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The paid-up capital of such banks is not more than Rs. 5 lakhs. Functions of Commercial Bank. Primary functions. Accepting Deposits: The primary function for which the commercial banks were established is to accept deposits from the general public, who possess surplus funds and are willing to deposit them so as to earn interest on it.
Feb 2, 2022 · Commercial banks perform the following functions: 1. Agency Functions. Commercial banks may serve as agents by collecting and paying checks, dividends, and bills of exchange for their customers. They could also pay rent, insurance premiums, trade securities on behalf of their customers. Banks can also act as trustees and executors of the estate ...
Oct 5, 2023 · Functions of Commercial Banks. Commercial banks have two main categories of functions. These functions are vital for the functioning of the economy and form the core activities of these financial institutions. (a) Primary Functions. Accepts deposits: The bank accepts savings, current, and fixed deposits as deposits. Surplus balances obtained ...
Jan 27, 2023 · 8. Providing online and mobile banking services. Commercial banks offer online and mobile banking services, which allow customers to access their accounts, check their balances, make payments, and perform other banking tasks from their computer or mobile device. 9. Offering credit and debit card processing services.
Functions of Commercial Banks. Commercial banks offer a wide range of services and functions to their respective clients. Such 10 functions are described below: Accepting Saving Deposits: Perhaps, the most common feature of a bank is saving your money. An individual can open a savings account in a commercial bank. They can save money and keep ...
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Jun 22, 2023 · Functions of Commercial Banks. In The modern world, banks perform a variety of functions that it is not possible to list out all of their functions and services. However, some basic functions of commercial banks are discussed below: Primary Functions. Advancing of Loans. Credit Creation. Promoting Cheque System.
