Many of us would remember the first time we walked in to a bank. For most of us, our first association with a bank would be for opening a savings account.
Bank savings account has evolved over the years from just keeping our liquid money to not only earning interest for us but also providing a plethora of various add-on services. The KYC norms have also made the procedure of opening savings account much simpler and easier.
An account which can be opened with the lowest balance, the add-on features include a passbook, a debit-cum-ATM card, a cheque book, internet banking, monthly or quarterly statements, and free SMS/email transaction alerts.
The deregulation of interest rates on savings accounts by the Reserve Bank of India has seen many Banks offering interest rates almost as close to that on fixed deposits.Read More →