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Many of us have sent money to family members living in other parts of India through cheques, DDs, money orders or other means. These transactions can take several days to complete from the time you decide to send the money to when the beneficiary has the money in their hands. Both you and your beneficiary can free yourself from the hassle of having to visit a bank branch to prepare or cash the demand drafts or cheques.
There are faster and simpler ways to transfer money safely through use of RBI supported electronic funds transfer systems such as NEFT and RTGS. The fund transfers happen electronically for a relatively small fees and are completely safe. You can do the money transfer easily as long as you have an internet banking account with your bank and information about the beneficiary bank account. The money will be in your beneficiary’s bank account almost immediately (in case of RTGS) or in a few hours (if you use NEFT).
You can execute the transaction entirely from the comfort of your home. Your beneficiary need not have a internet banking account to receive this money transfer.
This article aims to give you a primer on what you need to know if you are looking to transfer money to a beneficiary who has a bank account in the same or different bank as yours in a different part of India. This article has been compiled based on various sources including RBI and FAQs from major banks in India.
What is Inter Bank Transfer?
Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:
NEFT – The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI’s NEFT service. RBI acts as the service provider and transfers the credit to the other bank’s account.
RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.
What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?
RTGS: Minimum: Rs. 1 Lakh Maximum: Rs. 5 Lakh
NEFT: Minimum: No Limit Maximum: Rs. 5 Lakh
When does the beneficiary get the credit for a RTGS payment?
Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.
When does the beneficiary get the credit for a NEFT payment?
The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.
If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.
If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.
At what time during the day/week the RTGS & NEFT services are available?
RTGS transactions will be sent to RBI based on the following schedule:
Monday to Friday 9:00 hrs 16:00 hrs
Saturday 9:00 hrs 12:00 hrs
NEFT transactions will be sent to RBI based on the following schedule:
Monday to Friday 8:00 hrs 16:00 hrs
Saturday 8:00 hrs 11:30 hrs
NEFT transactions are settled in batches based on the following timings:
- 6 settlements on weekdays – at 09:00, 11:00, 12:00, 13:00, 15:00 and 17:00 hrs.
- 3 settlements on Saturdays – at 09:00, 11:00 and 12:00 hrs.
Please note that all the above timings are based on Indian Standard Time (IST) only.
What is the mandatory information required to make an RTGS & NEFT payment? The Remitter has to provide the following details:
- Amount to be remitted.
- Account number which is to be debited.
- Name of the beneficiary bank.
- Name of the beneficiary.
- Account number of the beneficiary.
- Remarks or description, if any.
- The IFSC code of the beneficiary branch.
How to find the IFSC code of the beneficiary branch?
You can find it from various sources including visiting Ratekhoj.com’s bank IFSC code search page (http://www.ratekhoj.com/banks/index.php).
Do all bank branches in India provide RTGS & NEFT services?
No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.
What are the service charges applicable for RTGS/NEFT transactions?
Typical Charges for RTGS/NEFT as recommended by RBI are as listed in the following table:
RTGS
Upto Rs.5 lakhs: Rs.25/-
Rs. 5 lakhs & above: Rs.50/-
NEFT
Upto Rs.1 lakh: Rs.5/-
Rs.1 lakh & above: Rs.25/-
However, please check with your bank about their charges for the RTGS and NEFT services since they may differ slightly. Also note that typically there are no service charges that need to be paid by the beneficiary who is receiving this money transfer in their account.
As a note of caution, if you decide to remit or transfer money using the above electronic services, try it out with a small amount first using the NEFT system. Verify that your beneficiary has received this amount in their account. Once you are comfortable with the NEFT or RTGS modes of transfer, then you can transfer larger amounts.
Ratekhoj.com is a personal finance comparison website where you can compare and get the best fixed deposits, home loans, credit cards and insurance products from all leading banks and financial institutions in India.
Article Source:http://www.articlesbase.com/banking-articles/inter-bank-money-transfer-using-neft-and-rtgs-in-india-the-essentials-1518428.html
The demise of the nine banks whose doors were slammed shut by the Federal Deposit Insurance Corporation (FDIC) provides a vital lesson for the financial services industry. Those banks could have survived if they had increased their efforts to allow more commercial loan modification deals for their troubled borrowers. A substantial percentage of these banks had been stricken by the unusually high number of commercial property loans that are found in their credit portfolios.
