Characteristics of bank
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bank is a financial institution that deals with loans . Bank collects savings from the savers and offers this savings baring a small part of them to the borrowers. Such a thing brings profit to the bank. People who borrow money from the bank have to return the principle along with a rate of intrest. The rate of intrest collected by the bank us higher than the rate of intrest paid. The difference is the profit earned by the bank.
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Answer:
- Dealing with money
- Individual/Firm/Company
- Acceptance of deposits
- Leading loans
- Payment and withdrawal
- Agency and utility services
- Profit and service orientation
- Ever increasing functions
- Connecting link
- Banking business
- Name identity
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