Depository Institutions: A Focus on Oman's Banks

Introduction

As we know the financial service are of two types 1. The depository institutions 2. Non-depositary intuitions. In this let us consider depository intuitions and let discuss on it. The major example of financial depository institutions is banks. As banks accepts deposits from its customers. Banks play very virtual role in developed economy, like Oman. In this assignment let us take National bank of Oman as an example. National bank of Oman is very famous and busy bank in Oman majority of citizens of Oman bank with it.

Definition of Bank

According to Professor Kinly “A bank is an institution which receives deposits and advances loans”

Central Bank of Oman defines bank as “A bank is an institution which deals in debts of his own

And Today, National bank of Oman is one of the largest banks in Oman. National bank of Oman has nearly 60 branches and 173 ATMs and Cash Deposit Machines across Oman, and it also has it branches in other gulf countries like Egypt, Dubai, Qatar etc

Services of National bank of Oman

National bank of Oman serves their clients in the following ways.

1. Receiving deposits

National bank of Oman get deposits from the general public who have surplus cash in hand and want to store with banks with the intention of security and premium. National bank of Oman offer following deposit schemes to their clients:

1. Saving Account

2. Current Account

3. Combined account

4. Fixed

Consultancy

National bank of Oman is vast organizations. They execute increase theirs characteristic to consultancy business. In it function, banks hire financial, legal and need experts, who gives advices according to customers among concerning investment, industry, trade, income and etc.

9. Bank Guarantee

Customers are provided the facility regarding bank assurance by means of modern-day commercial banks. When customers have to deposit certain resources in government places of work or courts because particular purpose, financial institution execute itself as the guarantee for the customer, alternatively on concession of depositing fund by customers.

10. Online banking

Web based managing an account is a service offered by banks that permits account holders to get to their record information by means of the web. Web based banking is otherwise called as “Internet banking” or “Web banking.”

Web based managing an account through conventional banks empower clients to carry out all routine transactions, for example, account transfer, bill payments, stop-payment requests, bank statement, balance inquiry and many more. We can get Account information at any time, irrespective of day or night, and can be possible from