Question

define the term bank​

Answer 1

Bank is derived from the Italian word 'Banco' which means a bench.Genrally it developed into a well organized form and people started to use the word 'bank' for the certain place whereby the monetary and credit transactions were performed.

So, Bank is an institution which deals with monetary and credit transaction by accepting deposits and provides loan against security deposit.

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Answer 2

Bank is an institution which deals with money (cash) and its substitutes and provides other money-related services to people.

• Bank can also be accessed by mobile phone these days. It provides every security of money and data .

• Money can be drawn by ATM (Automated Teller Machine) as well. People need not to visit the bank branch for drawing money.

• Bank accepts deposits and also grant loans.

• Bank also gives interest for the money deposited in bank.

• Bank also credits interests for money which has been borrowed by customers.

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