Commercial Bank 

Commercial Bank (Taken from Indiatimes.com)

As per the commercial bank definition, it is a financial institution whose purpose
is to accept deposits from people and provide loans and other facilities.
Commercial banks provide basic services of banking to their customers and
small to medium-sized businesses.

What is Commercial bank?

A commercial bank is a financial institution that provides services like loans,
certificates of deposits, savings bank accounts bank overdrafts, etc. to its
customers. These institutions make money by lending loans to individuals and
earning interest on loans. Various types of loans given by a commercial bank are
business loans, car loans, house loans, personal loans, and education loans.
They give out these loans from the money deposited by their customers in
different types of accounts. They use the deposits as capital for providing loans.
Commercial banks are essential for the economy of a country because they help
in creating capital, credit as well as liquidity in the market. These banks are
generally physically located in cities but these days there are online banks are
growing in numbers.
The basic functions are accepting deposits, lending out loans, transfer of money,
and discounting bills of exchange.

Importance of commercial banks

Commercial banks are essential for the economy because they create liquidity in
the market and create capital besides providing their customers with essential
services. Banks make sure liquidity in the market by lending out loans from the deposits of their customers.

Types of bank Accounts :-

1. Savings Account
2. Current Account
3. Recurring Deposit Account
4. Fixed Deposit Account
5. Demat Account
6. NRI Account