How are deposits with the banks beneficial for an individual as well as for the nation ? Explain with examples. -SST 10th

How are deposits with the banks beneficial for an individual as well as for the nation ? Explain with examples. -SST 10th
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Deposits with banks are beneficial for both individual and nation: 1. People can deposit money with banks after opening a bank account. This ensures the safety of the money and they also earn an interest from the bank. 2. Demand deposits can be withdrawn whenever the person wants. It also allows payments to be made through cheque.  3. Through cheques, the money gets directly transferred between banks. So no direct payment of cash needs to be made as the deposit itself is money in the modern economy. 4. Banks extend loans from the deposits they receive so they mediate between people having surplus fund and people in need of more funds through these deposits. 5. For example, If Person A has deposited money in a bank, he earns an interest. When required. A can also pay through a cheque to Person B. Person A can also avail loan at an interest rate lesser than what is in the informal sector.
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“Deposits with the banks are beneficial to the depositers as well as to the nation” -SST 10th

Description : “Deposits with the banks are beneficial to the depositers as well as to the nation” -SST 10th

Last Answer : Deposits with the banks are beneficial to the depositors as well as to the nation. Benefits to the Depositors: 1.Banks accepts the deposits and pay interest to the depositor. 2.People's money is safe ... those who are in need of these funds. Thus it helps in the economic development of the nation.

Deposits with the banks are beneficial to the depositors as well as to the nation'. Examine the statement. -SST 10th

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Last Answer : 1. Banks accept money in the form of deposits from people who have surplus cash. These deposits are used by the banks in giving loans to people for various purposes. 2. The bank ... standards of living and towards the overall economic development of the country's economy in a positive direction.

“Deposits with the banks are beneficial to the depositors as well as to the nation”. -SST 10th

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Last Answer : The deposits with the banks are beneficial to the depositors because of the following reason : (i) Safety (ii) Earn Interest. (iii) Can make payment easily through cheques Benefits of Bank ... be concluded that deposits with the banks are beneficial to the depositors as well as to the nation.

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How do the deposits with banks become their source of income ? -SST 10th

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Last Answer : sale of stocks and bonds to the public

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Last Answer : The sum of currency in circulation and the demand deposits in banks

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Description : Regarding money supply situation in India it can be said that the : (1) Currency with the public is inconvertible only. (2) Currency with the public is less than the deposits with the banks. (3) ... the deposits with the banks. (4) Currency with the public is almost equal to the deposits with banks.

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