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Question
Explain any four advantages of a bank account.
Solution
Banking Services nowadays have become essential for all types of people, whether individuals or businessmen. The main advantages of a bank account are:
- It helps to develop the habit of savings among the people.
- Payments through cheques are always easier, safer and cheaper.
- The businessmen can get their bills of exchange discounted easily, if they have an account with the bank.
- A customer can also avail overdraft facilities from the bank in times of financial crisis.
- A customer can make payment of premium to the insurance company, if he has a bank account.
- Most importantly, transactions through a bank account can be produced as an evidence in case of dispute.
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| Column I | Column II | ||
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