Basic Banking Products & Services:
Banking, being an authorised financial intermediary between the Depositors (with excess money to save) and the Borrower (we is in need of financial support), has the basic fundamental functions of “accepting the deposits from the public for the purpose of lending or investment”.
With the above, it is clear that one of the main functions of the banking is accepting the deposits (interest bearing and non-interest bearing) from public as a main source of funds. Maiwand Bank has designed and offers various deposit schemes for the public to invest their excess savings.
Deposits are broadly divided into:
I. Demand deposits: Theses deposits are accepted from the public and repayable on demand by withdrawing the same through the different delivery channels (cheques, drafts, withdrawals, transfers, ATM and Internet banking and any other mode) provided by the bank. And these demand deposits are further bifurcated into:
Saving Deposits: These type of deposits are mainly aimed to encourage the public to save their surplus earnings for their future needs with certain limits on number of operations. This also aims at inculcating the saving habit among the public to pool the individual surplus earnings to be useful for the investment in the developmental activities of the country.
Accounts can be opened by individuals & joint holders.
Non – profit organistaion like clubs, associations and NGOs can also open.
Firms and Business units can’t open.
However Proprietors, partners and Directors of companies in their individual capacity can open.
Minors below 18 years of age, can open along with their natural / legal guardian and the account could be operated by the guardian only for the benefit of minors.
However, Minors above 10 years of age, can open the accounts in their own name and also can operate themselves, provided they are able read, write and sign uniformly.