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Saving Account
Features of Saving Account
1. The main objective of saving account is to promote savings.
2. There is no restriction on the number and amount of deposits. However, in India, mandatory PAN (Permanent Account Number) details are required to be furnished for doing cash transactions exceeding र50,000.
3. Withdrawals are allowed subject to certain restrictions. And The money can be withdrawn either by cheque or withdrawal slip of the respective bank.
4. The rate of interest payable is very nominal on saving accounts. At present it is between 4% to 6% p.a in India.
5. Saving account is of continuing nature. There is no maximum period of holding.
6. Generally, equated monthly installments (EMI) for housing loan, personal loan, car loan, etc., are paid (routed) through saving bank account