Know About Savings Bank AccountsSaving | May 30, 2013 at 12:00 am
Savings are your hard earned earnings which you keep secure in your savings account and withdraw from time to time according to your needs.
When you open and operate a savings account in any of the banks it is imperative to be well versed with the terms and conditions applicable to the savings accounts.
You must keep a check on the number of transactions, cash withdrawals etc can be done free of charge within a given period and ensure that you follow the same else bank charges will be levied on the same.
Check out in detail all the bank charges applicable to a savings account. Check out the rate at which interest is paid on your savings deposits, and how it is calculated and its periodicity. The minimum balance must be maintained at all times, and this differs from bank to bank, and failure to maintain minimum balance may attract bank charges. Check out the specific charges for cheque books, statement of accounts, pass book, debit card, ATM card, return cheque charges and closure of savings account.
You must ensure that to secure your savings, a nominee is duly registered with the bank who is entitled to collect the money in case of death of the account holder.
Savings account holders can receive SMS alerts of all their transactions for a nominal fee and in some cases the banks provide this service for free.
If you are transferring funds from your savings account to term deposit, you must submit from 15H / 15 G, if you are not liable to pay tax on your interest income.
You must ensure that the entries in your pass book are valid and clear and in case of error you must bring it to the notice of the bank and seek corrections.