what are the functions of bank
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The function of a Bank is to collect deposits from the public and lend those deposits for the development of Agriculture, Industry, Trade and Commerce. Bank pays interest at lower rates to the depositors and receives interests on loans and advances from them at higher rates.
Explanation:
Primary Functions of Bank
Saving Deposits: encourages saving habits among the public. It is suitable for salary and wage earners. ...
Fixed Deposits: Also known as Term Deposits. ...
Current Deposits: are opened by businessmen. ...
Recurring Deposits: A certain sum of money is deposited in the bank at a regular interval.
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