Types of Services – Commercial Bank

Commercial bank offers a variety of services to their customer. Understanding the different types of services available from a commercial bank can help individuals and businesses make informed decisions about their finances.

These services include deposit accounts, loans, credit cards, and investment products. However, this article will describe the more common types of services commercial banks provide. In this article, we have tried to discuss 15 different types of services offered by commercial banks. The Central Bank of Sri Lanka governs commercial bank like other banks, and the Monetary Act and Central Bank Act regulate the bank activities

Table of Contents

• Introduction
• Checking Accounts
• Savings Accounts
• Money Market Accounts
• Certificates of Deposit (CDs)
• Loans
• Credit Cards
• Debit Cards
• ATM Services
• Wire Transfers
• Online and Mobile Banking
• Bill Payment
• Investment
• Merchant Services
• Insurance Products
• Conclusion

2. Commercial Bank Checking Accounts

A checking account is one of the most basic services offered by commercial banks.

They allow customers to deposit and withdraw money easily and typically come with features like online banking and bill pay. Many checking accounts also offer overdraft protection, which can be helpful for individuals who occasionally spend more money than they have in their accounts.

3. Savings Accounts

The other popular service that commercial banks offer is savings accounts, where customers deposit money and receive interest on the deposits plus the money deposited in the bank with little to no fees associated. A savings account is best used for short-term goals or emergencies.

4. Money Market Accounts

Money market accounts are just like savings accounts but usually carry a higher interest rate. They also have higher minimum balances and allow fewer withdrawals per month. Therefore, by way of example, a money market account might suit someone who wants to earn a little more interest on their savings while maintaining some easy access to their cash.

5. Commercial Bank Certificates of Deposit

Certificates of Deposit (CDs) are a type of savings account that requires customers to keep the money with the bank for a fixed period, usually anywhere from six months to five years. CDs will pay a higher interest rate than savings accounts, but the money cannot be withdrawn by the customers without a penalty. CDs are suitable for someone who puts money aside and who will not have to touch them for some period.

6. Loans

Commercial banks make many types of loans to individuals and businesses, such as personal loans, auto loans, and busines loans. Customers can borrow money and also repay the amount with interest over a period. Interest and terms of a loan may vary. It depends on the type of loan and the credit history of the borrower.

7. Credit Cards

Credit cards are a type of loan. They allow customers to make purchases and pay them off over time. They typically come with interest rates and fees and can be a good option for individuals who want to build credit or earn rewards.

8. Debit Cards of Commercial Bank

Debit cards are linked to a checking account and allow customers to make purchases and withdraw money from ATMs. Unlike credit cards, debit cards do not come with interest rates or fees. They can be a good option for individuals who want to avoid going into debt.

9. ATM Services

ATM operations are tailored for customers in commercial banks. Therefore, ATM facilities provided by commercial banks allow customers to withdraw cash and check account balances. Some banks have deposit-taking ATMs, which allow customers to deposit checks and cash without visiting a bank branch.

10. Personal Banking

At Commercial Bank, we understand that everyone’s banking needs are different. That’s why we offer a range of personal banking services that cater to your unique requirements. Our services include savings accounts, fixed deposits, personal loans, credit cards, and more. With our personalized approach, you can rest assured that you’ll get the best possible service.

11. Corporate Banking – Commercial Bank

You, as an entrepreneur, must have a bank that aids you in the growth of your business. Enter Combank. We provide corporate banking services designed around your business objectives. Our services cover everything from cash management, trade finance, project financing, and so forth. Expert advice and tailor-made solutions are all you have to step into an entirely different league.

12. Commercial Bank Technology-Driven Services

Now that we are living in the age of digitization, access to banking has become an opportunity. At Combank, we believe that technology should empower banks to serve their customers better.

Our mobile banking app and online banking platform ensure that you can bank anytime, anywhere. E-statements, SMS alerts, and many other technology-driven services come under our ambit.

Conclusion

All in all, Combank seeks to relentlessly serve you and make your banking experience a great one. Nevertheless, it is our yogic formulation of services, solutions with a personality, and technology-driven approach that sets us apart from the rest. For all your personal banking and corporate banking needs, consider Combank as your answer.