Question

Mention the advantages of opening a bank account.

Answer 1

There are multiple advantages of opening a bank account which are as follows:

(i) Facilitates a safe custody of money.
(ii) Helps in making payments.
(iii) Helps in collection of money.
(iv) A/c holders may get advances and loans.
(v) Helps in smooth financial transactions.
(vi) A/c holders may get safe deposit locker facilities.