1.

Explain accepting and collecting deposits as a main function of a bank.

Answer»

To accept/collect deposits:

  • A person who has some unused money and wishes to deposit it in a bank can go to bank and deposit it.
  • The biggest responsibility of the bank is to maintain the trust of the customer i. e. the person who deposits the money.

Bank accepts four types of deposits:

  1. Deposits in saving account
  2. Deposits in current account
  3. Deposits in recurring account
  4. Deposits Fixed term account


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