Mainly there are two types of product in Bank. These are
· Deposits – Banks
accept the deposits of the public. In order to attract the savings of
the people, the bank provides every sort of facility and inspiration to
them and collects the scattered savings of the society. The bank opens
an account of those people who deposit their savings with the bank.
These deposit accounts can mainly be of three types and people can open
any of these three types of accounts according to their wish. These
accounts are current account, saving bank account, fixed deposit
account.
· Loans –
The bank just don’t keep with themselves the deposited amount of the
people, rather they advance them in the form of loans to the businessman
and entrepreneurs, just to earn profits for their partners. The loanee
keeps some gold, silver, fixed and variable assets in the form of
security with the bank. The bank can advance loan to their customers in
three ways: overdrafts, money at call, discounting bills of exchange.
