explain the functions of commercial banks with an example of each
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(i) Collection of deposits: Banks accept various types of deposits from the public such as savings account deposit, current account deposit and fixed account deposit, and pay interest on them. ... (ii) Lending of funds: Banks grant loans and advances on the basis of the total deposits available with them.
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Explanation:
(i) Collection of deposits: Banks accept various types of deposits from the public such as savings account deposit, current account deposit and fixed account deposit, and pay interest on them. ...
(ii) Lending of funds: Banks grant loans and advances on the basis of the total deposits available with them.
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