Question

explain the functions of banks ?​

Answer 1

Answer:

The function of a Bank is to collect deposits from the public and lend those deposits for the development of Agriculture, Industry, Trade and Commerce. Bank pays interest at lower rates to the depositors and receives interests on loans and advances from them at higher rates.

Explanation:

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Answer 2

Answer:

Following are the functions of banks:

1. Saving Deposits: encourages saving habits among the public. It is suitable for salary and wage earners.

2. Fixed Deposits: Also known as Term Deposits.

3. Current Deposits: are opened by businessmen.

4. Recurring Deposits: A certain sum of money is deposited in the bank at a regular interval.

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