BANKING AFFAIRS

Detailed explanation-1: -Banks accept deposits as chequeable deposits and non-chequeable deposits.

Detailed explanation-2: -Accepts deposit : The bank takes deposits in the form of saving, current, and fixed deposits. The surplus balances collected from the firm and individuals are lent to the temporary requirements of the commercial transactions.

Detailed explanation-3: -The major types of deposits are checking accounts, savings accounts, and time deposits. Access to finance can expand opportunities for all with higher levels of access and use of banking services associated with lower financing obstacles for people and businesses.

Detailed explanation-4: -As per the commercial bank definition, it is a financial institution whose purpose is to accept deposits from people and provide loans and other facilities. Commercial banks provide basic services of banking to their customers and small to medium-sized businesses.

Detailed explanation-5: -Commercial bank is the bank of the public.