Explain with examples how people are involved in bank
Answers
People are involved in the bank in the following ways:-
1)Deposit surplus money into the bank.
2)Withdraw money from bank when required.
3)Issue check for payment to others rather than carry cash.
4)Issue demand draft for payment to others as it is guaranteed by the bank.
5) Take loan for personal and commercial purposes on lower rate of interest than the market rate.
6)Repay the loan in easy monthly instalment taken from the bank.
Answer:
People are involved in the bank in the following ways:-
1)Deposit surplus money into the bank.
2)Withdraw money from bank when required.
3)Issue check for payment to others rather than carry cash.
4)Issue demand draft for payment to others as it is guaranteed by the bank.
5) Take loan for personal and commercial purposes on lower rate of interest than the market rate.
6)Repay the loan in easy monthly instalment taken from the bank.