ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The term “commercial bank” refers to a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.

Detailed explanation-2: -A credit union is a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products.

Detailed explanation-3: -Banks, including co-operative banks, can accept deposits.

Detailed explanation-4: -A bank is a financial institution licensed to receive deposits and make loans. There are several types of banks including retail, commercial, and investment banks. In most countries, banks are regulated by the national government or central bank.

Detailed explanation-5: -Savings Banks A financial institution organized to accept savings deposits and pay interest on those savings deposits. Savings banks can have state or federal affiliations (for example, state savings banks and federal savings banks). Includes the following Institution Types: Federal Savings Bank.