ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The most common types of financial institutions are commercial banks, investment banks, insurance companies, and brokerage firms. These entities offer a wide range of products and services for individual and commercial clients such as deposits, loans, investments, and currency exchange.

Detailed explanation-2: -There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.

Detailed explanation-3: -A commercial bank is the most common depository institution which lends, issues, borrows, and protects money. Commercial banks offer many services to people such as checking and savings accounts, issuing loans and credit cards, and providing customers with financial advice.

Detailed explanation-4: -Those that accept deposits from customers-depository institutions-include commercial banks, savings banks, and credit unions; those that don’t-nondepository institutions-include finance companies, insurance companies, and brokerage firms.

Detailed explanation-5: -The major categories of financial institutions are central banks, retail and commercial banks, internet banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.