Visit a bank in your locality or find out from your elders about how it works. After that, answer the following questions:
Other than saving money, what else do people use banks for?
People use banks for keeping money safe, taking loans for buying homes or education, transferring money to others, exchanging currency, paying bills, and investing. Banks also provide lockers for keeping valuable items like jewellery and important documents safe.
What is an ATM and how does it help people?
ATM stands for Automated Teller Machine. It is a machine that helps people withdraw money from their bank accounts anytime they need it, even when the bank is closed. ATMs provide 24-hour access to cash and basic banking services without waiting in long queues at the bank.
Explanation
(a) The chapter on Page 8 explains that banks are special places where money is kept safe and help people save for future needs. Banks offer various services beyond savings. (b) Page 8 of the chapter explains that ATM is short for Automated Teller Machine and helps people take out money anytime they need it. Dada ji mentions that earlier people had to visit banks and wait in long queues, but ATMs have made this easier.