Banks receive money from the public by way of deposits. An individual may choose any one or multiple schemes offered by a bank to save money. Usually, the preference of a bank scheme would depend on its features and benefits. It also depends on the more beneficial features compared to other banks.
Common Bank Saving Schemes Offer to Public
- Saving deposit.
- Fixed deposit.
- Recurring deposit.
- Current deposit.
- Miscellaneous deposits.
Savings Account
A savings deposit account is meant for individuals who wish to deposit small and regular amounts out of their current income. A savings account could be opened with or without a chequebook facility. Usually, there are restrictions on the number of withdrawals from a savings account.
Savings account holders have the facility to deposit cheques, drafts, dividend warrants, etc., which are drawn in their favor.
This is a Premium Content
Membership
Get Access to all the Premium Content.More than 100+ Articles, Mini Courses, Quizzes and Contests.