Commercial banks offer a variety of services to their customers.

(1)      Deposits: Commercial banks receive and safeguard money from private persons, companies, public corporations, the government, in the form of cash and cheques. There are two main types of accounts or two main ways of accepting money from the public.

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Features of  bank accounts

Procedure of opening a bank account

How to deposit and withdraw money on each account

i) On Deposit and Savings Accounts:- Before opening up the account the customer must:

give the banker his name,

address and occupation together with a specimen signature

and an initial deposit.

With-draw are subject to a specific period of notice, often several days,  prior notice is not always insisted upon, provided that the amounts required are not too large. The depositors are issued with pass books for recording the deposits and withdraws.

Money on these accounts receives interest since it is kept for a definite period of time and the bank can lend it out at interest. No overdrawing is allowed. A deposit account is a convenient place for funds that are surplus to immediate requirements.

Banks also accept larger slums of money for fixed rates of interest. Such money is normally deposited on what are called time or fixed accounts - and not withdrawable until the specified period expires.

Current Accounts:- The current account is the most popular kind of account Funds are paid in By the customer who may also ask his employer to pay wages or salary direct into the account by means of a bank giro credit The customer is usually issued with a cheque book. Interest is not paid by banks instead a fee is charged for services rendered to the customer. This is because the bank cannot lend out much money from this account for a long time during working hours.

The current account is very suitable for businessmen and other persons who require money from time to time. The customer can arrange with his bank to allow him overdraw his account up to a specified limit The current account allows the customer to settle his debts by writing out cheques for any amount, obviate carrying large sums of money. Cheques also serve as a permanent record of payment and receipt

Night Safes: A customer wishing to pay in regularly at a time when the bank is shut may be offered a night safe wallet. The service is particularly suitable for a trader wishing to bank his day's sales rather than leave them in the shop or take them home. He puts the money in a leather wallet, locks it and then posts it down into the bank at a given opening until the following day.

Besides receiving deposits of money, banks also keep articles of value locked in boxes, wills, certificates and many other things for their customers.

The boxes and parcels are locked and sealed by the customer before handing them in to the bank. The bank will issue a receipt if so required.

Advances:- The Second  major function of the bank is to lend out money. There are certain factors that a Bank Manager must carefully consider in determining whether to extend credit and if so how much.