Write a precis of the passage given below in about one-third of its length. Please do not give any title to it.The precis should be written in your own language. 

Bank is such a Financial institution which collects money in current, savings or fixed deposit account; collects cheques as deposits and pays money from the depositors"acount through cheques." -Sir John Pagette. The objective of bank is to establish as an institution for maximizing profits and to conduct overall economic activities. It aims to collect savings or idle money from the public at a lower rate of interests and lend these public monies at a higher rate of interests. Another objective of bank is to create propensity of savings amongst the people and motivate people for investing money with a view to bringing solvency in them. It also aims to create money against money as an alternative for enhancing supply of money, build up capital through savings and expedite investments. Its objective is to extend services to the customers, maintain economic stability by means of controlling money market and extend co-operation and advices to the Govt. on economic issues. It further assists the Govt. for trade& business and socio-economic development, issue and control notes and currency as a central bank and maintain and control exchange rates as a central bank. But The primary functions of a bank are two: accepting deposit and granting loans. Accepting Deposits: Deposits are the amount of money that a customer hands over to the bank. This is known as making a deposit. The deposits are of a few types namely: Saving Deposit, Fixed Deposit, Current Deposit, and the Recurrent Deposit. For example, in a fixed deposit a definite sum is handed over to the bank for a few years.The interest is only compounded if the deposit term is complete. In a saving deposit, the amount and the rate of interest are low. Withdrawals are also allowed but only in a limited number. The account is suitable for people who want to save on salaries and similar sources of income. Granting Loans and Advances: The bank lends people money on a time-interest basis. Each loan amount is passed by the bank after due consideration and securing the bank's profit.