An account opened by a customer to make a deposit and withdrawal of small sums of money is known as “Savings Account”. The features of a savings account are as follows:

1. This account can be operated for individuals, non-trading organizations, permitted institutions, etc.
• Minimum balance to be maintained is Rs. 100 without cheque book facility and Rs. 500 with cheque book facility.
2. Interest on the minimum balance in the account is paid between the 10th and last day of the month.
• Passbook, nomination, standing instructions, cheque collection facilities, etc. are available.