A savings account is a ngân hàng tài khoản 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 to lớn 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 tài khoản for a variety of reasons, including a safe place to lớn hold their cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts to lớn be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the tài khoản 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 to lớn six transfers or withdrawals per month, a limitation which was removed in April 2020, though some banks continue to lớn impose a limit voluntarily as of 2021.[1] There is no limit to lớn the number of deposits into the tài khoản. Violations of the regulation may result in a service charge or may result in the tài khoản being changed to lớn a checking tài khoản.
Regulation D sets smaller reserve requirements for savings tài khoản balances. In addition, customers can plan withdrawals to lớn avoid fees and earn interest, which contributes to lớn more stable savings tài khoản balances on which banks can lend. A savings tài khoản linked to lớn a checking tài khoản at the same financial institution can help avoid fees due to lớn overdrafts and reduce banking costs.
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High yield savings accounts[edit]
High yield savings accounts, sometimes abbreviated to lớn HYSA, are a type of savings tài khoản with higher interest phàn nàn normal savings accounts. These accounts typically earn 10 times more in interest phàn nàn a normal savings tài khoản. 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 tài khoản in 1920 with very stringent norms. A customer could deposit minimum Rupee one and maximum Rupees one thousand. He was not allowed to lớn carry a balance beyond Rupees two thousand.And most important the customer could not withdraw his money whenever he wanted to lớn, he had to lớn give three days' notice to lớn the ngân hàng to lớn withdraw his money. Banks found innovative ways of adding to lớn their income from Savings Accounts. For every passbook, the customers were asked to lớn pay 25 paise(now given miễn phí of cost). Besides banks enjoyed the freedom to lớn 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 to lớn 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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