What is Bank Transaction?

What is Bank Transaction?

Bank Transaction

In  Bank Transaction, an institution (bank or financial institution) offering definite financial services, such as the security of money, exchange of home into and from overseas currencies, lending of money at interest, and acceptance of bills of exchange. Bank transactions that arise frequently in the business apprehensions are cash paid into bank, cheques and bills received from consumers paid into bank for collection, payment of cheques for expenses and cheques issued to suppliers or creditors. When a cheque is received treat it as cash.

So, it is the procedure of money transfer, normally for corporates by banks. It includes commercial banking products, home and foreign payments, trained risk alleviation for intercontinental trade and the stipulation of trust, bureau, stock, protection and associated services.

Example: 13: January xx, yyyy – Opened a current account with Indian Overseas Bank Rs.10,000.