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Opening a bank account can be ____.

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Detailed Solution

Opening a bank account can be useful.
People can also save their surplus cash with the banks without thinking about security, as the banks are the safest option among all. Banks provide a specified amount of interest on the deposits. In this way, people’s money is safe with the banks and it earns an amount as interest. People also have the provision to withdraw the money as and when they require it. Since the deposits in the bank accounts can be withdrawn on demand, these deposits are called demand deposits. Banks also provide loans with those deposits to people who are in need at a very cheap and affordable rate of interest.

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