These services mainly focus on three key areas:

• Depositing Money: This allows individuals and businesses to safely store their money in accounts like checking and savings accounts. Banks pay varying interest rates on deposits, depending on the account type and term.
• Lending Money: Banks use the deposited funds to make loans to other customers for various purposes like buying homes, cars, or starting businesses. This process essentially channels money from those who have it (savers) to those who need it (borrowers), facilitating economic activity.
• Facilitating Transactions: Banks provide tools and services for making payments, transferring funds, managing finances, and accessing credit. This includes debit cards, credit cards, online banking platforms, and mobile payment options.

Overall, banking is a complex and multifaceted system that touches almost every aspect of our financial lives. It enables safe and convenient money management, facilitates transactions, supports economic growth, and offers various financial products and services to individuals and businesses.