One can open savings, recurring / fixed deposit accounts. Banks offer loans and many other useful SERVICES. The wages / salary DRAWN can be directly credited to the bank ACCOUNT. All social benefits like MGNREGA wages, pensions, etc. can be directly credited to bank account through EBT. The money kept with the bank can be deposited or withdrawn at convenience. Banks do not charge any fee for depositing money but pays interest on the money deposited.

Besides a bank account gives US an identity which is recognized by other government agencies.

The interest charged by the bank is MUCH less than the interest charged by the money lender (Sahukar).

One can open savings, recurring / fixed deposit accounts. Banks offer loans and many other useful services. The wages / salary drawn can be directly credited to the bank account. All social benefits like MGNREGA wages, pensions, etc. can be directly credited to bank account through EBT. The money kept with the bank can be deposited or withdrawn at convenience. Banks do not charge any fee for depositing money but pays interest on the money deposited.

Besides a bank account gives us an identity which is recognized by other government agencies.

The interest charged by the bank is much less than the interest charged by the money lender (Sahukar).