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in Economics by (48.4k points)

How are deposits with the banks beneficial for individual as well as for the nation? Explain with examples.

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Deposits with the banks are beneficial to the depositors as well as to the nation in various ways. Some of them are: 

They provide safe and secure deposits to a person’s money. 

  • They provide excellent saving and investment options and also help in the growth of the nation. 
  • They provide interests on the deposited money to the depositors. 
  • Money can be easily withdrawn from the banks as and when required by the depositors. 
  • Hey provide easy loans on nominal rates that make it possible for the common man to build their own assets.

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