Saving Account
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. In some jurisdictions, deposits in savings accounts do not incur reserve requirements[citation needed]. The other major types of deposit accounts are the transactional account , money market account, and time deposit.
We pay an interest @ 2% on such an account. Savings account may be opened either individually or jointly. This account may be opened with a minimum balance of Rs.500/- (without cheque facility) and Rs.1000/-(with cheque facility).We also open BASIC SAVINGS BANK DEPOSIT ACCOUNTS with zero balance.
