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Question

Discuss any five advantages of having a bank account.

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Solution

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The following are the advantages of having a bank account:

(i) Money is safer;
(ii) Money earns interest;
(iii) It Inculcates the habit of savings/mobilizes savings;
(iv) It helps in safe transactions through cheques;
(v) It provides facilities of overdraft, discounting bills of exchange, ECS, etc.

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