Why should we keep our savings with banks?

a) It is safe: One of the main reasons to keep our savings with banks is because it is a safe option. Banks are regulated financial institutions that have strict security measures in place to protect our money. They have advanced security systems, such as fireproof vaults, alarm systems, and surveillance cameras, to safeguard our deposits. Additionally, banks are insured by the government, meaning that even if a bank fails, our deposits up to a certain limit are protected.

b) Earns interest: Another advantage of keeping our savings with banks is that it earns interest. When we deposit our money in a bank account, the bank uses that money to lend to others in the form of loans. In return for using our money, the bank pays us interest on our deposits. The interest rate may vary depending on the type of account and the bank, but it provides an opportunity for our savings to grow over time.

c) Can be withdrawn anytime: Keeping our savings with banks allows us to have easy access to our funds whenever we need them. We can withdraw money from our bank account using various methods such as ATM withdrawals, online banking, or visiting a bank branch. This flexibility ensures that our savings are readily available to meet our financial needs or emergencies.

d) All of the above: The correct answer is option 'D' - all of the above. By keeping our savings with banks, we benefit from the safety of our deposits, the opportunity to earn interest on our savings, and the convenience of being able to withdraw our money whenever required. It provides a secure and reliable place to keep our hard-earned money while also allowing it to grow through interest accumulation.

In conclusion, keeping our savings with banks is a wise decision as it offers safety, the potential to earn interest, and easy accessibility to our funds. It is important to choose a reputable bank and the right type of account that suits our financial goals and needs.