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Is the amount charged for use of bank's money is called interest?
Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.
What is called the amount of money that you have in your bank account an any point in time?
Bank Balance.
People who have money in the bank are called?
they are called depositors because they deposit their money in the bank. they are also called bank clients.
What is a group of money called?
bank of money
What is The percentage of deposits that a bank must retain for depositors called?
It is called Cash Reserve Ratio. It is the % of money from the amount collected from depositors that needs to be maintained as deposit with the reserve bank. The bank cannot use this money for its financial needs. For Ex: if the CRR is 5% and you deposit $1000 into your account, the bank has to deposit $50 against your name
What is the amount of money in an account called?
It is called a bank accounts balance
Is the amount charged for use of bank's money is called interest?
Yes. The amount a bank charges you for using their money is called an interest. This facility wherein you get to use the banks money and repay them is called a Loan. The bank grants you a fixed amount as loan and you repay them every month along with an interest.
What is called the amount of money that you have in your bank account an any point in time?
Bank Balance.
The amount of money borrow is called the?
Principal is the amount of money you borrow. Interest is the fee charged by the lender (or bank) to use their money. The total amount of money you pay back is the principle + interest.
The amount of money in a bank account is called what?
account balance
What is bank balance?
Its the amount of money in a bank account.
What is an example of equilibrium?
The amount of money in a bank account never changes.
People who have money in the bank are called?
they are called depositors because they deposit their money in the bank. they are also called bank clients.
What is a group of money called?
bank of money
What is primary reserve?
A primary reserve is a specific amount of money that a bank needs. This specific amount is the least amount they need to run the bank.
What is The percentage of deposits that a bank must retain for depositors called?
It is called Cash Reserve Ratio. It is the % of money from the amount collected from depositors that needs to be maintained as deposit with the reserve bank. The bank cannot use this money for its financial needs. For Ex: if the CRR is 5% and you deposit $1000 into your account, the bank has to deposit $50 against your name
What does a basic bank account entail?
A basic bank account entails the storage of the amount of money that you invest in it. It will then use a certain amount of your money to invest in other businesses, which allows the bank to give you interest.
