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Banks maintain customer account for both  ________ and __________.

  • Banks maintain customer accounts for both  Deposits and loans.
  • Deposits refer to the money that customers place into their bank accounts, such as savings accounts or checking accounts.
  • Banks use these funds to lend out to other customers who need loans. In exchange for depositing their money, customers may earn interest on their balances.
  • Loans, on the other hand, refer to the money that customers borrow from banks.
  • Banks offer various types of loans, including personal loans, mortgages, and business loans, among others. Customers are typically required to pay back the loan with interest over a set period of time.
  • By maintaining both deposits and loans, banks are able to generate revenue from the interest earned on loans, while also providing a safe place for customers to store their money and earn interest on their deposits.