DIFFERENT TYPES OF ACCOUNTS
Social Security Schemes
Saving Bank accounts, as the very name suggests, are intended for saving for the future. This is the most common type of account which caters to the needs of vast section of people in the society. These accounts promote savings habit of people. Balances in this type of account earn interest by the depositor. This account is a form of demand deposit account. It includes both the categories of savings accounts, viz., savings accounts with cheque book facility and savings accounts without cheque book facility.
Who can open a Savings Account
Individual Saving bank account can be opened by the followings.
(i) Single person in his own name.
(ii) Two or more person’s in their joint names to be operated in the following manner.
- Either or Survivor
- Jointly/ Jointly or Survivor
- Any one or Survivors or Survivor
- Former or Survivor