In addition to agency services, the modern banks provide many general utility services for the community as given.
Bank provide locker facility to their customers. The customers can keep their valuables, such as gold and silver ornaments, important documents; shares and debentures in these lockers for safe custody.
Traveller’s Cheques and Credit Cards
Banks issue traveller’s cheques to help their customers to travel without the fear of theft or loss of money. With this facility, the customers need not take the risk of carrying cash with them during their travels.
Letter of Credit
Letters of credit are issued by the banks to their customers certifying their credit worthiness. Letters of credit are very useful in foreign trade.
Collection of Statistics
Banks collect statistics giving important information relating to trade, commerce, industries, money and banking. They also publish valuable journals and bulletins containing articles on economic and financial matters.
Banks may act as referees with respect to the financial standing, business reputation and respectability of customers.
Banks underwrite the shares and debentures issued by the Government, public or private companies.
Some banks issue cheques of various denominations to be used on auspicious occasions.
Accepting Bills of Exchange on Behalf of Customers
Sometimes, banks accept bills of exchange, internal as well as foreign, on behalf of their customers. It enables
customers to import goods.
Some commercial banks have opened merchant banking divisions to provide merchant banking services.