Social Studies, JSS 2,Week 3
Topic: Keeping money in the bank
Content:
- Meaning of bank
- Things people keep in the bank
- Types of banks
- Meaning of commercial banks
- Characteristics of commercial bank
- Meaning of central bank
- Characteristics of central bank
- Advantages of keeping money in the bank
Meaning of bank
A bank is a place where money and other valuables are kept.
Also, a bank is an establishment authorised by a government to accept deposits, pay interest, clear checks, make loans, acts as an intermediary in financial transaction, and provide other financial services to its customers[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”]
Things people keep in the bank
Things people keep in the bank are the following
- Money
- Valuables; such as gold, diamond, jewelry, important document
Types of bank
Types of bank in Nigeria are:
- Commercial banks
- Central banks
- Merchant banks
- Development banks
- Mortgage banks. The major ones that will be discussed at this level is
The Commercial banks: the commercial bank is the bank that offers services to the general public and to companies. It accept deposits and other valuables for safe keeping. Examples of commercial banks are Zenith Bank PLC, Wema bank Plc etc.
Characteristics of commercial bank
- They accept money and valuables for safe keeping
- They are members of the money market
- It’s motive is for making profit
Read more below:
https://passnownow.com/lesson/keeping-money-in-the-banks/[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
