Advantages of a savings account
It was an excellent saving tool not only to park one’s savings but also earn interest on them.
- Easy to use and manage and a high degree of flexibility are some of benefits that added to a saving bank account’s appeal.
- It’s these factors that have still enabled this saving tool to maintain its share of takers.
- Over the years, the good old savings bank account has only evolved thanks to banks, which offer a wide range of facilities along with a savings bank account.
When it all began
Take the example of Malwa Gramin Bank, which aims to make poor farmers in the society empowered and dependent. Established in 1986, Malwa Gramin Bank is regional, rural bank and it has 89 branches presently spread across five districts.
Malwa Gramin Bank offers a basic savings account =, wherein people can deposit their savings and also take advantage of a host of other facilities.
Minimum balance requirement
- Minimum balance requirement is an amount which one maintains in their account on a monthly or quarterly basis.
- If one fails to maintain the minimum balance requirement, the bank charges non-maintenance charges.
- Currently the Malwa Gramin Bank does not require its clients to maintain any minimum balance.
- Maximum permitted Balance is Rs 50,0000 ad Minimum balance is 0.
- The bank allows its clients to open a zero balance account. Clients can continue with operating an account with zero balance, after depositing an initial amount of Rs 5.