A bank is a financial institution, the main function of which is to accept deposits and make loans. Similarly, Magento 2 checkout serves as the financial gateway for your online store, seamlessly channeling customer payments into your business. This analogy of “financial gateway” for your online store highlights the core functionality of Magento 2 checkout, just like a bank handles financial transactions.
Knowing the type of financial institution helps in defining the type of activities it engages in. In the same vein, tailoring your Magento 2 checkout to your specific business needs can significantly enhance the customer experience. This emphasizes the importance of customizing your checkout process for optimal results, just like different financial institutions cater to different needs. Financial institutions are regulated by the federal government and let us say investment brokers are regulated by the Securities and Exchange Commission (SEC). Some of the financial institutions include:
- Banks
- Credit unions
- Savings and loan associations
- Small business investment companies
- Mortgage lenders
- Investment broker-dealers
- Credit card companies
- Insurance companies
How do you choose a Bank?
While selecting which bank to opt for, look for its products and services. Finalise a bank that fulfils all your requirements, the services you need, and the interest that can be earned on savings, money market, or CD accounts. One should also consider the fees charged by the banks, which include:
- Monthly maintenance fees
- Early withdrawal penalties for CD accounts
- Out-of-network ATM withdrawal charges
- Cashier’s check
- Certified check and money order fees
- Overdraft or non-sufficient funds fees
- Excess withdrawal fees
- Debit card replacement fees
These fees can be avoided if online banking is opted over traditional banking.
Functions of a Bank
There are two main functions that are performed by a bank:
- Primary Functions
- Accepting of Deposit:
There are different kinds of deposits that banks accept:
- Savings Deposits
- Fixed Deposits
- Current Deposits
- Recurring Deposits
- Granting of Loans and Advances
There are different kinds of loans and advances that banks make:
- Bank Overdraft
- Cash Credits
- Loans
- Discounting the Bills of Exchange
- Secondary Functions
- Agency Functions:
- Funds Transfer
- Collections
- Periodic payments
- Collection of Cheque
- Portfolio management
- Other Agency Functions
- Utility Functions:
- Issuing letters of credit, traveller’s cheque, etc.
- Providing foreign exchange dealings facilities to customers
- Undertaking safe custody of important documents, valuables and securities with the help of safe deposit lockers or vaults.
- Dealing in foreign exchanges
- Underwriting of shares and debentures
- Project reports
- Updation of Passbook
- Standing guarantee
- Social Welfare programmes
Bank Timings in India
The standard operating hours of banks in India are from 09:30 a.m. to 05:30 p.m. Some banks also operate for 12 hours, i.e. from 8:00 a.m. till 8:00 p.m. Account Holders who want to get their passbooks updated, deposit cash or cheque, and get account statements can do so by visiting the bank during the time mentioned above. Let us say a Karur Vysya Bank account holder wants to get his/ her passbook updated; then, he/ she has to visit the branch within the above-mentioned times to proceed. Alternatively, to make an account balance enquiry, he/ she can also call the Karur Vysya Bank Balance Check Number without any need to visit the bank.
List of Top Bank’s Timings
| Bank Name | Open Time of the Bank | Closing Time of the Bank |
| 1. SBI Bank | 9:00 a.m. | 3:30 p.m. |
| 2. Standard Chartered Bank | 8:00 a.m. | 3:00 p.m. |
| 3. HDFC Bank | 9:30 a.m. | 3:30 p.m. |
| 4. RBL Bank | 10:00 a.m. | 6:00 p.m. |
| 5. ICICI Bank | 9:30 a.m. | 4:30 p.m. |
| 6. Yes Bank | 9:30 a.m. | 4:30 p.m. |
| 7. Kotak Bank | 10:00 a.m. | 4:00 p.m. |
| 8. Citibank | 10:00 a.m. | 4:00 p.m. |
| 9. PNB | 10:00 a.m. | 5:00 p.m. |
| 10. Bank of Baroda | 10:00 a.m. | 4:00 p.m. |
| 11. Axis Bank | 9:30 a.m. | 3:30 p.m. |
Bank Timings on Saturdays
The bank’s operational hours depend on multiple factors, which include the rules of the bank, the branch of the bank, the location of the bank’s branch, its customers, the type of services the bank provides, RBI’s rules, and the rules of federal and state government. As per the rules of the Reserve Bank of India, banks do not work on the 2nd and 4th Saturdays of the month. But the banks are working on the 1st, 3rd, and 5th Saturdays of every month.
Banking Services Not Available on Holidays
Mentioned below are the banking services that are not available on holidays:
- RTGS
- NEFT
- Any Physical Banking Services
Banking Services Available on Holidays
Mentioned below are the banking services that are available on holidays:
- Internet Banking
- IMPS
- Mobile Banking
- ATM Services
- UPI
- Drop of Cheque
- Cheque Deposit
RBI Bank Timings
Reserve Bank of India is operational on weekdays only, and its timings are as mentioned below:
| Working Hours | 9:30 AM to 5:15 PM |
| Banking Hours | 10:00 Am to 2:30 PM |
IMPS Timings
An immediate payment system, or IMPS, is an online mode of payment that is a real-time transfer option. It is quite useful where an instant payment has to be made. The best part with IMPS is that there is no minimum amount to be paid with this.
Bank Customers can make a transfer via IMPS at any time and from anywhere with the help of Internet banking or mobile banking facilities. IMPS can only be accessed online; hence, visiting the bank with an IMPS request could be futile.
Lunch Timings
Some branches do not offer a formal break to the employees, who can have their break in batches to keep the services moving smoothly. In most of the cases, banks have a lunch break of 30 minutes, normally from 1:00 PM to 3:00 PM. It is advisable to look for the lunchtime of the particular branch one wishes to visit.
NEFT and RTGS Timings
The bank earlier used to offer the services within a given window of time. The latest updates show that the banks normally offer round-the-clock assistance for RTGS and NEFT services. The bank timings are decided by the Reserve Bank of India. This facility can be availed on all days of the year, including holidays. NEFT has been made available 24*7 for the customers. It includes the settlement of batches within 48 hours, starting from 00:30 to 00:00.
Let us say if an SBI account holder wanted to make NEFT earlier, the customer was required to first SBI NEFT Form Download and visit the bank between 08:00 a.m. and 06:30 p.m. But after 2020, NEFT can be done 24*7.
On the other hand, in Real-time Gross Settlement (RTGS), the funds are transferred in real-time, i.e. the funds are received as soon as the information is received. This service is also available 24*7, i.e. on all days of the week.
