Q: Who can open a saving account in bank.
A:1. Saving account Can be opened by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI. for the purpose of saving a part of their income.
Q:What is purpose of opening this account.
A:The main purpose of opening a saving account is to save an amount.
Q: Who can operate this account.
A:Saving account is operated by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI.
Q:What interest is payable by banks on these accounts.
A:The saving account earns a nominal rate of interest. At present, it is about 4% p.a. (in India).(VARIES FROM BANK TO BANK). Some banks are paying higher interest also. there is complete freedom to banks to decide their interest rates.
Q:What min balance requirement.
A: The saving account can be operated with lesser amount.(may be Rs 500/= or even Zero ).
Q: Who can open a Current account in bank.
A:Current account is opened by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions. for business transactions.
Q:What is purpose of opening this account.
A:The main purpose of opening a current account is to facilitate regular business transactions.
Q: Who can operate this account.
A:Current account is operated by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions.
Q:What interest is payable by banks on these accounts.
A:Normally, banks do not pay interest on current account.
Q:What min balance requirement.
A:To open current account more amount is required.(may be Rs 1000/=)
A:1. Saving account Can be opened by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI. for the purpose of saving a part of their income.
Q:What is purpose of opening this account.
A:The main purpose of opening a saving account is to save an amount.
Q: Who can operate this account.
A:Saving account is operated by Resident Individuals (either singly or jointly), Associations, Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. Institutions specially permitted by RBI.
Q:What interest is payable by banks on these accounts.
A:The saving account earns a nominal rate of interest. At present, it is about 4% p.a. (in India).(VARIES FROM BANK TO BANK). Some banks are paying higher interest also. there is complete freedom to banks to decide their interest rates.
Q:What min balance requirement.
A: The saving account can be operated with lesser amount.(may be Rs 500/= or even Zero ).
Q: Who can open a Current account in bank.
A:Current account is opened by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions. for business transactions.
Q:What is purpose of opening this account.
A:The main purpose of opening a current account is to facilitate regular business transactions.
Q: Who can operate this account.
A:Current account is operated by Individuals,joint account, sole proprietary concerns,partnership concerns,HUFs, COMPANIES,Association of persons,society,trusts,body co-operatives,charitable and other institutions.
Q:What interest is payable by banks on these accounts.
A:Normally, banks do not pay interest on current account.
Q:What min balance requirement.
A:To open current account more amount is required.(may be Rs 1000/=)
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