Banks offer many services to help us manage our money easily and conveniently. Here’s a detailed explanation of each of their services:
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ATM Withdrawals
Have you seen those little machines outside the bank with buttons and a screen? They are called ATMs - Any Time Money. Using the ATM, you can withdraw money from your bank account without going to the bank. The bank gives you a debit card (a card you can use to remove money from your account). Whenever you withdraw money, that amount gets debited from your account.
Online Banking
Online banking is like having a bank on a computer or phone. You can do many things without going to the bank. You can check how much money you have in your account, transfer money to other people's accounts, pay bills, and even buy things online using your bank account. It's like having a virtual bank that you can access from anywhere!
Mobile Banking
Mobile banking is online banking on your mobile phone. You can download your bank’s app and do all the banking stuff on your phone. For example, you can check the balance in your account, send money, pay bills, and do many other things. It's like having a bank in our pocket (on your mobile)!
Deposit and Withdraw Money
You can deposit and/or withdraw money from your account. Depositing is giving the bank your money to keep while withdrawing money is removing money when you need it.
Chequebooks
Chequebooks are special books that the bank gives you. Inside the chequebook, there are small papers called cheques. If you we want to give money to someone, you can write a cheque. It's like a promise that the bank will give the money to the person you wrote the check to.
Saving Schemes
Banks also have special saving schemes to help you save money. They offer different types of accounts where you can keep your money for a longer time and earn interest on it.