Presumably, the failure of the nine banks started when more and more property owners became late in in their monthly payments. As a result of the economic situation, a large number of the property owners are being forced into mortgage defaults because of their severely reduced financial capabilities. This is easy to see because of the sharp increases in vacancies for shopping centers, hotels, business complexes, investment properties, warehouses, strip malls, office buildings, multi-tenant buildings and apartment buildings that have caused significant declines in cash flow. And as more and more property owners found themselves unable to come up with their monthly payments, banks that have a relatively higher number of this kind of loan also discovered that their profits have substantially declined.
It no longer matters whether the decision of the banks to provide such a number of loans was prudent or not. Because the real estate industry was booming at that time, it is easy to see that they merely wanted to maximize the incomes of the financial institutions. The problem could have started when the market reversed and the property owners began to be late in their payments to stop paying altogether. The banks might not have been aggressive enough is trying to discover possible solutions that include the approval of a commercial loan modification.
The banks would have found that it was impossible to force the borrowers to come up with the monthly payments because the businesses do not sufficient cash flow as a result of the economic crisis. A commercial loan modification would have been helpful in providing the owners with more time to find a solution for their situation and then regain lost ground, and the income of the banks would not have been greatly affected in a similar way as in a foreclosure. Foreclosure should be the last option because it would not have been beneficial for the banks at all if they were unable to sell the repossessed properties right away to convert the assets into liquid cash that they could use for their lending business.
Thus, it is advisable for the banks to look more closely for ways to allow a commercial loan modification. The decreased monthly payments would be much more preferable to zero payments from the commercial property owners. Also, the commercial borrowers might be able to get back on track and increase their monthly payments again in the future. It therefore makes sense if banks tried to be more adjustable with their rules, especially if the economy is not doing well. Cooperating with borrowers in searching for an answer, such as a commercial loan modification, could be a wise move for the banks.
Ready to learn more? Stop by and visit us at our commercial loan modification site. You should also check out our recent post on Commercial Short Sale.
Article Source:http://www.articlesbase.com/banking-articles/banks-may-remain-profitable-by-approving-more-commercial-loan-modification-agreements-1518787.html
More than a third of homeowners predict they will be nearing retirement before they own their own home, new research suggests.
Responding to a One Account survey, 36 per cent of homeowners predicted they would be at least 60-years-olds before they paid off their mortgage.
A further 20 per cent didn’t expect to fully pay off their mortgage until some time in their 50s, with many also complaining that mortgage commitments were impeding on other areas of their life.
More than two in five claimed not to be able to save because of their mortgage, while nearly one in five 25 to 29-year-olds said it was forcing them to delay starting a family.
However, Debbie Milsom from One Account questioned why homeowners were finding their mortgage such a burden.
Paying off a mortgage should not mean that people have to put their life plans on hold, Ms Milsom said.
She added: It is worrying that homeowners perceive that it will take them until they are in their 60s before they pay it off when they should be spending this time preparing financially for their futures.
Ms Milsom reminded homeowners that there are often flexible solutions for managing payments.
Homeowners with overly expensive payments may also find remortgaging can help to reduce their monthly commitment.
As less people are putting money into pensions, more could begin looking at remortgaging to ensure economic stability during their later years.
Figures released by Moneyfacts have shown that personal pension returns have fallen by as much as a half in the last decade.
The news means that even if Britons are putting the same amount of money into their pension pot every year, their average with-profits pension fund could be half what it would have been in 1996.
These latest figures should serve as a powerful reminder that securing a comfortable retirement will only be possible for those individuals who actively monitor and manage their own pension provision, warned Richard Eagling, editor of Investment, Life & Pensions at Moneyfacts.
The research from Moneyfacts could cause more people to consider other options of financing their retirement, with taking out a remortgaging and downsizing their homes one method to increase the amount of money available in later life.
Content
If your a student , there’s no reason you shouln’t have an account with no fees and no minimums. If you decide to stick with a big bank account , make sure your in a student account with no annual fees.
Here is a example of what you need to say!
You: Hi i’m a student and i would like to get a savings account with no annual fees. I would like a free checking and no minimum balance, please.
