Savings Bank Account FAQ

 

Bank Savings Account FAQ's

 

1. What is the rate of interest offered for general savings account?

   Most of the banks offer 4% per annum for a no-frills savings account and the interest will be credited to your account on a half-yearly basis. However, the interest rate may vary depending on the type of savings account.

2. When it comes to a savings account, what is nomination? Whom can I nominate?

   Bank accounts have a concept of nomination wherein in case of the unfortunate event of your death, the person appointed by you as nominee will take care of your assets. For singly and jointly held deposit accounts, there can be one nominee. A nominee can be a family member, friend or any trusted person who is above 18 years of age.

3. How can I access my savings account held with a particular bank?

   Most of the banks offer customers the flexibility to access their savings account through multiple channels like bank branches, web portal, ATMs and through phone, mobile banking if available.

4. If I enable internet banking facility for accessing my savings account, what advantages do I get?

   With internet banking, you can view your personal savings account from the comfort of your home. Also, you can view monthly statements, enquire balance, transfer funds, update contact information, enquire cheque status and open a recurring or fixed deposit without having to visit the bank branch.

5. What is the meaning of average monthly balance?

   The AMB or the average monthly balance is the average of closing credit of each day for a calendar month. If a customer does not meet the specified average monthly balance requirements, non-maintenance charges will be levied. Some banks also have average quarterly balance requirements.

6. What is BSBDA?

   Introduced by the RBI, Basic Savings Bank Deposit Account (BSBDA) requires minimal documentation (KYC Documents only) and has zero minimum balance conditions. Any resident Indian over 18 years of age can open a BSBDA account in a bank of their choice. The customers will be offered services like cash withdrawal, free ATM-cum-debit card and deposits.

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