What Scheme Mean?
Savings Bank accounts are meant to promote the habit of saving among people while allowing them to use their funds when required.The advantage of savings bank account is its high liquidity,safety and a moderate interest on the saving.
Eligibility
You need to be Resident of India
Entry Age
No age is specified and minors can open an account with the natural guardian operating it.
Minor above age 10 can operate the account on their own.
Account Opening Fee
No fees,but a minimum cash deposit is required to open an account
Account Maintenance
Minimum balance required depending on account location which could be urban,semi-urban or rural.
Minimum Balance required depending on account type such as no-frills,saving,salary-linked,deposit linked.
Predefined number of transaction per month are free,beyond which transaction are charged for.
Interest
Fixed rate compounded half yearly up to rs 1 lakh,which varies across bank.
Variable Interest rate on the balance above rs 1 lakh in the account.
The interest for the month is calculated on the lowest balance available in the account from 10th of a month to the last date of the month.
Account Holding Type
Individual,Joint,Hindu Undivided family not engaged in any trading or business activity,Minor through Guardian.
Tenure
As long as the accounts is active.
Tax Benefits
Amount credited in the Account and Interest for the amount is taxable.
How to Join The Scheme/Account/Deposit/Policy?
Fill Accounting opening form of Any Bank within India.
Two passport Size photo.
Carry Original Identification Document(Voter id,Driving License,Pan card,Ration Card,Passport etc)
Objective And Risk
Savings account provide automatic access that it offers to other financial instruments such as investment,loans and savings.
Tips
Look for bank which provides different saving accounts,free debit card(no annual fee),account insured etc.I prefer Nationalized bank than private bank.
Savings Bank accounts are meant to promote the habit of saving among people while allowing them to use their funds when required.The advantage of savings bank account is its high liquidity,safety and a moderate interest on the saving.
Eligibility
You need to be Resident of India
Entry Age
No age is specified and minors can open an account with the natural guardian operating it.
Minor above age 10 can operate the account on their own.
Account Opening Fee
No fees,but a minimum cash deposit is required to open an account
Account Maintenance
Minimum balance required depending on account location which could be urban,semi-urban or rural.
Minimum Balance required depending on account type such as no-frills,saving,salary-linked,deposit linked.
Predefined number of transaction per month are free,beyond which transaction are charged for.
Interest
Fixed rate compounded half yearly up to rs 1 lakh,which varies across bank.
Variable Interest rate on the balance above rs 1 lakh in the account.
The interest for the month is calculated on the lowest balance available in the account from 10th of a month to the last date of the month.
Account Holding Type
Individual,Joint,Hindu Undivided family not engaged in any trading or business activity,Minor through Guardian.
Tenure
As long as the accounts is active.
Tax Benefits
Amount credited in the Account and Interest for the amount is taxable.
How to Join The Scheme/Account/Deposit/Policy?
Fill Accounting opening form of Any Bank within India.
Two passport Size photo.
Carry Original Identification Document(Voter id,Driving License,Pan card,Ration Card,Passport etc)
Objective And Risk
Savings account provide automatic access that it offers to other financial instruments such as investment,loans and savings.
Tips
Look for bank which provides different saving accounts,free debit card(no annual fee),account insured etc.I prefer Nationalized bank than private bank.
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