We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Check Writers' Offers

What's Your Topic?

Hire a Professional Writer Now

The input space is limited by 250 symbols

What's Your Deadline?

Choose 3 Hours or More.
2/4 steps

How Many Pages?

3/4 steps

Sign Up and Get Writers' Offers

"You must agree to out terms of services and privacy policy"
Get Offer

Bank Accounts Essay

Paper type: Essay Pages: 2 (311 words)

Views: 227

Saving a/c savingsare meant to promote the habit of saving among the citizens while allowing them to use their funds when required. The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earn moderate interest too. The rate of interest is decided and periodically reviewed by the Government of India. Presently, the rate of interest is 3. 5% compounded half yearly. Savings Bank Account can be opened in the name of an individual or in joint names of the depositors.

Savings Bank Accounts can also be opened and operated by the minors provided they have completed ten years of age. Accounts by Hindu Undivided Families (HUF) not engaged in any trading or business activity, can be opened in the name of the Karta of the HUF. The minimum balance to be maintained in an ordinary savings bank account varies from bank to bank. It is less in case of public sector banks and comparatively higher in case of private banks.

In most of the public sector banks, minimum balance to be maintained is Rs. 100.

In accounts where cheque books are issued, a minimum balance of Rs. 500/- has to be maintained. For Pension Savings Accounts, minimum balance to be maintained is Rs. 5/- without cheque facility and Rs. 250/- with cheque facility. Things to Consider While Opening a Savings Account It is advisable to seek the following information from bank before opening the account: •Minimum balance requirements.

Penal provisions in case the balance falls below the minimum stipulated amount •Penalty in case of return of cheques issued or instruments sent on collection. Collection facilities etc. offered and charges applicable. •Details of charges, if any for issue of cheque books and limits fixed on number of withdrawals, cash drawings, etc. Document Required For Opening a Savings Account •Two passport size photographs.

Cite this page

Bank Accounts. (2018, Oct 26). Retrieved from https://studymoose.com/bank-accounts-essay

How to Avoid Plagiarism
  • Use multiple resourses when assembling your essay
  • Use Plagiarism Checker to double check your essay
  • Get help from professional writers when not sure you can do it yourself
  • Do not copy and paste free to download essays
Get plagiarism free essay

Not Finding What You Need?

Search for essay samples now


Your Answer is very helpful for Us
Thank you a lot!