'Thanks' is informal. 'Thank you' is standard.
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"Thanks" is informal word and can only be used with your friends and the person younger than you.
On the other side, "Thank you" is a formal form of thanks which you should use when talking to your elders or the person you don't know.
In which part of the world do you find the words limited in this way, Nidhi?
QuangtrungvtvWhy do we use :thanks is a plural noun:
Thanks !!! ... Thank you ?