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Meaning of Saving Account in Bank
Commercial banks like ICICI, HDFC, etc. , co-operative banks like Saraswat, Cosmos, etc. , public sector banks like State bank of India, Bank of India, etc. and postal departments accept deposits by way of opening saving bank account with them.
The saving account is generally opened in bank by salaried persons or by the persons who have a fixed regular income. This facility is also given to students, senior citizens, pensioners, and so on.
Saving accounts are opened to encourage the people to save money and collect their savings.
In India, saving account can be opened by depositing 100 approx. US $2 to 5000 approx. US $100 . The saving account holder is allowed to withdraw money from the account as and when required. The interest which is given on saving accounts is sometime attractive, but often nominal.
At present, the rate of interest ranges between 4 to 6 per annum in India. The interest rates vary as per the amount of money deposited lying in the saving bank account, scheme opted, and its maturity range. It is also subject to current trend of banking policies in a country.
Features of Saving Account
The main features of saving account in bank are as follows
- The main objective of saving account is to promote savings.
- There is no restriction on the number and amount of deposits. However, in India, mandatory PAN Permanent Account Number details are required to be furnished for doing cash transactions exceeding 50,000.
- Withdrawals are allowed subject to certain restrictions.
- The money can be withdrawn either by cheque or withdrawal slip of the respective bank.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.
- Saving account is of continuing nature. There is no maximum period of holding.
- A minimum amount has to be kept on saving account to keep it functioning.
- No loan facility is provided against saving 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 saving bank account.
Advantages of Saving Account
The advantages of saving account are as follows
- Saving account encourages savings habit among salary earners and others who have fixed income.
- It enables the depositor to earn income by way of saving bank interest.
- Saving account helps the depositor to make payment by way of issuing cheques.
- It shows income of a salaried and other person earned during the year.
- Saving account passbook acts as an identity and residential proof of the account holder.
- It provides a facility such as Electronic fund transfer EFT to other people’s accounts.
- It helps to do online shopping via facility like internet banking.
- It aids to keep records of all online transactions carried on by the account holder.
- It provides immediate funds as and when required through ATM.
- The bank offers number of services to the saving account holders.