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

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Safety of deposits

Low interest rates on loan

Interest on deposits

Easy payment through checks

answer is B.

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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.

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