Imagine where you would keep all your money if there was no account to help you with the same? Probably under your pillow or beneath the cot! Where, where, where would you?
That is the importance of a savings account and its utility in helping consumers of all kinds to maintain their income, savings meticulously. For more Read On.
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.
As soon as one’s savings accumulate to an amount which he can spare for a certain period of time, shift this money towards other safe but better investments. The returns on the money kept in savings bank account will be less but the freedom to withdraw is the highest.
Start saving today to invest tomorrow! give a missed call on 022 6181 6111
Savings Bank Accounts are meant to promote the habit of saving among the citizens while allowing them to use their funds when required. 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. Accounts by Hindu Undivided Families (HUF) not engaged in any trading or business activity can be opened in the name of the Karta of the HUF.
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.
learn more about how saving bank account functions, give a missed call on 022 6181 6111
To know more about the eligibility criteria for opening a savings bank account, give a missed call on 022 6181 6111
At what frequency will the interest be paid to me? 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).
Do I need an introduction from an existing account holder?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.
Can I use any branch across India to operate my account?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.
Can I have savings bank account in different banks?Yes you can have savings bank account in different banks in your name.
What is APY and how is it used?"APY" stands for "annual percentage yield." The annual percentage yield is the amount of interest earned in one year.
What are the services that are available through ATMs, Internet Banking, Phone Banking, and SMS Banking?ATMs: Besides cash withdrawals, some of the important things that you can do through the International Debit cum ATM card: . Balance Enquiry . Statement Request . Cheque-book Request . Mini statements . Cheque and Cash Deposits . International usage . Make purchases at 51,000 merchant establishments in India and over 10 million worldwide . Fabulous discounts and great deals at various establishments . Cheque and Cash Deposits Internet Banking: Internet Banking gives you the power to access your bank account from your Personal Computer. Some of the important features of Internet Banking are: . Account Balance Enquiry . Transaction tracking and history . Cheque status inquiry . Funds transfer facilities to own account or third-parties . Cheque-book requests . Stop payment requests . FD renewal requests Phone Banking: Just pick up your phone and access your account. The following features are available through Phone Banking: . Available round the clock 24X7X365 .Current Balance Inquiry . Last 5 transactions inquiry . Statement by fax, fax-back, fax to another number, fax to registered number . Statement by email . Cheque status enquiry . Cheque-book request . Balance as of a particular date SMS Banking: This facility is available across all mobile service providers. The following features are available through SMS Banking: . Balance Enquiry . Details of last three transactions . Cheque payment status . Cheque-book request . Statement request To know more about the facilities available with any savings account, call us on 080 67974000and ask our experts!
