A Mutual Savings Bank is a type of financial institution that is owned by its depositors rather than shareholders. This means that the profits generated by the bank are typically reinvested into the bank or distributed to depositors in the form of higher interest rates on savings accounts. These banks primarily focus on accepting deposits and providing loans, particularly for home mortgages. Unlike commercial banks, which aim to maximize profits for shareholders, mutual savings banks prioritize the interests of their members. They often offer lower fees and better rates on savings and loans. This structure fosters a community-oriented approach to banking, benefiting local economies and encouraging savings among depositors.