Have you ever wondered how banks offer more than just savings and loans? Imagine having access to life insurance, investment opportunities, and even financial security solutions—all under one roof!
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If you are a banker, a financial professional, or someone looking to maximize the benefits of modern banking, this video is tailored for you!
👉 Before we dive in, watch this video for a complete breakdown:
🚀 Financial Services Provided by Banks
📌 1. Insurance-Based Social Security Schemes (00:01:19)
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – A life insurance scheme covering individuals aged 18-50 years, providing ₹2 lakh cover for an annual premium of ₹436.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY) – An accident insurance scheme covering individuals aged 18-70 years, offering up to ₹2 lakh for just ₹20 per annum.
💡 Why You Should Enroll: Low-cost insurance coverage ensures financial stability for your loved ones in case of any unforeseen events.
📌 2. Cross-Selling in Banking (00:05:16)
- If you have a savings account, the bank may suggest opening an FD (Fixed Deposit) for better interest earnings.
- If you take a home loan, the bank might offer home insurance to protect your asset.
✅ Benefits of Cross-Selling:
- Increases customer loyalty
- Enhances bank revenue
- Saves marketing costs by targeting existing customers
📌 3. Depository Services in Banking (00:11:30)
Now, thanks to Depository Services, all your securities can be stored digitally in a Demat account.
🔹 Key Features of a Demat Account:
- Secure electronic storage of stocks, bonds, and securities
- Instant buying and selling without paperwork
- No risk of forgery, theft, or misplacement
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📌 4. Factoring & Trade Receivable Discounting System (TReDS) (00:20:29)
Small businesses often sell products on credit and wait months for payment. **Factoring and TReDS** solve this issue by converting unpaid invoices into **immediate cash flow**.
💰 How It Works:
- A business sells its invoice to a bank (factor) at a discounted price.
- The bank provides immediate cash and later collects the full amount from the buyer.
📌 5. Sovereign Gold Bonds (SGBs) vs. Atal Pension Yojana (APY) (00:38:29)
| Feature | Sovereign Gold Bond (SGB) | Atal Pension Yojana (APY) |
|---|---|---|
| Purpose | Capital appreciation through gold investment | Retirement security |
| Regulated By | RBI | PFRDA |
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Conclusion
Understanding these financial services helps you make smart banking decisions that secure your future.
🔹 Key Takeaways:
- PMJJBY & PMSBY provide **affordable insurance** coverage.
- Cross-selling enhances both customer benefits and bank revenue.
- Demat accounts make investing **safe and hassle-free**.
- Factoring & TReDS help businesses **access immediate cash**.
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