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REPORTONBANKING ALLIED SERVICES Submitted By :- S.UpendraP.Srinivasula reddyR.Hemanth kumar Arun SanghiShreyasManoj reddy Banking Allied Services Banks offer other services apart from its core services and they are mainly categorizedinto these types Personal banking services Corporate banking services Business banking services SME banking services Mutual fund services Other services A.Personal Banking Services:- Forex services Wealth management services Demat services Cards Insurance Gold banking 1.Forex Services The banks and other official institutions facilitate the buying and selling of foreigncurrencies. FX transactions typically involve one party purchasing a quantity of one currencyin exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the1970s when world over countries gradually switched over floating exchangerates.These are the Forex Services Competitive exchange rates Export finance Import finance All types of Inward and Outward remittances Foreign Currency TC Exchange rate counseling Derivatives to Hedge Forex risks offered Foreign Currency Loans Fast and efficient services Wide correspondent bank network all over the Globe Full fledged state of art fully loaded Modern Dealing Room 2.Wealth management services Wealth management is an investment advisory discipline that incorporatesfinancial planning, investment portfolio management and a number of aggregatedfinancial services. High net worth individuals, small business owners and families who desire theassistance of a credentialed financial advisory specialist call upon wealthmanagers to coordinate retail banking, estate planning, legal resources, taxprofessionals and investment management. Wealth managers can be independent certified financial planners, MBAs, CFAsor any credentialed professional money manager who works to enhance theincome, growth and tax favored treatment of long-term investors. One mustalready have accumulated a significant amount of wealth for wealth managementstrategies to be effective. Wealth management can be provided by large corporate entities, independentfinancial advisers or multi-licensed portfolio managers whose services aredesigned to focus on high-net worth customers. 3.Demat services Demat refers to a dematerialized account. Just as you have to open an account with a bank if you want to save your money,make cheque payments etc, you need to open a Demat account if you want tobuy or sell stocks. Banks are offering Demat services to its customers enabling them trade andensure free transferability of securities with speed accuracy and security. SBI,ICICI,HDFC and all other major commercial banks are offering theseservices. Demat account allows you to buy, sell and transact shares without the endlesspaperwork and delays. It is also safe, secure and convenient. 4.Cards All the major banks offer credit and debit cards which enables us to cash freeshopping , mobile recharges , payments of bills , donations etc. Banks along with other brands introduce cards in order to provide convenientservices and will reward you with reward points which you can redeem for products or services. Apart from this you can withdraw money at any of the ATM’s at your convenience. 5. Insurance Services All the major banks offers insurance services in the field of life insurance ,general insurance , motor insurance , ULIPs etc. The Bank Insurance Model (BIM), also sometimes known as Bancassurance, isthe term used to describe the partnership or relationship between a bank and aninsurance company whereby the insurance company uses the bank saleschannel in order to sell insurance products. 6.Gold banking Gold Deposit Scheme (GDS) is in the nature of a fixed deposit in gold. Thecustomers can deposit their idle gold under GDS which will provide them safety,interest earnings, tax benefits and a lot more. B. Corporate Banking Services:- ã Banks offer these services to the corporates in the country .
