Raman opened an account in ABC Bank and deposited 5,000 rupees in it. After the year ended, the account statement showed a balance of 5,350 rupees. What is the extra 350 rupees for?

Fine

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Interest

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Bank charges

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Refund

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Solution

The correct option is B Interest
Money can be stored as deposits in banks. In this way, the money is safe in the bank account and it also earns certain interest. So, in this case, the extra 350 rupees is the interest amount. The money in the bank account can be withdrawn when required. A certain portion of the money deposited is used by the bank to give loans.

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