Banker Replies: I’m really sorry, but we don’t offer those anymore. ( sound firmiliar )
You: Really? That’s interesting because other big name banks are offering me that exact deal right now. could you check again and tell me which comparable accounts you offer?
there is a very high chance you will get the account at this point. If not, ask for a supervisor
Repeat what you want from the begining.If the supervisor doesnt give you an option, try this approach
Look, I have been a customer for a number of years and I want to find a way to make this work. Plus, I know that your customer-acquistion cost is more than two hundred dollars. What can you do to help me stay a customer?
You will find that the supervisor will offer the exact account you asked for or very close to it!
Students are in a customer group that’s very profitable for banks
American Bankers Association put the cost of acquiring a new customer $100.00 plus including all there advertising , they don’t want to loose you over a small monthly fee
We are all tired of not getting a fair deal , or not knowing the little tricks or links to web pages that can save us a fortune
In this day and ages of tight money worries we all need a little help
More tips and tricks to save money to be found at http://onlineshoppingnz.com
Article Source:http://www.articlesbase.com/banking-articles/save-bank-fees-1517608.html
Banking Finance - How To scrape together A Good Investment Property Loan
Real estate investment is generally viewed as a lucrative career compass. But purchasing investment treasure does force a significant financial backing. Visit here http://allfinance-tips-help.blogspot.com
Nowadays, however, the finances required to embark on a real estate investment career are soft evident to many people string the form of an investment mazuma loan. Therefore, you may begin investing in real estate, even if you are on a shoe character budget.Investment property loans can buy for broadly classified into two categories, namely residential and demand. Residential loan is associated with those investment properties whose predominant extras is residential, and that are purchased for future appreciation and rental income. On the other hand, commercial loan is acquired for the purchase of apartment buildings (with 5 or supplementary units), warehouses, or stores.An proposition property loan can be obtained from several sources, including banks, financial institutions, credit unions, again private brokers. These lending institutions analyze a borrower’s credit score, income and assets, force edict to try if he/she is a viable candidate thanks to an plunge property loan.
A multitude of real estate investors in the US make prosperity of an investment pesos loan to acquire real estate. exposure so offers them a twofold advantage – they boundness enjoy the benefits of capital growth and tax deductions. Though the escalations are not anywhere near the boom of the late 1980s, property drift does appreciate on a gradual basis (capital growth). Another usable benefit is that offered by “negative gearing”.Gearing, in essence, refers to borrowing in order to generate. A negatively geared investment property is one that is purchased using borrowed bill further bearings the receipts (after expense conviction) from that adventure is less than the payable transform in the course of a year. This allows a significant care lift thanks to investors, as they may deduct the expense of owning an investment property (especially the interest on the investment dough loan) from their taxable income.Investment boodle loans roll in weight particular shapes and sizes, seeing per the requirements of investors. They are offered whereas interim, short depict or want term loans. Needless to say, you must ensure that you are well clever of the terms of the loan, relating as the involve rate, the time period of the loan, and the payment schedule.In a gist, newbie investors libido not opine plethoric amounts of money to set apparent on a career dominion real estate, since property investment loans offer a great opportunity for them to get their feet rainy in honest estate.Visit here http://allfinance-tips-help.blogspot.com
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Article Source:http://www.articlesbase.com/banking-articles/banking-finance-1517687.html
Bank Finance - Investigating the Appeal of flyer Banking Careers
If you are a brilliant trainee studying for a degree prestige a subject close as finance or accounting factual is likely that you are already seriously considered a career in investment banking. Investment banking jobs hold gained a reputation for premium some of the highest salary packages a wider graduate rap hope to conclude. Visit here http://allfinance-tips-help.blogspot.com
A couple of dotage ago a graduate taken on by a leading American investment bank could be making in that much as $150,000 dollars a year including expected bonuses, also this incomparable wage was feasible within the first spell or two sway flourishing investment banking careers.Over the last instant the recession has further sham the living standards of investment bankers with salaries cut by as much considering 40% and bonuses all but eliminated. Nevertheless everything has not high gloomy for students who are inquisition investment banking jobs. Aspiring bankers seem to have persuasion that current difficulties are flip for the received passing cloud and fix a economical while salaries and bonuses are liveliness to share or even exceed the levels they reached a few years ago. sway in investment banking refinement courses remains high also intern positions are keenly sought after.The investment banking jobs hierarchy
Investment banking is a hierarchical profession not tell salaries climbing from approximately $60,000 per year for a new entrant to millions of dollars a year for an experienced departmental baton. agnate substantial wages are unlikely to be attained by those who aim to work a regular nine to six pipeline days but come at the cost of ninety or a hundred hour weeks. The employees who make it to the threshold of the enhance are expected to demonstrate their commitment to the bank by commotion hours significantly longer than in other economic sectors. While investment banking careers can make manageable high living characteristic executive lifestyles, they do not leave the employee so much time to enjoy their immaculately furnished penthouse or any of the other code associated mask these earning levels.
Many entrants to investment banking begin due to internships which may stand for sponsored directly by a bank or organized through a university offering an hazard banking nicety. Another route into investment banking careers involves becoming a junior assistant or biggie analyst position. At the most junior levels the increased employee is occupied learning the basics of the process including talent the bank’s structure further networking within the bank. They and provide useful assistance to senior analysts and managers through organizing meetings, preparing documents and other maid support tasks. Although often their contact with clients is going to produce minimal they know-how have an laxity to be instance at some meetings in an scanner role.
Assuming that they put mark the required hours again demonstrate skills and devotion to their job, too many employees be reformed special investment analysts with responsibilities now research and analysis of investment opportunities also dealing directly with clients. The possession of a good master’s gradation from a recognized university allows other new recruits to insert the bank at the higher extirpate of header banker associate. The associates enjoy a higher starting salary than junior analysts although they are not normally addicted responsibility for their own clients. Associates hire a secondary position to the senior guide from whom they are supposed to learn those vital client investment valuation and communications skills. In the United States a couple of years ago an investment banking associate might expect a starting jack of $100,000 – in truth more than they skill hope to receive starting off in abounding other licensed positions.Regardless of the route they follow sympathy the business, junior bankers usually hope that their careers will take them to a senior subjection bent with all its associated prestige and millions of dollars hold annual moolah magnetism homage for their contribution to the bank’s success.Visit here http://allfinance-tips-help.blogspot.com
I am a Freelancer Writer since 5 years.Visit here http://allfinance-tips-help.blogspot.com
Article Source:http://www.articlesbase.com/banking-articles/bank-finance-1517711.html
Have you ever wondered what money really was? What is behind its mystique? Well, it is not gold coins. It is not a basket of fish, or a truck load of bread. Money is an idea. It is an idea backed by confidence. Nothing more. Once we had to have gold as the standard of that confidence, but now there is enough confidence in the production of products that money was backed by the production of the country and land instead.
So what else is money? Money can be considered a negotiable receipt for deposited goods. How it once worked was that a goldsmith would accept somebody’s gold and give that person a receipt in exchange, which in turn became money. But then, one day, realising the goldsmith’s repute was good with these receipts and that they had become negotiable, he loaned a receipt based on the gold someone else, as had deposited. Then the goldsmith loaned out several receipts on the same gold. And that is how banking started.
Today a bank will loan out against almost anything that can be produced. The only real trouble comes when too many people want to cash in their receipts to get the gold or goods that have been deposited. If there is too much money loaned out and confidence downturns, then a run can start with the bank unable to honour the receipts, causing bankruptcy. Banks vary as to how many times they will loan out against what is deposited with them. Some are ten times and some are as much as 70 or more. Even a thousand is not heard of. The higher the amount loaned out compared to what is deposited the greater the risk of economic collapse. And that is what the current threatened financial collapse is about.
But for money to work, and confidence to remain steady, there needs to be a simple recognition of exchange between giving and taking. Exchange builds confidence. When the world produces real products, then financial confidence goes high. But often then banks will issue more recipients per deposited goods and that starts inflation.
As people go into ‘dealing’ in commodities and other things, buying and selling without adding real value to what is sold, then the so called production aspect diminishes and financial confidence begins to wane.
With the exchange factor, there is what we refer to in Scientology as ‘exchange in abundance’. So, instead of giving – as an example – a day’s labour for a committed return, a person could give an abundance for that same return. I have worked where I worked extra hard, I was extra courteous, and gave extra care. In return I was paid extra fast, got an extra tip with an extra meal and an extra smile. Try out exchange in abundance.
That is all money is. I hope this takes out some of its mystique.
