3 Different Types Of Banking Services Offered By Banks To Individuals

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When it comes to the banking services Singapore and each one of us are using one or other out of four that we are going to explain here. In Singapore as well, a person can avail these services offered by bank very easily.

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3 major banking services are

  1. Saving accounts

This is the primary account that each one who is having a bank account used to have. The saving account is used for keeping the money for the use. The bank gives a fixed percent of internet on the total amount, which is present in the account. And different banks give a different percent of interest on the saving account.

Criteria to open a saving account in a bank are simple.  One has to show their photo and address proof to open an account. Some banks open the account at a minimum deposit, while some offer the opening of an account at a zero balance.

  1. Credit and debit card

These are two kinds of cards provided by the bank for the transaction of money. With the debit card a person can withdraw money from their saving account. While, with the credit card is like a loan availed from the bank. The credit cards come with a limit and user holding the card can spend only that sum from it. It is not necessary for a user to get the card of the bank, which’s banking services he is using. The credit card can be taken from any bank. But, the same is not true with the debit card.

  1. Insurance

It is again a very popular and useful product of the bank. The insurance we all know is offered by the bank against some property. A user has to pay a small amount of money to get the insurance for something.