As the country starts absorbing the culture of at-home banking, all thanks to mobile and internet banking services, conventional financial instruments like savings account are still considered a great way of parking one’s funds.
Unlike today when almost every banking transaction is just a click or a swipe away, until a few years ago savings bank accounts were the only way to save. Not only were they easier to manage, but they also allowed one to earn interest on the money deposited in the account.
Evolution of the savings account
As banking industry moved towards a more formalized model, a savings account was modified to offer much more than before.
- Services like debit and credit cards, systematic investment plans and payments wallets have increased the scope of a simple savings account.
- These services were not limited to urban areas but banks like Rajasthan Marudhara Gramin Bank took these services to rural and semi-urban areas.
About the bank: The bank is owned by the Rajasthan government and the State Bank of Bikaner and Jaisalmer.
Minimum balance requirement
The Rajasthan Marudhara Gramin Bank asks its clients to maintain a minimum balance amount in their savings account.
- If one fails to maintain the minimum balance in a savings account, the bank charges a service charge.
- The minimum balance requirement varies with the different kinds of accounts offered by the bank.
- For its savings account, the Rajasthan Marudhara Gramin Bank does not have a minimum balance requirement and hence does not charge any service charge.