Banks

A bank is a credit union, which offers credit to its customers. People maintain their accounts with the banks through which they generate their savings. There are various types of accounts that the banks offer, like the savings account in which you can regularly save your money & earn interest on it. Also there is current account, which is for businesses, where you can withdraw beyond the balance, but you pay interest on such sum withdrawn. Most of the commercial banks provide loans at competitive interest rates, which is a source of income for them. Like the banks, the financial institutions also provide the same service. Banks provides its customers with credit card & debit card so that they can buy on credit easily up to a limit & not carry huge amount of cash with them, which secures them. Banks is a safe place for people to save their funds & also earn a extra income on it. It is a association, which as a lender earns income. It also provides additional services to its account holders like payment of bills etc. The reconstruction & development banks offers credit to people in the rural areas or the sick industrial units in the society. Bank is a financer that provides loans for every occasion & thus frees its customer from tension.