Question

What are the advantages of opening a bank account?

Answer 1

Saving Bank accounts are useful as :-

1. We can keep money in the account, draw and use money when we need.

2. Money deposited in an account grows with some interest.

3. Money is safer in bank than at home, thieves cannot steal

4. We can transfer money if required (like paying fees) to another account holder.

5. Signature in the bank account is used as a proof for signature for young persons.