A commercial bank is a type of financial institution that provides a range of services to individuals, businesses, and government entities. These services typically include accepting deposits, offering checking and savings accounts, providing loans and credit, facilitating payment and money transfer services, and sometimes offering investment products.
Commercial banks primarily operate to make a profit by charging interest on loans and fees for various services. They play a crucial role in the economy by facilitating financial transactions, providing credit to consumers and businesses, and contributing to the overall stability of the financial system.
In addition to traditional banking services, many commercial banks also offer online banking, mobile banking, and financial advisory services to enhance customer convenience and support financial planning.