A savings account is an account provided by a bank for individuals to save money and earn interest on the cash held in the account. A savings account can be used to save money for specific expenses or for longer-term undefined goals, all while earning interest on the money in the account.
Some individuals use savings accounts to save up money for a specific goal, such as a down payment on a home or a future vacation. Others have no specific plans for the money, but use the account as a way to store their cash in a safe place while earning a return on it. Some savings accounts are used as an emergency fund, allowing an individual or family to save money safely to be used in case of emergency circumstances, such as job loss or hospitalization.
Savings accounts are easy to obtain because they generally do not require a credit check. They are a safe way to store money in our Society. Also, they often offer some small amount of interest on the money stored in the savings account. The interest is generally less than that of CDs or money market accounts, but more than offered for checking accounts. Interest is usually 4%.
Required Documents for opening an Saving account in our Sahakari
- 3 Photos
- proofs like Electricity bill, Telephone Bill, Gas Bill
- ID proof like Adhar Card, c) Voter ID, Driving licence, Ration card
- PAN card