saving account

What is a savings account? Today world money can earn from the various way and that can invest and that should be saved A savings account is a place where you can store cash securely while you earn interest on your money. Unlike investment accounts, they are federally insured, of the money in your account would be covered if the bank failed. Jump ahead to see where to find the best savings accounts.

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 ).

In saving account there is a limit of the deposit that should be maintained by them in saving account amount can transfer by the depositor and use for an online transaction that can also helpful for them.

A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books, and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer. Some banks may charge a fee for this service, while others may pay the customer interest on the funds deposited.

Savings account, Accounts maintained by retail banks that pay interest but cannot be used directly as money (for example, by writing a cheque or using a debit card at a point of sale), although cash can be withdrawn from these accounts at an automated teller machine.

For Example Additional Guidelines

Additional Guidelines

1. Savings Bank account is a form of demand deposit account opened mainly for the purpose of saving and not for any business purpose, subject to restrictions on the

number of withdrawals during any specified period. A number of withdrawals in a savings bank account permitted are fifty per half year in a financial year. For accounts opened in the middle of the half year, permissible withdrawals will be calculated pro-rata. If the numbers of withdrawals exceed the permitted limit, a service charge as advised from time to time will be levied.

2. OPENING OF ACCOUNTS

A Savings Bank Account may be opened by: a person in his/her own name;

B  two or more persons in their joint names payable to:

i) both or all of them or to the survivor or survivors of them;

or

ii) either or any one or more of them or the survivor or survivors of them

c. a natural guardian i.e. father or mother on behalf of the minor

d. a natural guardian i.e. father or mother in the joint names of himself/herself and the minor payable to either or survivor;

e. a person in the name of any minor of whom he or she is the guardian appointed by the Court;

f. a minor of age ten and above in his/her single name to be operated upon by

himself/herself.

OR

2.1. SAVINGS BANK ACCOUNTS MAY BE OPENED IN THE NAMES OF

Individuals–single accounts, or joint accounts of two or more individuals. minors by themselves or on behalf of the minors by their guardians

Following entities

A Primary Co-operative Credit Society which is being financed by the

bank.

b. Khadi and Village Industries Board

c. Agriculture Produce Market Committee

d. Societies registered under Societies Registration Act, 1860 or any other

corresponding Law in force in the state or Union Territory.

e. Companies Governed by the Companies Act 1956 which have been licensed by

the Central Government under section 25 of the Act, or under the corresponding

provisions in the Indian Companies Act 1913 and permitted, not to add to their

names the word "Limited or the words "Private Limited"

g. Government departments/bodies/agencies in respect of grants/subsidies released for implementation of various programs/schemes sponsored by Central Government/State Governments subject to production of authorization from

the respective Central/State Government departments to open a savings bank account.

h. Development of women and children in rural areas (DWCRA).

i. Self-help Groups (SHGs) registered or unregistered, which are engaged in promoting savings habits among their members.

j. Farmers' Clubs - Vikas Volunteer Vahini. (V V V)

Branches shall not open Savings Bank account in the name of the following:

a. Any trading or business concern, whether such concern is a proprietorship, partnership, company or association.

b. Government departments/bodies depending upon budgetary allocations for the performance of their functions.

c. Municipal Corporations/Committees

d. Panchayat Samities

e. State Housing Boards

f. Industrial Development Authorities

g. State Electricity Boards

h. Water / Sewerage / Drainage Boards

i. State Text Book publishing corporations/societies

j. Metropolitan Development Authorities

k. State / District level housing Co-operative Societies.

l. Other banks including Regional Rural Banks, Co-operative Banks, and land Development Banks.

m. Political parties