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Questions
Explain the features of savings bank account.
Mention three features of a savings bank account.
Answer in Brief
Short Note
Solution
Features of a savings bank account are as follows:
- Account holders can withdraw their funds at any moment upon request.
- Savings account holders can use internet and mobile banking.
- This account earns a modest interest rate.
- One or more people can open this account.
- Savings accounts are generally opened by households and salaried persons.
- It allows a limited number of transactions.
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Commercial Banks: Functions
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