What are the Functions of General Banking

General banking department provides all sort of necessary services according to the requirement of the customer. Now a days the service is most talked about matter in banking and other customer related financial involvement. The basic difference between a public and private institution is seems to be its customer handling. The private institutions are more customers related to the public one. For this the customers are likely to feel comfort to make operation with the private institution that those of public.

Functions of the General Banking Department: 

Opening of Account: Bank is a financial intermediary, which mobilizes fund from surplus unit and deploy it to deficit unit. Surplus unit means the people who have surplus money and willingness to save. Deficit unit means the people who need money for industry, trade, business, or for personal use but don’t have sufficient money of their own for such purposes. Bank mobilizes the fund by accepting deposits from depositors and allocates the fund by providing loan to borrower. The relationship between a banker and his customer begins with the opening of an account by the banker in the name of the customer. Banker solicits deposits from the public of different walks of life and having different financial status. 

Issuance of Cheque Book: An account holder can get a fresh cheque book only against requisition on the prescribed requisition slip attached with the cheque book issued earlier, after proper verification of the signature of the account holder. A new cheque book should be delivered to the account holder or his duly authorized representative.

Online Money Transfer: Because of online banking the customers of any commercial bank can easily transfer their money from one branch to another. No hassle is there. Any one can deposit money from any branch of the bank to any account. Similarly, an Account holder can withdraw money from any branch. But in case of money transfer from division that is from one territory to other online charge is taken from the customer.

Account Balance Inquiry: Commercial bank sends Account statement to its clients two times in a year. More over Clients are provided whenever he/she wants to know Account Balance. But hence some security and privacy is maintained. No other person than the Account holder is given the Account balance.