Savings banks are financial institutions that primarily accept deposits from customers and pay interest on those deposits. They are designed to encourage saving by providing a safe place for individuals to store their money while earning a modest return. Savings banks often offer various accounts, such as savings accounts and certificates of deposit (CDs), which can help customers grow their savings over time. These banks typically focus on serving local communities and may offer additional services like loans and mortgages. Unlike commercial banks, which cater to businesses, savings banks prioritize individual savers and promote financial literacy. They play a crucial role in the economy by mobilizing savings for investment and lending purposes.