The savings bank account teaches you the value of savings. It offers you features which are an incentive to save. Your savings bank account offers you a lot of facilities, besides just parking your money and earning 4-6% interest a year.
You invest your money in a savings bank account. The money you invest is safe. You also get interest on the money you deposit in your savings bank account. This interest varies from bank to bank. Most banks offer 4-6% interest a year.
The word "savings" in a savings bank account encourages you to save. You save your money for a rainy day.
If you maintain a high balance in your savings bank account, you get a discount on locker fees on gold / valuables you store in the bank locker.
Many banks offer you a free accident insurance plan, if you maintain a savings bank account with them.
If you maintain a savings bank account with a high balance, you get discounts on the gold coins you purchase with the bank.
If you are a resident of India, you can open a savings bank account. You can also open a savings bank account in the name of your minor child.
If you maintain an average quarterly balance of INR 50,000-INR1,00,000, your bank will give you a 10-25% discount for the locker fees on the gold or other valuables you deposit in your locker.
Some banks offer a free accident policy if you have a savings bank account with them. Your savings bank account is no longer a zero balance account with an ATM card.
If you have a savings bank account with a sizeable amount say over INR 50,000-INR 1,00,000 maintained quarterly, you may get a 3-5% discount on the gold coins you purchase from your bank
You have a lot of money lying in your saving bank account. You might be in for a pleasant surprise. You might just get a discount at your favorite eatery and on that awesome Doughnut they sell there.
You can apply for a savings bank account at your nearest bank branch. You have to fill the application form and submit the relevant documents.
You require proof of identity and address: passport/ driving license/ voter's identity card/ PAN card/ ration card/ recent utility bills/ credit card bill. This is necessary for the KYC (Know Your Customer), procedure.
As the name denotes, this account is perfect for parking your temporary savings. These accounts are one of the most popular deposits for individuals. These accounts provide lot of facility and flexibility for deposits and withdrawal of funds from the account. Most of the banks have rules for the maximum number of withdrawal within a particular period. At present the interest on these accounts is de-regulated by Reserve Bank of India.
This account gives the customer a nominal rate of interest and he can withdraw money as and when the need arises. The position of account is depicted in a small book known as 'Pass Book'. Such accounts should be treated as a temporary parking area because; the rate of interest is much less than Fixed Deposits.
The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earns moderate interest too. The rate of interest is decided and periodically reviewed by the Government of India. These Accounts can be opened in the name of an individual or in joint names of the depositors.
The minimum balance to be maintained in an ordinary savings bank account varies from bank to bank. It is less in case of public sector banks and comparatively higher in case of private banks. There are some banks which offer no frills account.
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Interest earned on your savings account balance shall be credited to your account on a half yearly basis in the months of September and March (varies from institution to institution).
The bank needs no introduction from an existing account holder if you are submitting proof of identity and address documents, as prescribed. However if you do not posses any of the address proof document, then an introduction from a bank account holder, having satisfactory relationship of more than six months, is required.
Yes, you can access and operate your account from any branch of the bank across India. You can electronically transfer funds from one account to another account in any branch across cities with certain charges as applicable.
Yes you can have savings bank account in different banks in your name.
"APY" stands for "annual percentage yield." The annual percentage yield is the amount of interest earned in one year.
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