The Indian banking industry is passing through a phase of customers market. The customers have more choices in choosing their banks. A competition has been established within the banks operating in India.

With stiff competition and advancement of technology, the services provided by banks has become more easy and convenient. The past days are witness to an hour wait before withdrawing cash from accounts or a cheque from north of the country being cleared in one month in the south.

Now Indian Banks are providing best services, there are many public as well as private Banks in India. The following types of Banking Services in India.

Bank Account

                The most common and first service of the banking sector i.e. Bank Account. There are different types of bank account in Indian banking sector. Bank Account can be opened for eligible person / persons and certain organisations / agencies as Instructions given by Reserve Bank of India (RBI). The Bank Accounts are following types

• Savings Bank Account : Savings Bank Account can be opened in the name of an individual or in joint names of the depositors. Savings Bank Accounts can also be opened and operated by the minors provided they have completed ten years of age.
   

• Current Bank Account : Current Bank Account can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc.
   

• Bank Term Deposits Account : Bank Term Deposits Account can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc.
   

• Bank Account Online : With the advancement of technology, the major banks in the public and private sector has faciliated their customer to open bank account online. Bank account online is registered through a PC with an internet connection. The advent of bank account online has saved both the cost of operation for banks as well as the time taken in opening an account.
   

• Demat Account : A Demat Account holds portfolio of shares in electronic form and obviates the need to hold shares in physical form. Nowadays, Securities and Exchange Board of India (SEBI) has made electronic trading of shares mandatory, hence a demat account is must for trading and investing in shares.

  Plastic Money
   

• Credit Card : Credit card in India became popular with the introduction of foreign banks in the country. Credit cards are financial instruments, which can be used more than once to borrow money or buy products and services on credit. Basically banks, retail stores and other businesses issue these.
   

• Debit Card : Debit cards are accepted at many locations, including grocery stores, retail stores, gasoline stations, and restaurants. Its an alternative to carrying a checkbook or cash. With debit card, we use our own money and not the issuer's money. In India almost all the banks issue debit card to its account holders.

  Loans
   

• Personal Loan : In Personal Loan, one can get a sanctioned loan amount between Rs 25,000 to 10,00,000 depending upon the profile of person applying for the loan. SBI, ICICI, HDFC, HSBC are some of the leading banks which deals in Personal Loan.
   

• Auto Loan/Car Loans : Almost all leading nationalised as well as private banks offer car loans at attractive rates for their customers. These banks have tied up with eminent automobile manufacturers to provide best deals; flexible car schemes are being offered to suit the varied needs and financial standing of customers. Banks are providing quick application and hassle free processing of loans to attract new customers and maintain the old ones.
   

• Home Loans : Housing is the fastest growing sector in the current times. Banks are cashing on this phenomenon by offering easy home loans at attractive rates. Home loans products is offered by almost all banks; right from loans for purchasing real estate to buying a flat, from home improvement to home extension loans. The EMI and rate of interest is arrived at, keeping a number of factors like, the loan amount, market value of the the land or building, tenure of loans etc.
   

• Education Loans : Education loans is one of the fastest growing retail banking product. Almost all public and private sector banks are offering student loans at attractive rates for meritorious and needy students for studying both in India as well as abroad. Loans are available for graduate/postgraduate/technical courses; banks are increasing the flexibility of this loan in terms of payback period to attract more students. Students loans cover the tuition fee, hostel fee, library charges, administrative charges etc.

Money Transfer

• Beside lending and depositing money, banks also carry money from one corner of the globe to another. This act of banks is known as transfer of money. This activity is termed as remittance business. Banks generally issue Demand Drafts, Banker's Cheques, Money Orders or other such instruments for transferring the money. This is a type of Telegraphic Transfer or Tele Cash Orders.
   

• It has been only a couple of years that banks have jumped into the money transfer businessess in India. The international money transfer market grew 9.3% from 2003 to 2004 i.e. from US$213 bn. to US$233 bn. in 2004. Economists say that the market of money transfer will further grow at a cumulative 10.1% average growth rate through 2008.