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Why are banks called debors as well cred...

Why are banks called debors as well creditors ?

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Banks are called debtors as well as creditors because banks accept various types of deposits from the public such as savings account deposit, current account deposit and fixed account deposit, and pay interest on them. They are indebted to repay the depositor the amount deposited by him or her.
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Knowledge Check

  • The document drawn by a debtor on the creditor agreeing to pay a certain sum is called ………….

    A
    Bill of Exchange
    B
    Cheque
    C
    Draft
    D
    Promissory Note

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