A savings account is a ngân hàng trương mục at a retail ngân hàng. Common features include a limited number of withdrawals, a lack of cheque and linked debit thẻ facilities, limited transfer options and the inability đồ sộ be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and ngân hàng statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online.
People deposit funds in savings trương mục for a variety of reasons, including a safe place đồ sộ hold their cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts đồ sộ be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the trương mục balance.
There are many types of savings accounts, often serving particular purposes. These may include accounts for young savers, accounts for retirees, Christmas club accounts, investment accounts, and money market accounts. Some savings accounts also have other special requirements, such as a minimum initial deposit, deposits made regularly, and notices of withdrawal.
Regulations[edit]
United States[edit]
In the United States, Sec. 204.2(d)(1) of Regulation D (FRB) previously limited withdrawals from savings accounts đồ sộ six transfers or withdrawals per month, a limitation which was removed in April 2020, though some banks continue đồ sộ impose a limit voluntarily as of 2021.[1] There is no limit đồ sộ the number of deposits into the trương mục. Violations of the regulation may result in a service charge or may result in the trương mục being changed đồ sộ a checking trương mục.
Regulation D sets smaller reserve requirements for savings trương mục balances. In addition, customers can plan withdrawals đồ sộ avoid fees and earn interest, which contributes đồ sộ more stable savings trương mục balances on which banks can lend. A savings trương mục linked đồ sộ a checking trương mục at the same financial institution can help avoid fees due đồ sộ overdrafts and reduce banking costs.
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High yield savings accounts[edit]
High yield savings accounts, sometimes abbreviated đồ sộ HYSA, are a type of savings trương mục with higher interest kêu ca normal savings accounts. These accounts typically earn 10 times more in interest kêu ca a normal savings trương mục. HYSAs can be a good option for short-term investing.[2][3]
India[edit]
In India, Savings Bank did not exist at most banks in India. Customers only relied on fixed deposits for their savings. Canara Bank (earlier Canara Banking Corporation Limited) introduced the concept of a Savings Bank trương mục in 1920 with very stringent norms. A customer could deposit minimum Rupee one and maximum Rupees one thousand. He was not allowed đồ sộ carry a balance beyond Rupees two thousand.And most important the customer could not withdraw his money whenever he wanted đồ sộ, he had đồ sộ give three days' notice đồ sộ the ngân hàng đồ sộ withdraw his money. Banks found innovative ways of adding đồ sộ their income from Savings Accounts. For every passbook, the customers were asked đồ sộ pay 25 paise(now given không lấy phí of cost). Besides banks enjoyed the freedom đồ sộ fix the interest rate on deposits on the lowest credit balance of any one day of each month.[4] For some time the rate of interest on Savings Account in Indian Banks were regulated by Reserve Bank of India. Now again it is decided by individual Banks in India but they are đồ sộ follow the Know your customer guidelines introduced in 2002.[5]
The ngân hàng deposits in Banks in India is insured by Deposit Insurance and Credit Guarantee Corporation formed by an act called The Deposit Insurance and Credit Guarantee Corporation Act, 1961. The limit of insurance at present is Rupees five lakhs only.[6]
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