Why should we save money in a bank?

To keep your money safe from unaccounted withdrawal or theft.

To increase the value of money you save through interest.

There are different kinds of savings accounts which you can choose from depending on your needs

Some examples of Savings bank accounts are

Features:

There is no limit on how much you can add to this account
A minimum balance may have to be maintained
There may be a limit on daily withdrawal
Earn interest over deposits. Interest rates vary from 2-4% (subject to market conditions)

Advantage:

Savings accounts, especially opened under Pradhan Mantri Jan-Dhan Yojana, will not be disabled even if there is no balance.

Features:

Generally set up by the employer or organisation you work in.
Need not maintain a minimum balance
In case no salary is deposited in three months, the bank can convert it into a savings account

Advantage:

You will be able to save automatically each time your salary is credited, some amount will be deposited into this account.

Features:

Advantage:

Higher interest rate on deposits and quick loan sanctions to women who want to open a business!!

Features:

Advantage:

Higher interest rate to retired and senior citizens and linkage to pension fund..

Are you ready to open a savings account? Let’s make a documents checklist.

1. Identity and address proof, you can submit any 2 of the following-

2. Latest passport-size photos (2 copies)

3. Filled-in application form

You have successfully completed the second part of Savings! Keep up the good work!

Opening a Savings Account