Prominent duties of banks in Visakhapatnam
Keeping record of all money transactions by an office is called banking. The prime duty of any banks in visakhapatanm is to provide financial services such as to collect deposits and give advances to the people in Visakhapatnam. The banks are managed by governments, cooperative societies and private persons. In India all types of banks should obey the orders passed by the Reserve Bank of India. Interest rates for received deposits and the quantum of money to be taken as deposits and the dividend to be paid for shareholders of private banks and other issues would be decided by RBI.
Financial services offered by banks
kotak mahindra bank vizag, Advancing of Loans, Overdraft, Discounting of Bills of Exchange, Cheque Payment, Collection and Payment Of Credit Instruments, Foreign Currency Exchange, Consultancy, Bank Guarantee, Remittance of Funds, Credit cards, ATMs Services, and Debit cards, Home banking, Online banking, Mobile Banking, Accepting Deposits from the public and institutions.
Types of loans disbursed by banks in Visakhapatnam
- Home Loans are the amounts advances for purchasing or constructing a house and are also termed as secured loans in Visakhapatnam; generally the interest rates for this sector will be fixed at minimal as the money returns to the market. Mortgage Loans are given after completion of building construction for fulfilling the needs of the borrower. Business Loans are given for managing a business entity.
- Purchase loans will be given to any person or institution for purchasing any item or equipment and this is mainly availed of in motor sector to purchase bikes and cars in Visakhapatnam.
- NRI Loans will be advances to Non-Resident Indians on any given purpose.
- Top Up Loans will be given when a loan track is already existing and when the customer in Visakhapatnam needs some more money as advance.
Take Over Loans
When a bank offers advance at lesser interest rate than the present banker in Visakhapatnam then the customer will opt for shifting his loan account to some other bank. The new bank will take over the loan and retains the customer in their bank.