Internet Banking facilitates customers performing anywhere banking round the clock. When it comes to corporate customers (non-individual customers) necessitates distinguished features depending on type of corporate entities. The SBI, the largest bank in India provides its featured Corporate Internet Banking (CINB) services suitable to each level and type of corporate customers also known as Current Account Holders. If you already a CINB customer or wish to become a customer, following points must be known for the hassle free, optimized usage of the services.
Before opening a corporate / business account (Current Account) with SBI, bank will request you to submit your KYC (Know Your Customer) documentation. It's the first step bank can do to prevent Money Laundering or meeting statutory requirement, a corporate entity should follow. Here is the comprehensive document list that various type of account should submit in order to start and function seamlessly a current account facilitate.
Deposits of banks are broadly classified into three categories: Demand deposit, Term deposits and Flexi deposit or also known as Hybrid deposit.
1. Demand Deposits Account
Demand deposits are repayable on demand by the customers. Current account deposits, Savings bank deposits and Call deposits are the examples of demand deposits. These deposits are repayable on demand by the customers. The amount deposited on these accounts to be released upon the request of customer without any delay.
One of the primary function of a commercial bank is accepting deposits from public and in return, bank will give interest earnings for the deposited money to the account holder depending on the type of deposit accounts. It is a three part article, which will look into various aspects of deposit accounts, its operations, and types of deposit accounts, offered our commercial banks in India. Opening aspects and KYC is the first part that everybody should know before they get into the bank for having relationship with bank and their deposit accounts.
Operations of deposit accounts varies types of customers mainly individual customers and business customers. Accounts of individuals comprise a majority of the deposit accounts in Personal segment of most banks. Any individual who is a major and of sound mind can open a - Savings account and / or Fixed deposit accounts.
Bank Branch is considered as one of the most important channel of the bank and is generally the most preferred channel from the customer's point of view. The bank branch is referred to as the face of the bank since the customer can visit personally and meet and interact with the bank branch officials and avail the various services offered by the bank.
Banks as institutions which channel people's savings into productive loans and investments. Thus banking mainly refers to deposits and loans. A broader definition of banking is any financial institution that receives, collects, transfers, pays, exchanges, lends, invests, or safeguards money for its customers. Investment banks, financing companies, and money lenders are just some of the institutions that have engaged in banking.