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Savings accounts are designed to encourage more savings, unlike current accounts which allow unlimited transactions and do not offer any interest. An individual who has a steady income for example salaried employees can benefit from savings accounts. Also, people who have set short term goals like a holiday, or wedding or vehicle purchase etc. can also benefit from savings accounts. Almost every bank offers the facility of savings and current accounts. The leading banks that offer these facilities are HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Yes Bank, Axis Bank, IndusInd et
A savings account differs from a current account in many ways. Banks allow a limited number of transactions per month to a savings account holder. Usually, the first five transactions are free. The interest rate charged on a savings account ranges from 4-6%. Because of the limited number of transactions, the account holder can save a greater amount over a period of time
By offering ready to access cash at all times, let us see how banks have made savings account, a deposit one can never be without.