Commercial Bank
Commercial Bank
Commercial Bank
A commercial bank (or business bank) is a type of financial institution and intermediary. It is a bank that
provides transactional, savings, and money market accounts and that accepts time deposits. Commercial
banking may also be seen as distinct from retail banking, which involves the provision of financial services
direct to consumers. Many banks offer both commercial and retail banking services.
SWIFT: Swift is a bank owned non-profit co-operative based in Belgium servicing the financial community
worldwide. It ensures secure messaging having a global reach of 6,495 Banks and Financial Institutions in
178 countries, 24 hours a day. SWIFT global network carries an average 4 million message daily and estimated
average value of payment messages is USD 2 trillion. Swift is a highly secured messaging network enables
Banks to send and receive Fund Transfer, L/C related and other free format messages to and from any banks
active in the network. Having SWIFT facility, Bank will be able to serve its customers more profitable by
providing L/C, Payment and other messages efficiently and with utmost security. Especially it will be of great
help for our clients dealing with Imports, Exports and Remittances etc.
General Banking: Banks perform this function in two ways- taking deposits from various areas in different
forms and lending that accumulated amount of money to the potential investors in other different forms. It is
the starting point of all the banking operating. General Banking department aids in taking deposits and
simultaneously provides some ancillaries services. It is the department, which provides day-to-day services to
the customers. Every day it receives deposits from the customers and meets their demand for cash by honoring
cheques. It opens new accounts, demit funds, issue bank drafts and pay orders etc. since bank in confined to
provide the service everyday general banking is also known as Retail Banking.
General Products are: