Wednesday, July 20, 2005

I lend to a bank :)........

I came across this definition of an account at


A bank is a business that is based almost entirely on financial transactions. In addition to acting as a lender for loans and mortgages, banks act as a borrower in a special type of loan called an account. The lender is known as a customer and gives unspecified amounts of money to the bank for unspecified amounts of time. The bank agrees to repay any amount in the account at any time and will pay
small amounts of interest on the amount of money that the customer leaves in the account for a certain period of time. In addition, the bank guarantees that the money will not be stolen while it is in the account, and will reimburse the customer if it is. In return, the bank gets to use the money for other financial transactions as long as they hold it.

Now that is a novel thought :)... I mean come on your lending money to ICICI or Citibank. And isnt it ironic, that its the worlds richest people who borrows from a bank :).......

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