Saving account is the product which almost every bank offer to its customers and this is suitable for everybody like salaried class, housewives, students and so on. In India SBI saving account, HDFC saving account, ICICI saving account, bank of Baroda saving account are quite popular. Given below are some of the features of saving account –
- In order to open a saving account an introduction and KYC norms compliance is necessary.
- One can open saving account with zero balance and therefore one need not worry about any charges if he or she does not maintain minimum balance as minimum balance is zero. However not all banks have this facility and therefore one should check beforehand with bank branch and then decide.
- The rate of interest on this type of account ranges from 3 percent to 6 percent depending on the balance kept in the account and also the bank in which you are opening the account.
- There is restriction on the number of times one can withdraw money from this account.
- There are no restrictions on number of times one can deposit money into this account, also one can deposit any amount.
- One gets all facilities like ATM card, cheque book, online banking when one opens a saving account.