A savings account is a deposit account held at a bank or other financial institution where you can store extra cash, earn interest on it and access it whenever required. It is the most basic type of banking instrument used by an individual and among the safest ways to ensure that you can easily access your hard earned money when you need it. You can deposit funds either by cash or cheques into the savings account or can transfer funds from other savings account using IMPS/NEFT/RTGS/UPI and earn interest on such deposits, which is credited to your account on a quarterly basis.
The applicable interest rate offered on a savings account usually ranges from 3.5% to 7% and varies from bank to bank. You are allowed to make withdrawals either by visiting the bank branch and cashing a cheque/withdrawal slip drawn on the account or at an ATM by using a debit card linked to the account. In most cases, you are required to maintain an average minimum balance for the quarter or the month according to the bank's rules and regulations. However, banks also provide zero balance accounts, which come without any complication of maintaining minimum balance in the savings account.
Banks require you to maintain a minimum balance in your savings account, while some do not. Check what suits you, a savings account with minimum balance or a zero balance savings account.
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