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What is Saving Bank Account?

Jul 1, 2015 16:08 IST
    • A saving bank account in the most common operating account for individuals and others for non-commercial transactions.
    • A savings account helps people to put through day-to-day banking transactions besides earning some return on the savings made.
    • In saving account, banks generally put some ceilings on the total number of withdrawls permitted during specific time periods.
    • Banks as a rule do not give overdraft facility in a saving account but allow occasional over drawings to meet contingencies.

    A savings bank account can be opened

    • By an individual singly or jointly.
    • In the name of a minor.
    • In the name of illiterates under thumb impression.
    • By registered societies, clubs, trusts, associations not engaged in business.
    • By any other body or institution not engaged in business trading or commercial activity for profit.
    • Saving bank account can be opened only with proper introduction regarding the identity of the prospective customer for which the KYC (Know Your Customer) norms have been stipulated to enable the bank to satisfy itself about the true identity of the customer, the origin and source of his funds and the nature of transactions.

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