Saving Bank Glossary

Savings Bank: A savings bank is a financial institution that offers banking services, including savings accounts, deposits, and loans. Savings banks are typically owned by their customers, and they are designed to help individuals and businesses save money and earn interest on their deposits.

Deposits: Deposits are funds that are placed into a savings bank account. These funds can be used to make payments, purchase goods and services, or to earn interest. Deposits can be made in cash, check, or electronic transfer.

Interest: Interest is the amount of money that is earned on deposits held in a savings bank account. Interest rates vary depending on the type of account and the amount of money deposited.

Loans: Loans are funds that are borrowed from a savings bank and must be repaid with interest. Loans can be used for a variety of purposes, including purchasing a home, financing a business, or paying for college tuition.

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