Saving Account are usually opened in the name of individuals. Saving account is not opened for a trading company or a business concern whether such a concern is proprietary concern, partnership firm or company.Saving account is mainly for the individuals who wish to mobilize their savings into deposits. Bank is required to pay interest to their depositors. Bank are constantly introducing new variant of saving deposits to attract new customers within the saving deposit itself. Individuals and not for profit companies are eligible to open this kind of deposit. This account provides stability to the overall deposit base of the bank because of the large number of depositors. A saving account at a bank or savings and loan which pays interest but cannot be withdrawn by check writing. An account that draws interest at a bank. An account in a bank or similar financial organization which earns interest.Saving accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money (for example, by writing a cheque). Saving accounts are a safe way to store and grow your money. Saving account allow you to keep your money in a safe place while it earns a small amount of interest each month. Savings accounts allow you to put away money on a regular basis, creating a regular savings pattern. With most saving accounts, you will be able to withdraw money when you want if you need it.
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