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Why Banking System Is Important and What Are Its Benefits?

By on January 12, 2016

Today nearly everyone is using banking and have their bank accounts. Many people even have 2 to 3 bank accounts in different – different banks. Almost all of us use their bank accounts on regular basis. Banking is an industry that doesn’t have to invest much of money. This is the only business in which people don’t have to invest much and people to your door in order to keep their money with you. The reason is that in banking industry you can keep others money with you but in returns you will have to give them the interest rates.

Usually there are two types of bank accounts that one can opt for one is savings account and other is current account. In saving account you will be provided with a certain amount of interest rates per year but in the case of current account, you will not be provided with the interest. Though there are other limitations as well for both the account types. But people use them as per their convenience. For example a businessman who needs to deposit funds and withdraw funds multiple times can use current account service, but the person who doesn’t need do multiple transactions can go for savings account. San Francisco Banking offers all the things.

Why Banking System Is Important and What Are Its Benefits?

Everyone would agree to a statement that bank is commonly used in order to keep money safely. But when you see images in which money is stored under the bed or the mattress, you mind feels like “what the hell”? There are people who carry cash from one place to another which is very risky. There is not only a chance that you may lose the bag or get it stolen but sometime it may be risky for your life too. In both the cases you are not going to get your life or money back.

Another importance of banking is that, most of the people receives cheque as salary. But you cant use it without withdrawing. So in order to withdraw, you have to visit the bank and they will give you your salary. Though they charge a fees for that but it is so small that you can even ignore it.

Banks also provide us loans which we can use in case of any emergency or to buy something bigger. For example you can take loan and buy a house today but if you are planning to save money in order to buy a house, then make sure that you will get your dream home when you get too older.

About Karen C