What is a bank and what does it do?

A bank is a financial institution that accepts deposits from the public, offers loans, and provides other financial services like savings accounts, checking accounts, and money transfers.

What are the main types of banks?

The main types of banks include commercial banks, which serve individuals and businesses; central banks, which manage a country's currency and monetary policy; and investment banks, which help companies raise capital and offer financial advice.

Why is banking important in the economy?

Banks play a key role in the economy by providing credit, encouraging saving, facilitating payments, and supporting business growth through loans and financial services.

What is the difference between a savings account and a current account?

A savings account is mainly for saving money and earning interest, while a current account is used for frequent transactions and usually doesn't earn interest.