A Brief Glance at Corporate Banking & Business Banking Accounts

A Brief Glance at Corporate Banking & Business Banking Accounts

So what is corporate banking? Corporate banking includes financing (often unsecured), cash management, and other banking services that are tailored for large firms. Typically, they are financial services offered to large clients or large corporations. Sub topics that come under corporate banking are servicing and handling domestic financial transactions, managing the financial market, guaranteeing trade transactions, providing trust services, financial consulting, e-banking services, credit cards and several other products.

Corporate banking requires a huge knowledge base and experience to service the various requirements of commerce and industry. Most top banks have a dedicated corporate banking operation which caters to the needs of companies that are quite different in requirement and scale, as compared to an average small and medium enterprise (SME).

Personnel of corporate banking services must be highly qualified and skilled. It is critical for them to be able to cater to all the needs of the corporate sector, no matter how unique or complicated they may be. Since the corporate banking personnel are skilled in providing corporate banking solutions, they must find newer ways and means to constantly contribute to the functioning and growth of such large corporate.

How do you go about opening a corporate bank account though? Opening a corporate bank account undergoes the normal banking process, except instead of a savings account you opt for a corporate bank account. Different banks offer different services. If you visit their website, you can open an account online and at any hour, anytime. You must provide the bank with a list of personal and business details and documents such as your name, your driver's licence, a PAN card of the company and other official documents. You must agree to the terms and conditions by simply clicking on a button termed as "I Agree" or any similar button provided, in order to proceed. While opening an account online, you'll probably have to print, sign and mail a document to the bank before the account is opened. Now all you need to do is to wait a few days until the bank is ready to process your paperwork. Once that is done, you will be the proud owner of a corporate bank account!

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