Ever wondered why savings bank accounts are still so popular despite the rampant use of internet and mobile banking services? Well, the answer lies in the confidence people have in the facility’s safety.
Easy to manage, a safe return value and the facility of parking one’s funds safely, a savings bank account is a preferred financial instrument as it inculcates a habit of saving.
Evolution of a savings account
- As the banking industry progressed, the savings account also moved towards doing much more than earning interest off parked funds.
- By and by, facilities like debit cards, credit cards, investment options and cheque facility came along a savings bank account became a great investment.
- Likewise, these services also reached the rural parts of the country with the network of regional rural banks like the Meghalaya Rural Bank these facilites made inroads into villages as well.
Minimum balance requirement
- A minimum balance requirement is the amount an account-holder must keep in his savings account.
- If one fails to maintain the amount, the bank levies a service charge.
- The interest rate offered on saving account is 4%.
How to find out about minimum balance requirement
There are two ways in which one can find out about minimum balance requirement
- Phone banking: Clients can call up the Meghalaya Rural Bank’s customer care at +91 364 2504311, wherein a phone banker could satisfy all their queries.
- Visit the bank: One can also find out about the minimum balance amount by visiting his or her home branch.