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Chances are you already have a bank account or two. But, have you ever wondered how exactly banking works? Here, we take you through how banks work and the various types of banks that are present in the country.
Banks offer customers a safe place for depositing their cash. They also offer a wide range of financial services to people, including savings accounts, checking accounts, CDs, and loans. When you deposit your money in a bank, the bank pays you interest on the sum you’ve deposited. Usually, traditional brick-and-mortar banks pay their customers a modest interest, while credit unions and online lenders pay more. Banks make money by providing people loans and charging a higher rate of interest for the loan than what they pay for deposits.
Banks can be grouped into different categories depending upon the type of business they conduct.
The banking sector is one of the most important drivers of the economy of the country. It gives families and businesses the necessary liquidity for investment opportunities. And, by way of credit solutions and loans, banks help people reach their financial goals without having to save up for years. Organizations also use loans to build their business, hire employees, and further their expansion plans.