Which of the following is not a benefit that one gets from depositing money in banks?

see full answer

Start JEE / NEET / Foundation preparation at rupees 99/day !!

21% of IItians & 23% of AIIMS delhi doctors are from Sri Chaitanya institute !!

An Intiative by Sri Chaitanya

Safety of deposits

Low interest rates on loan

Interest on deposits

Easy payment through checks

answer is B.

(Unlock A.I Detailed Solution for FREE)

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

Detailed Solution

Low-interest rates on loans are not a benefit that one gets from depositing money in banks.
There are many advantages to keeping deposits in a bank:

Banks pay interest on the deposits at a compounded rate. It is good for individuals as their money is safe with the banks, and they can also earn through interest income.

Banks offer liquidity, which means that an individual can withdraw money whenever they require it. The deposits that offer this facility are called demand deposits.

Another mode of payment that has become available to people is payment through cheques. Cheques are papers instructing a bank to pay the mentioned sum to an individual whose name is mentioned on the cheque itself.

Watch 3-min video & get full concept clarity

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET

How to Join IIT after 10th

🔥 Start Your JEE/NEET Prep at Just ₹1999 / month - Limited Offer! Check Now!

Get Expert Academic Guidance – Connect with a Counselor Today!

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET

How to Join IIT after 10th