economicsMention if the given statement is true or false:Deposits with the bank become their source of income.

Mention if the given statement is true or false:


Deposits with the bank become their source of income.


  1. A
    True
  2. B
    False 

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    Solution:

    The above statement is true.
    The deposits with the bank do indeed become their primary source of income. People deposit their excess or surplus money with the bank to earn some interest on the money. Banks use these deposits to lend money and keep a small number of deposits on hand if someone approaches the bank to withdraw money. Thus, the difference between the interest received from lending loans and the interest rate given to the depositors is the main source of income for the bank.
     
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