Why does Navdeep think that saving at the bank is better than keeping cash at home? Class 7
R
RBSEGuide
Why does Navdeep think that saving at the bank is better than keeping cash at home? Class 7
Question 1.
Why does Navdeep think that saving at the bank is better than keeping cash at home? Class 7
Answer:
Navdeep believes saving in a bank is safer than keeping cash at home. Banks protect money from theft or loss. Additionally, banks pay interest on deposits, helping his savings grow over time.
Question 2.
Can Navdeep and Rima lend to each other directly without the bank? What could happen in that case? Discuss. Class 7
Answer:
Navdeep and Rima could lend money directly and Navdeep will get more interest than bank, but it might be risky. If Rima can't repay, Navdeep could lose his savings. Banks help manage these risks by providing loans and ensuring repayment to Navdeep, making it safer for both.