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Savings Account

Savings Account

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Savings Account

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  1. Savings Account

  2. What are Savings Account • Commercial Banks, Co-operate Banks and Public Sector Bank accepted deposits by way of operating savings accountwith them • The saving account is generally opened in the bank by salaried persons or by the persons who have a fixed regular income. The facility is also given to students, senior citizen, pensioners and so on

  3. Savings Account in India • Savings accounts are opened to encourage the people to save money and collect their savings. • In India, savings account can be opened by depositing Rs 100 to Rs 5000. The saving account holder is allowed to withdraw money from the account as and when required.

  4. Features of Savings Account • The money can be withdrawn either by cheque or withdrawal slip by the respective bank. • The rate of interest payable is very nominal on saving accounts. At present it is between 4% to 6% p.a. in India. Some banks provide 7% rate of interest. • Saving account is of a continuing nature. There is no maximum period of holding.

  5. Facilities provided by Savings Account • Electronic clearing System (ECS) or E-Banking are available to pay electricity bill, telephone bill and other routine household expenses. • Generally equated monthly installments (EMI) for housing loan, personal loan, car loan, etc., are paid (routed ) through the saving bank account.