Following are the reasons, which lead a person to open an account with the bank.
(1) Safety of Cash: Cash is not considered safe in houses. So, people deposit their surplus cash into the bank for the safety of his cash.
(2) Source of Income: Many people deposit their savings into the bank to make them a source of income.
(3) To Avoid Extravagance: An account holder can save him from extravagance by depositing surplus money into the bank.
(4) Saving Motive: Low-income persons deposit their savings into the bank to secure their future planning’ s.
(5) Facility in Business: Many businessmen keep the account with bank to make their receipts and payments easy.
(6) Foreign Trade: Bank provides many facilities to make the dealing of foreign trade easy and secure, such as opening of L.C. etc.
(7) Obtaining Loan: Sometimes, it is necessary to have a bank account for obtaining loan.
(8) Emergency Motive: People deposit their savings into the bank to meet their sudden needs in future.
(9) Collection of Crossed Cheque: The payee has to open an account into the bank for the collection of crossed cheque.
(10) Investment: Many people deposit their money into the bank for investment purpose.