The advantages of opening an account with the bank are:
- The money remains with the bank in safe custody. Therefore, the risk of keeping large sums of money in the office is avoided.
image source: expertbeacon.com/sites/default/files/advice_on_choosing_a_bank_for_your_checking_and_savings_account.jpg
- The bank collects on behalf of the customers the amount of cheques, bills of exchange etc. deposited in the bank.
- The bank collects on behalf of the customer divided on shares, interest on debentures etc. It also makes payment on behalf of the customer the premium on life insurance etc.
- The bank allows interest on a certain rate on cash placed in its keeping.
- The bank allows the customer to overdraw his account, and thus renders financial help to the customer.