WHAT IS A SAVINGS ACCOUNT?
A savings account is held at a bank or other financial institution as an interest- bearing account. These accounts usually pay a moderate interest rate. This is a deposit account that an individual keeps with a bank or any financial institution that provides principal security with the modest interest rate. This account is considered to have high liquidity so that one can withdraw the amount at any point of time.You can open free savings account with creditkaro.com.
Savings account pays interest to the account holder and the deposited funds are easy to withdraw, which is a good option for liquidity in case of an emergency.
Savings account generally earn you lower rate of interest than other saving instruments and investment models.
The interest that you earn from savings account is considered as taxable income.
BASIC SAVINGS ACCOUNT
This is a deposit account that an individual keeps with a bank or any financial institution that provides principal security with the modest interest rate. This account is considered to have high liquidity so that one can withdraw the amount at any point of time.
SALARY ACCOUNT
This is a type of account where the salary of an individual is usually disbursed. In this account the minimum balance clause is waived off and is restricted to one account per person.
JOINT ACCOUNT
This is a type of account is usually handled by multiple account holders. Banks allow 2 to 4 account holders for a single joint account currently.
WOMAN’s SAVINGS ACCOUNT
This type of account is only provided to a woman and holds special features and interest rates applicable..
MINOR’s SAVINGS ACCOUNT
This type of account is held by an adult, making a minor child its secondary holder. Generally, Parents open this account for their children in order to help them save money for themselves.
SENIOR CITIZEN’s SAVINGS ACCOUNT
This is an account which is offered only to people who are above the age of 60, this account holds special features and waivers accordingly.