Question

3. How has bank made our lives easier? Explain.

Answer 1

Answer:

Bank made our life easier in different ways:

1) by giving service of ATM card.

2) by providing mobile bank services.

3) by providing loans when necessary.

4) by keeping our deposits secure.

5) by providing us interests for our deposits.

6)by giving service of transferring money from one place to another place.

7)by exchanging the foreign currency

Answer 2

Banks have made our life easier in many ways -:

1) The money which you would otherwise store at your home physically, can be stored in banks wherein the money will also grow by some amount. This keeps your money safe and helps you grow your wealth effortlessly.

2) Banks lend money by making advances to customers on current accounts, by making installment loans, and by other forms of money lending.

3) While you must pay interest on your loan, you do not have to give the lender a percentage of your profits or a share in your company.

4) Without banks, asking for debts informally will make you vulnerable to exorbitant interest rates by moneylenders. However, banks have interest rates regularized centrally.

5) Banks provide different payment services, and a bank account is considered indispensable by everyone

6) You don't have to bargain where ever you go. Nowadays banks have marketing collaborations with various brands and banks offer you beneficial offers.

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