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Choose the given statement is true/false:

Deposits with the bank are beneficial to the depositors as well as to the nation.

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True

False

answer is A.

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Detailed Solution

The given statement is true.
People deposit money in banks because it benefits both the depositor and the country for the following reasons:

Depositors have the option of saving money while also earning interest.

Borrowers receive loans against deposits but at a higher interest rate than the one given on deposits.

The loans are used as capital and increase the producers' productivity.

Investment boosts GDP.

More employment results from increased GDP.

Banks use a large portion of their funds to lend to those in need while saving some of their deposits.

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