Q.What is Savings Deposits Account?
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Start your 14-day free trial to unlock the full solution →A savings deposit account is a bank deposit account designed for individuals to keep their small savings safely, earn modest interest, and withdraw money subject to certain limits.
Meaning
A savings deposit account (savings bank account) is a deposit account opened chiefly by salaried persons, students and small savers. The bank pays a moderate rate of interest on the balance. Deposits can be made any time, and withdrawals are allowed, though the bank may place reasonable restrictions on the number or amount of withdrawals. It provides facilities such as a passbook/statement, cheque book, ATM/debit card and net banking, and its main purpose is to promote the habit of savi …
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