Miscellaneous Services
In addition to the above-mentioned core functions, banks also render other services, which are useful to customer’s business firms and members of the society. These services include safe deposit lockers, safe custody of valuables, issuance of traveller’s cheques, letters of credit and guarantees, collection of outstation cheques/bills/hundies, furnishing opinion reports on their customers, agency services for government business, correspondents, trusteeship and executor’s business. Banks charge a commission or fee on such services, which provides them with non-interest income, which add to their profits.
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