Personal & Corporate Banking | MSME & Agri banking (2024)

FAQs

What is personal banking and corporate banking? ›

Conclusion: Retail banking and corporate banking are two different types of banking services that cater to different types of customers. Retail banking services are geared towards individual customers, while corporate banking services cater to corporate clients.

Corporate Internet Banking as the name itself indicates is meant exclusively for Corporate customers (non-individuals). For individual customers Retail Internet Banking facility is separately available.

How does the CINB differ from that? Retail internet banking is a single user product whereas CINB (Khata plus, Vyapaar and Vistaar) provide for multiple users with varying powers as per requirement of the Corporate.

In fact both the things are quite separate. Personal Banking is a segment of Banking business where the banking needs of individual customers are catered to. Net Banking is not a form of business, but a process supported by system to conduct banking activities through online without visiting the Branches in person.

The basics of business and personal accounts

A personal bank account is designed to help you manage your individual income and costs, like household expenses. A business bank account is designed to manage the cash flow and expenses that come with running a business.

What is retail and corporate banking? Retail banking provides personalized financial services for individuals and very small businesses. Corporate banking is specialized in the financial needs of small, medium, and large businesses.

Corporate banking, also known as business banking, typically serves a diverse clientele, ranging from small- to midsized local businesses with a few million dollars in revenue to large conglomerates with billions in sales and offices across the country.

The big difference between corporate banking and private banking is the client base. While corporate banking provides credit products for corporates, financials, and governments, private banking deals with high net worth (HNW) and ultra high net worth (UHNW) individuals and families.

While Personal accounts are designed for the needs of individual clients and are perfect for everyday payments and transfers, Business accounts provide solutions for companies of all sizes and industries.

Many professionals end up staying in corporate banking for the long term because it offers a nice work/life balance, reasonable advancement opportunities, and high pay at the mid-to-top levels.

Why do you need a corporate bank account? ›

Business accounts protect you from personal liability.

This means that your personal assets, such as your home or car, could be at risk if you're sued or if your business goes bankrupt. By having a separate business bank account, you can help protect your personal assets from these business liabilities.

Private banking is an upgrade from personal banking – it is an exclusive financial realm designed specifically for High-Net-Worth Individuals (HNIs). Typically, private banking is accessible only to those with a net worth above a certain amount and through an invitation only.

Personal Banking comprises products and services offered by banks. It is also known as retail banking. Personal Banking includes essential products like Savings Account, Current Account, and Debit Cards. Financial assistance products like Credit Card and Loans are included under Personal Banking.

Every bank has its own set of security policies, but online banks are generally as safe as traditional banks since they often use the same preventative security measures, including: Encryption software. Multi-factor authentication. Firewalls.

Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app.

Personal banking refers to all the services banks design and offer to individual consumers rather than businesses. These services include checking and savings accounts, credit and debit cards, certificates of deposit (CDs), loans, and more.

A corporate account, also known as a business account, is a dedicated bank account in a company's name that is used by businesses to manage their finances. The benefits of a corporate account included easier financial management, access to business-specific and investment services, and potential liability protection.