What is a Savings Account
Number of Applicants
- Fill the account opening form. The vital points are name, address, occupation and the amount to be deposited.
- Provide declaration of accepting the rules and regulations of bank.
- An existing customer of the bank should introduce you to the bank or from a respectable citizen known to the bank.
- The following are the documents to be submitted for accounting opening procedure:
- Photocopy of Voter ID or Passport
- Address Proof
- Passport size photographs – 2
- Safety is the foremost advantage, as large amount of money can be secured in the bank instead of storing money at home.
- The money saved in savings account is insured by government so even if the bank is under crisis, the money deposited is safe.
- The bank pays interest to its savings account holder depending on the balances held in the account.
- As the liquidity is high for this account, withdrawing amount on emergency expenses is easier.