For many people today, banking would probably be managing an account with net banking or via a phone, thanks to mobile banking. However, before the world got comfortable with the idea of at-home banking, a savings bank account was only financial instruments available to people.
Easy to open and manage, a savings account served two purposes—one to keep money safe and two to earn interest on the deposited money.
How the savings bank account evolved
Over the years, with the advent of technology and a more liberalised legal framework for the economy the banking industry has evolved a lot and so has the savings bank account.
- With add-on facilities like debit and credit cards or investment options, a savings bank account no more just parks funds or earns interest, it has become a package of benefits.
- Further, thanks to regional rural banks these facilities have also reached the Indian hinterland. Banks like Mizoram Rural Banking are encouraging people living in rural areas to open savings bank accounts.
Minimum balance requirement
The minimum balance requirement is the amount which an account holder is required to maintain in a bank account.
- If one fails to maintain the amount, the bank charges non-maintenance service charge.
- There are 2 ways in which one can find out about minimum balance requirement which are as follows:
Phone banking
A client can call up at Mizoram Rural Bank’s customer care at 0389-2346380/82/88, 2346457 to know about the minimum balance requirement for their account.
Visit the bank
Alternatively, one can also find out about the minimum balance for their account by visiting the nearest branch of Mizoram Rural Bank.
