Personal & Corporate Banking | MSME & Agri banking (2024)

FAQs

What is personal banking and corporate banking? ›

Conclusion: Retail banking and corporate banking are two different types of banking services that cater to different types of customers. Retail banking services are geared towards individual customers, while corporate banking services cater to corporate clients.

The big difference between corporate banking and private banking is the client base. While corporate banking provides credit products for corporates, financials, and governments, private banking deals with high net worth (HNW) and ultra high net worth (UHNW) individuals and families.

Both banking systems cater to the financial needs of a business. Many considered them to be the same thing. However, some finance professionals feel corporate banking is geared more towards large-scale companies, whereas business banking looks after mid-sized or smaller organisations.

An agricultural bank, also known as an AG bank, is a type of financial institution that provides specialized financial services to farmers, agribusinesses, and other rural clients to help them manage their finances, invest in their operations, and grow their businesses.

The basics of business and personal accounts

A personal bank account is designed to help you manage your individual income and costs, like household expenses. A business bank account is designed to manage the cash flow and expenses that come with running a business.

Personal Banking comprises products and services offered by banks. It is also known as retail banking. Personal Banking includes essential products like Savings Account, Current Account, and Debit Cards. Financial assistance products like Credit Card and Loans are included under Personal Banking.

Private banking is an upgrade from personal banking – it is an exclusive financial realm designed specifically for High-Net-Worth Individuals (HNIs). Typically, private banking is accessible only to those with a net worth above a certain amount and through an invitation only.

While Personal accounts are designed for the needs of individual clients and are perfect for everyday payments and transfers, Business accounts provide solutions for companies of all sizes and industries.

Many professionals end up staying in corporate banking for the long term because it offers a nice work/life balance, reasonable advancement opportunities, and high pay at the mid-to-top levels.

Corporate banking, also known as business banking, typically serves a diverse clientele, ranging from small- to midsized local businesses with a few million dollars in revenue to large conglomerates with billions in sales and offices across the country.

What is the richest bank in the world? ›

A corporate account is a bank account opened under a company's name to keep business finances separate from personal finances. It can be used to make transactions and invest in the name of the enterprise.

AgriBank expertly and reliably obtains funds and prudently provides funding and financial solutions to Farm Credit Associations, locally owned lenders that are our customers and owners. The Associations, in turn, provide loans and financial services to farmers, ranchers, and rural businesses and homeowners.

AG is an abbreviation of Aktiengesellschaft, which is a German term for a public limited company. This type of company shares are offered to the general public and traded on a public stock exchange. Shareholders' liability is limited to their investment.

Vietnam Bank for Agriculture and Rural Development (Agribank) was established under Decree No. 53-HDBT dated March 26, 1988 of the Council of Ministers (now the Government).

While Personal accounts are designed for the needs of individual clients and are perfect for everyday payments and transfers, Business accounts provide solutions for companies of all sizes and industries.

A corporate account, also known as a business account, is a dedicated bank account in a company's name that is used by businesses to manage their finances. The benefits of a corporate account included easier financial management, access to business-specific and investment services, and potential liability protection.

For the purpose of Corporate Internet Banking, any non-individual customer, whether it is a single man enterprise, small business enterprise, firm, trust, institution, Government organization or large conglomerate is treated as a Corporate.

Most commonly, personal banking includes checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Personal banking even includes things like mortgage loans, auto loans, overdraft lines of credit, credit cards, and personal loans.