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What are the advantages of a bank account?

Asked by Topperlearning User 5th June 2015, 9:46 AM
Answered by Expert

The advantages of a bank account are as follows:

  1. Interest income created: Small savers earn an interest on their savings, when they deposit money in the bank. Hence, depositing money in a bank generates income rather than holding idle money.
  2. Mobilisation of small savings: Bank accounts help in mobilising the small savings of a vast segment of people. Further, these amounts are transferred for productive investment.
  3. Safe transactions: Bank transactions such as issuing of cheques for purchase of goods are very easy to perform. These bank transactions remain as evidence in case a dispute arises between the borrower and the lender.
  4. Secured deposit and easy withdrawal: Bank accounts are a safe place to store money and to withdraw the amount required in time.
Answered by Expert 5th June 2015, 11:46 AM
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