If you want to know about commercial bank, then it is a right place . A commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.
FUNCTIONS OF COMMERCIAL BANK : 3 TYPES OF FUNCTION
PRIMARY FUNCTION
Commercial banks accept various types of deposits from public especially from its clients, including saving account deposits, recurring account deposits, and fixed deposits. These deposits are returned whenever the customer demands it or after a certain time period.
Commercial banks provide loans and advances of various forms, including an overdraft facility, cash credit, bill discounting, money at call etc. They also give demand and term loans to all types of clients against proper security. They also act as trustees for wills of their customers etc.
SECONDARY FUNCTION
To collect and clear cheques, dividends and interest warrant
To make payments of rent, insurance premium
To deal in foreign exchange transactions
To purchase and sell securities
To act as trustee, attorney, correspondent and executor
To accept tax proceeds and tax returns
SOCIAL FUNCTIONS
Capital formation
Employment opportunities
and Many more
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