paymemt pf interest by banks its deposits
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Why do banks pay interest on my savings? ... Banks use the money deposited on savings accounts to lend to borrowers, who pay interest on their loans. After paying for various costs, the banks pay money on savings deposits to attract new savers and keep the ones they have.
Annual compounding: Interest is calculated and paid once a year. Quarterly compounding: Interest is calculated and paid once every three months. Monthly compounding: Interest is calculated and paid each month. Daily compounding: Interest is calculated and paid every day.
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