what is bank brief about function of bank
Answers
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A bank is a lawful organisation that accepts deposits that can be withdrawn on demand.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 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.
functions of banks include:
>Accepting of deposits
>Granting of loans and advances
>Transfer of Funds
>Collection of Cheques
Answer:
A bank is lawful organisation that accept deposit that can be withdrawn the demand. bank are institutions that to help the public management.saving in bank with assurance to withdraw money from the deposit whenever required