These are the products and services offered by retail banks to the individual customers.
Bank Accounts
Bank accounts include things like checking accounts, savings accounts, and retirement accounts, to name a few examples. When you open a checking account, you’ll get a debit card that may be used to make purchases, as well as the option to pay bills online or by electronic means. Money market accounts provide a somewhat greater interest rate than savings accounts, but there are certain limits on how often the money may be withdrawn.
Safe Lockers
In order to prevent your valuables from being stolen or damaged while you are away from home, little value safes are housed in Safes inside the bank’s walls.
Deposits
The interest rates on Certificates of Deposit (CDs) are greater than those on savings accounts, but you must normally leave your money in the account for at least several months in order to avoid being charged an early withdrawal fee.
Personal Loan
Unsecured personal loans may be used to pay a number of costs without the need to put up any kind of collateral as a form of security. The capacity to spend and repay repeatedly is provided through revolving lines of credit (such as credit cards), allowing borrowers to avoid having to qualify for a new loan each time.
Auto Loans
Individuals may get auto loans to aid them in the purchase of a car. Auto loans can also be refinanced.
Home / Mortgage Loans
Homes are purchased with the help of mortgage loans, and second mortgages allow borrowers to refinance current debts or withdraw cash from the value of their property.
Conclusion
Because of these retail banking services, products and facilities, people’s capacity to manage their funds is increased significantly. Without a bank account, it is possible to live a normal life, but it is much more difficult. If banks and credit unions are not accessible, you may find yourself spending more time on normal chores and paying more costs for one-time transactions if you do not have access to them. Now you would have known the what is retail banking, importance and role of retail banking along with the services offered by retail banking to the individual customers.