Question

prepare a a note on the Funuction Of bonks ​

Answer 1

Answer:

A bank is a lawful organisation that accepts deposits that can be withdrawn on demand. Banks are institutions that help the public in the management of their finances, public deposit their savings in banks with the assurance to withdraw money from the deposits whenever required.

Banks accept deposits from the general public and from the business community as well and give two assurances to the depositors –

Banks accept deposits from the general public and from the business community as well and give two assurances to the depositors –Safety of deposit

Banks accept deposits from the general public and from the business community as well and give two assurances to the depositors –Safety of depositWithdrawal of deposit, whenever needed

Banks accept deposits from the general public and from the business community as well and give two assurances to the depositors –Safety of depositWithdrawal of deposit, whenever neededBanks give interest on deposits which adds to the original deposit amount and is a great incentive to the depositor. This promotes saving habits among the public. Bank also grants loans based on deposits thereby adding to the economic development of the country and well being of the general public. With this stature, it becomes important to understand the major functions of a bank.