Question

Give two advantages of depositing money with commercial banks.​

Answer 1

(i)It is the safer place to keep money as compared to the house or a working place.

ii). People can earn interest on the deposited money.

iii). People have the provisions to withdrawn the money as and when they require.

iv). People can also make payment through cheques.

Answer 2

Answer:

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Explanation:

Your money will be protected from theft and fires. Plus, your money will be federally insured so if your bank or credit union closes, you will get your money back. The maximum amount of money that can be insured is $100,000. Many banks offer an interest rate when you put your money in a savings account.