Question

What are the functions of a bank?

Answer 1

A. Primary Functions of Banks ↓ The primary functions of a bank are also known as banking functions. ...Accepting Deposits. The bank collects deposits from the public. ...a. Saving Deposits. ...b. Fixed Deposits. ...c. Current Deposits. ...d. Recurring Deposits. ...Granting of Loans and Advances.

Answer 2

Bank has 2 most important functions.

Firstly: Banks hold money of people in the form of deposits in different types of accounts.

Secondly: Banks give loans. After giving loans they take some interest on it. Interest rates are higher on the larger amounts.

Besides that, banks are used to do online transactions and holding precious things like gold and diamond. Bank has another kind of bank account in which money is deposited and bank gives you interest after specific period of time.