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Question
Banks accept deposit and in return, pay a small amount. This amount is known as
Banks accept deposit and in return, pay a small amount. This amount is known as
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Solution
The correct option is B interest
Money can be stored in banks in the form of deposits. When we deposit our money as savings, the banks offer a small amount in return as interest. The interest depends on the amount deposited, the interest rate offered, and the period of time for which the money is parked in the bank.
Money can be stored in banks in the form of deposits. When we deposit our money as savings, the banks offer a small amount in return as interest. The interest depends on the amount deposited, the interest rate offered, and the period of time for which the money is parked in the bank.
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