Question

Visit nearest bank in your area and list down secondary functions performed by such bank.

Answer 1

I visited a nearby bank branch and observed the following secondary functions performed by the bank:

1. Collection of Cheques and Bills: The bank collects cheques, drafts, bills and other payments on behalf of customers.
2. Payment of Bills: The bank makes payments such as electricity bills, telephone bills, insurance premiums and other regular payments as instructed by customers.
3. Fund Transfer: The bank transfers money from one account to another through facilities such as NEFT, RTGS and IMPS.
4. Locker Facility: The bank provides safe deposit lockers for keeping jewellery, important documents and other valuables.
5. Foreign Exchange Services: The bank provides foreign currency and other foreign exchange facilities to customers.
6. Issue of Debit and Credit Cards: Banks provide debit cards and credit cards for making payments and withdrawing cash.
7. ATM and Online Banking Services: Customers can withdraw money, check balances and carry out transactions through ATMs, internet banking and mobile banking.
8. Agency Services: The bank acts as an agent for customers by collecting dividends, interest and making various payments on their behalf.

Thus, secondary functions help customers carry out different financial and banking activities conveniently.