In India, saving account can be opened by depositing 100 to 5000. 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.
Saving Account Scheme
- Minimum amount of deposits for open a saving deposit account is Rs.100.
- The money can be deposited by using deposit slip in the concerned branches
- The money can be withdrawn by using withdrawl slip in the concerned branches.
- Passbook facility is available.
- No loan facility is provided against saving account.
- Saving account is of continuing nature. There is no maximum period.
- A minimum amount of Rs.100/- has to be maintained in saving account.
- Enable the depositor to earn high rate of Interest @ 6.00% P.A. based on daily minimum balance.
A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque). These accounts let customers set aside a portion of their liquid assets while earning a monetary return.