In modern times there are many services that are offered by the cooperative society. This is done so that more and more customers are attracted. Although there are some basic services as well which are offered by the cooperative society. Thus, these basic services are common for all society. In this article, we will help you understand some of the services of society which are common across all the banks in India.
⇒ Society are profit-oriented business organizations.
⇒ So they have to advance a loan to the public and generate interest from them as profit.
⇒ After keeping certain cash reserves, banks provide short-term, medium-term and long-term loans to needy borrowers.
⇒ Debit cards are used to electronically withdraw funds directly from the cardholders’ accounts.
⇒ Most debit cards require a Personal Identification Number (PIN) to be used to verify the transaction.
⇒ Sometimes, the society provides overdraft facilities to its customers through which they are allowed to withdraw more than their deposits.
⇒ Interest is charged from the customers on the overdrawn amount.
Apply Now⇒ Accepting deposit from savers or account holders is the primary function of a society.
⇒ Society accept deposit from those who can save money but cannot utilize in profitable sectors.
⇒ People prefer to deposit their savings in a society because by doing so, they earn interest.
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