Savings accounts

Businessmen as well as any individual can deposit money and withdraw money at any time from these accounts. The banks pay an interest at a certain rate for these accounts. Savings accounts can be opened individually or jointly by few individuals. Today, commercial banks have introduced different specialized savings accounts under different names other than the normal savings accounts.

Opening a savings account would provide various advantages for both businessmen and individuals. Given below are such advantages.

# Receiving security for money.
# Earning an interest income.
# Ability to deposit or withdraw money at any time.
# Ability to withdraw money in an emergency.
# Ability to transact via automated teller machines.
# Ability to pay using debit cards.

Opening a savings account

The process of opening a savings account is simple. In order to open a savings account it is required to submit, a duly completed savings account mandate of the bank, deposit slip, Know Your Customer (KYC) form and the tax declaration form along with the national identity card. In addition, it requires to deposit the minimum amount recommended by the bank or any amount greater than that. When all these requirements are fulfilled, the bank issues a pass book for the savings account holder. Deposits, withdrawals and the balance are recorded in this pass book.


Post a Comment

* Please Don't Spam Here. All the Comments are Reviewed by Admin.

buttons=(Accept !) days=(20)

Our website uses cookies to enhance your experience. Learn More
Accept !