Nick Broadhurst is the Executive Director of the Church of Scientology of Canberra. He has been in Scientology for 20 years and has read over 20,000 pages, and listened to over 300 taped lectures on the subject. That Is Banking , Financial Success Course
Article Source:http://www.articlesbase.com/banking-articles/what-is-money-really-1514653.html
The Indian economy is growing strongly which ensures better recovery and asset valuation. Progressive bank reforms and low interest rates will increase borrowing activity to meet their financial targets. Banking industry is making rapid strides with Information technology driven initiatives and has led to expansion of products (i.e.) expansion of financial services giving birth to the concept of Financial Inclusion. Financial Inclusion is the availability of banking services at an affordable cost to the disadvantaged and low income groups. In India, the basic concept of financial inclusion is having a saving or current account at any bank. In reality, it includes loans, insurance services and much more, for all members of an economy. An inclusive financial system has several merits. It facilitates efficient allocation of productive resources and thus can potentially reduce the cost of capital. In addition, access to appropriate financial services can significantly improve the day to day management of finances.
An inclusive financial system can help in reducing the growth of informal sources of credit such as money lenders, which are often found to be exploitative. Thus, an all inclusive financial system enhances efficiency and welfare by providing avenues for secured and safe saving practices and by facilitating a whole range of efficient financial services.
In line with the above, after liberalization, the banking environment in India had grown more competitive with the relaxation of restrictions and adoption of International standards banks are forced to adopt measures to survive. The recent financial reforms and greater competition in the banking industry have made it necessary for banks in India to concentrate towards the excluded mass. Successful banks in India focus on the rural sector by providing Financial Inclusion service. The importance of an inclusive financial system is widely recognized in the policy circle and recently Financial Inclusion has become a policy priority in many countries. Legislative measures have also been initiated in some countries.
Further more, in recent years, Indian Banking System has become dynamic and there is an increasing trend in the number of depositors in Banks. The quest of financial inclusion is indispensable for the well being and growth of any country, more for a developing country like India with large sections of population in the unorganized sector. The Government of India as well as Reserve Bank of India has been taking steps over the years to make financial services accessible to all .It is in this context, it is worth to mention the perils of financial exclusion.. Financial exclusion not only hurts the excluded by keeping them trapped in a vicious circle of poverty but also has ramifications for the entire country. Financial empowerment leads to economic and social empowerment. There is empirical evidence on the critical role of finance in economic growth. Therefore financial inclusion, financial literacy and inclusive growth are the themes of modern banking in India It is found that, the commercial banks in India work broadly through three segments namely,. Corporate, retail and treasury.
For Instance, in the United States, The Community Reinvestment Act (1997) requires banks to offer credit throughout their entire area of operation and prohibits them targeting only the rich neighborhoods. In France, the Law on Exclusion (1998) emphasizes an individual’s right to have a bank account. In the United Kingdom, a “Financial Inclusion Task Force” was constituted by the Government in 2005 in order to monitor the development of financial inclusion.
Amidst this background, the Banking sector is the most leading sector in India has been among the top performers in the markets. It is quite remarkable to note that, Indian Banking industry can have itself as one of the most impressive branch network comprising of about 47,000 branches of Scheduled Commercial Banks (including RRB”S) and over 100,000 Co-operative Credit outlets in rural and semi urban areas. Despite this, a large number of poor continue to remain outside the fold of formal banking system. The problem of financial exclusion is very acute in India. According to the 59th round of the NSS survey, only 48% of the cultivable households availed credits from the formal sector. According to a recent NCAER–World Bank Rural Financial Access survey (RFAS), 70% of the marginal landless farmers do not have a bank account and 87% have no access to formal credit. Hence, the banks in India felt the need for Financial Inclusion. The Government of India, Reserve Bank of India and NABARD together have initiated a number of programs like Poverty Alleviation programs, SHG – Bank linkage program, Micro Finance Institutions (MFI), Kisan Credit Card (KCC), General Credit Card (GCC), No Frill Account, opening up of more Rural Banks, and immediate workable options like NGO’S / CBO’S / CSO’S, Farmers club’s, Co-operatives, Agri Clinics / Agri Business Centres / Kiosks, Self Help Groups (SHG), local volunteers, Rural Development and Self Employment Training Institutes (RUDSET), Post Offices, etc.
According to FICCI survey, the strong focus of the Indian Banking industry is the regulatory system, enabled India to carve a place for itself in the global banking scene. The regulatory systems of Indian banks are rated above China and Russia, and at par with Japan and Singapore.
