Sunday, 25 December 2011

Savings Bank Account


Savings Bank Account

Saving Bank Accounts are solely for the purpose of developing the habit of savings among the individuals and further use this fund in emergency or whenever required. Saving Bank Account also a source of
keeping your money safe and secure as all of the nationalized or foreign banks in India is governed by Reserve Bank of India (RBI) in regard to their policies and operations. Another benefit of opening a
Savings Bank account is that you can earn suitable amount of interest as well. Although, the rate of interest is periodically changed and reviewed by Reserve Bank of India, currently  the rate of interest in
India is 3.5% calculated on half yearly basis.

Types of Savings Bank Account

A Savings bank account can be opened individually or jointly i.e. two individuals can operate one account. Although, In joint account signature of either one of the individual is required to write a
cheque, but in case of closing an account signature of both account holders required.



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