Why is deposit with bank important for people
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A Bank is a financial institution which is involved in borrowing and lending money.
Apart from money being safely kept in the banks, people are also paid interest on the amount of money deposited in their bank account.
The bank then use the majority of these deposits to lend to other customers for a variety of loans.
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No one can loot snatch/loot/steal your money.
It's now secret how much money you have,so it helps in maintaining societal image easier.
No need to carry money at other places if you are traveling or relocating.
The money does not depreciate over time as with other assets but rather it increases as bank give interest on saving which is about 4 percent currently.
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