A savings bank account is the most basic banking facility offered by the banks. A savings account is used to keep surplus funds or deposit money that will not be used immediately. Savings account has a limit on the number of monthly transactions and earn a moderate interest rate on the balance maintained.
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Regular savings account: These savings accounts can be opened with the most basic terms. The account holder uses savings accounts to park surplus money which can be used in emergencies. These accounts help people save money mostly to meet emergencies. This could be your contingency fund in an emergency.
Salary Based Savings Account: These accounts are opened by companies or enterprises to disburse monthly payments to employees. Banks offer specific terms and interest rates on these accounts. Normally, these accounts do have minimum balance requirements. On the salary date, banks transfer the money from the company accounts to these accounts to pay salaries.
Savings Account for Senior Citizens: These accounts are custom-made for the benefit of senior citizens. The functioning of these accounts are similar to a normal savings account, but they offer a higher interest rate along with exclusive banking privileges for the benefit of the senior citizens.
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Savings Account for Children and Minors: These accounts are opened for children by their parents to inculcate and nurture the savings habit and for introducing their children to banking facilities. These accounts do not require a minimum balance. Minors are allowed to operate these savings accounts under the supervision of parents, whereas children above 10 years of age can operate these accounts independently.
Zero Balance Savings Accounts: The zero balance savings accounts come with dual benefits of savings and current accounts. However, there are limits on the number of monthly withdrawals you can make from these accounts. Banks generally offer these accounts to people with poor economic background.
Some of the important features of a savings bank account are:
See Also: Tips for Choosing a Savings Account when Interest Rates Increase
Listed below are the documents that must be submitted by the applicant for opening a savings bank account:
A savings bank account can be simply opened and operated using net banking. Follow the steps given below to open a savings bank account:
See Also: How Much Should You Save?
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