The most basic product of any bank is – Savings Account. If you want to secure your hard earned money, then having a savings account is the right choice.
Need of Opening a Savings Account:
Savings accounts are different from other accounts because of the following features:
- minimum account balance, else the bank may penalise you. So, you can never have zero balance in your account unless indicated otherwise.
If you have savings bank account, then you have to maintain a
- quickly transfer money, pay your bills and perform many more activities.
These offer multiple features as you can
- liquidity of funds (lower than current accounts).
Such accounts are generally preferred by salaried people as these provide a good amount of
- interest rate which is comparatively higher than the inflation rate in order to keep real value of your money constant throughout years.
These accounts offer
- customized by banks on the basis of the general type of usage witnessed by them in their lifetime.
These accounts are
- daily limit on withdrawal which makes savings account different from current accounts.
There is a comfortable
Various types of Savings Accounts
Zero Balance Accounts
Accounts for Minors and Children
Salary Based Accounts
Exclusive Benefits Accounts for Women
Post Office Account
Accounts for Senior Citizens
A savings account can be called a virtual vault to hold our money. We can withdraw limited amount at certain intervals. Small amount gets added to our account as interest. It is the most commonly used bank account by individuals worldwide.