A savings account is opened in a bank by salaried persons or by people who contain normal permanent profits to earn interest on their money. This feature is also offered to students, senior citizens and so on to support a tradition of saving. Saving accounts are opened to support the people to save money and gather their savings.
Few Reasons for Opening a Savings Bank Account
- A savings account supports savings tendency among salary earners and ones who have permanent revenue.
- The depositor earns profits by the saving bank interest.
- The bank account allows depositors to raise payments by issuing cheques.
- It shows and keeps a proof of the profits earned by account holder during the annual year.
- The account holder can use the saving account passbook or statement as an identity
- Savings account can be used to make electronic fund transitions to other account.
- A saving account also allows internet banking and online purchases and shopping.
- A savings account keeps a path of all online transactions of the account holder.
- Allows access to immediate access to the account holder’s money with the help of an ATM.
- Banks also offer a range of services to their account holders including like getting a loan if you already have an account with the bank.
The reason for starting a savings account may be entirely dissimilar. But no matter why you decide to save your money choosing a saving account is a much better, and safer, option. In India, a saving account can be opened by depositing Rs.100. The saving account owner is approved to take out money from the account whenever required.