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Questions
What is a savings deposit?
What is Saving Deposit account.
Explain savings account.
Solution 1
- Any person can open a savings deposit account with the minimum specified amount. In this account, small savings are deposited by middle and low-income people.
- Deposits can be made any number of times in a week. But there is a restriction on the number of withdrawals in a week.
- Interest is allowed on the minimum balance standing to the credit during a month.
- A passbook and a chequebook are issued to the account holder.
- The main purpose of a savings deposit account is to develop the habit of saving among the public.
- A savings bank account can be opened by two persons in their joint names. No overdraft facility is allowed on a savings account.
Solution 2
A savings account is opened to accumulate savings. Any individual or organisation can open a savings account. A minimum balance has to be maintained. Cheque book and pass book are issued to the account holder. No overdraft is allowed on a savings account.
Notes
Students can refer to the provided solutions based on their preferred marks.
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