
  2. This allows you to borrow money at competitive interest rates.
  3. Allows borrowers to manage their cash flow.
  4. You can start sending money instantly and pay remotely.
  5. Helps with large-scale investments and transactions.

Banking Types

Checking  Account
Checking Account
Savings Account
Savings Account