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Thrift

Thrift Definition

Thrift, also called thrift institution, is a savings and loan association, savings bank, or credit union formed for the purpose of holding deposits for individuals. Thrifts provide a variety of saving and loans services. The two most important forms of thrift savings and loans are: a general purpose loan which needs to be repayed within five years and a residential loan which is required to be paid back within 15 years.




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