Bank accounts in India are divided into three types: demand deposits, time deposits, and non-resident accounts. The classification of bank accounts in India is based on a number of factors, including account accessibility, liquidity, and the amount of interest that can be earned on cash put in the account.
Customer service has grown increasingly important, particularly in the financial services industry, whether locally or globally. Banks face the challenge of integrating disparate systems into a coherent, efficient infrastructure while providing the highest level of customer service and convenience without exposing their customers to the bank’s internal system integration problems as they continue to provide an increasing number of financial services and products.
One of the most mutual relationships in the world is the relation between a banker and a consumer. They can’t sustain without one another. A banker’s and a customer’s relationship is built on trust. This relationship begins the time an account is opened and ends the moment the account is closed. As soon as the agreement or contract is signed, the relationship is established.
For the SBI and IBPS Interviews 2021, we’ve created a Special Banking Awareness series. We will be introducing the applicants to various banking awareness subjects on a daily basis in this series, which will boost their general knowledge and ensure that they do not miss any banking terms during the interview stage. Negotiable Instruments is the theme of today’s Banking Awareness Series.
First of all, we have to present the development of banking sector in India. Banking sector in India has undergone a deep transformation since 1992 and witnessed an impressive growth over recent years. The banking industry remains the largest and the most development segment of the Indian financial market. The banking sector plays an important role in economy, but it cannot be considered isolates from historical political and economic environment.