A bank is a place where people keep their money safe. It also helps people save, borrow, and manage their money. In simple words, a bank works like a trusted friend that keeps your money and gives it back when you need it.
Bank Full Form
The full form of BANK is “Borrowing, Accepting, Negotiating, and Keeping”. It explains the basic functions of a bank.
Meaning of Bank
The meaning of a bank is an institution that accepts money from people, keeps it secure, and provides services like loans, savings accounts, and money transfers.
Definition of Bank
The definition of a bank is a financial organization that deals with money by taking deposits, offering loans, and providing other financial services.
For example, when you save money in a bank, it keeps your savings safe and even gives you extra money called interest. Similarly, if you need money to buy something big, like a house or car, the bank can lend you money in the form of a loan.
Key Services Offered by Banks
- Deposits: Keeping your money safe.
- Loans: Lending money when you need it.
- Savings Accounts: Helping you save money.
- Money Transfers: Sending money from one place to another.