In India, the Reserve Bank of India has initiated several measures to achieve greater financial inclusion, such as facilitating “no frill” accounts and “General Credit Cards” for low deposits and credits. The German Bankers’ Association introduced a voluntary Code in 1996 providing for an “everyman” banking transactions. In South Africa, a low cost bank account called “Mzansi” was launched for financially excluded people in 2004 by the South African Banking Association. Alternative financial institutions such as micro finance institutions and Self Help Groups have also been promoted in some countries in order to reach financial services to be excluded.
Dr.R.SRINIVASAN is a Post graduate in commerce and Management. He received his doctoral degree from Alagappa University in 1997. He is now Working as an ASSOCIATE PROFESSORin Post graduate and Research Department of Corporate Secretaryship at Bharathidasan Government College for Women (Autonomous), Pondicherry University, Puducherry.He currently teaches Accounting ,financial management and Research Methodology Subjects. Before Joining BGCW, he was teaching in SNR College, Coimbatore, Sindhi college, Chennai& T.S.Narayanasamy College, Chennai for eight years. He was with the industry for a short term at Salzar Electronics Pvt. Ltd, Coimbatore. He has about 20 years of teaching experience and having research experience of 15 years. His interests are in Accounting and finance, Capital Market, Quantitative Methods. He underwent the Faculty Development Programme at Indian Institute of Management Ahmedabad during 2000-01. He has presented 20 papers in national and international conferences and has published twenty papers in the areas of Finance and Human resource Management in National Journals. Co-authored a book titled, ‘Investors Protection, published by Raj Publications, New Delhi He has delivered lectures in contemporary finance topics at Pondicherry University. He is involved in consultancy projects for Godrej Saralee, Chennai in the areas of Statistical Applications. He has supervised a number of research projects in the area of corporate finance and Human Resource Management. He is the Board of examiner in corporate Secretaryship and Management for the past two decades.
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Article Source:http://www.articlesbase.com/banking-articles/role-of-banks-in-promoting-financial-inclusion-1516161.html
Ash asked: If you don’t mind my asking, I’m trying to figure out what a reasonable percent of my income is to be going towards a mortgage payment. My partner and I make around $6500 gross monthly, and I’m wondering what percent of that we could reasonably spend on a mortgage without getting in over our heads. We have no other debt, but have normal bills like utilities and car insurance. If you don’t mind could you please give me an idea of what you earn and what you put towards your mortgage? Or what percent of your gross income goes towards your mortgage payments?
Thanks so much!
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The basic banking services provided by retail banks to the public include the following:
- Saving
- Transacting
- Credit
When deciding on a retail bank, one should look out for the following to ensure that they nurture a relationship with a bank that is truly beneficial to them:
- Find the lowest-cost way – In the current economic climate, this is a given. You need to find a retail bank that offers you the best return and value for money. Take time to research their various bank charges and find an option that best suits your banking needs, with the lowest costs.
- Source the most innovative way – With technology advancing, most banks are now moving on to use different platforms to make their customers’ experiences and interactions, easier. If you are investing in a bank, you need to be sure that it is one that is forward thinking and innovative in its methodology.
- Seek the fastest way – No one likes to stand in bank queues for hours waiting to be seen or log onto a banking site that take ages to load and features lots of unnecessary steps. People lead busy lives and can’t afford to waste time on superfluous, time-consuming banking activities.
- Go the easiest way – For those who have little time to spend on their banking, simplicity really is key. Internet banking can be pretty confusing for many and with for those trying to conduct their banking in a hurry, a simple and easy to navigate site is always welcomed.
- Find the friendliest way – Customers can get so much pleasure out of dealing with a retail bank that truly understands their needs. Investing your money or setting up an account with a retail bank is a big step – you need to be sure that the bank you have chosen is the right one for you.
The most beneficial retail bank would be one that allows you to conduct transactions, save as well as access credit via a paperless, card-driven process, all in real-time. This is especially true given the fact that many more people these days are environmentally aware and conduct their banking activities online.
About The Author:
Capitec Bank is a retail bank offering unique banking solutions in the form of quick, easy and paperless transacting. They provide a wide range of personal banking options in a single facility – the Global One Gold Card.
http://www.capitecbank.co.za
Article Source:http://www.articlesbase.com/banking-articles/understanding-the-role-of-a-retail-bank-1501909.html
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