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The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
pay interest on savings accounts
The bank does not just hold on to the money you retain in your savings account. Instead, they offer loans to other customers using that money. The loan customers pay an interest to the bank and the bank in turns offers the savings account holders an interest. Since banks make money by lending our money, they offer us an interest.
Pay interest on deposits, use it for their operational expenditure, to pay salaries to its employees etc. Pay interest on savings accounts
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
pay interest on savings accounts
The bank does not just hold on to the money you retain in your savings account. Instead, they offer loans to other customers using that money. The loan customers pay an interest to the bank and the bank in turns offers the savings account holders an interest. Since banks make money by lending our money, they offer us an interest.
They loan out the money in their customers' accounts and charge a higher interest rate on the loans.
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
Pay interest on deposits, use it for their operational expenditure, to pay salaries to its employees etc. Pay interest on savings accounts
Yes. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
No. Banks will offer interest only on active bank accounts. Dormant accounts are inactive and do not earn any interest. Customers need to keep their accounts active if they wish to earn an interest through their accounts
Some banks are charging too many fees for their checking accounts and others are not giving their customers high enough interest rates on savings accounts.
In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers