The banking domain in India has gone through a total face lift in the past 10 years. To cater the changing requirements of its consumers, banks have emerged with a whole new range of bank accounts. Saving account is a kind of account that has reached to the peak of prominence in the bygone years.
In the preceding years, the banking domain of the country was not like as it is now. It has matured a lot in past 10 years or so and has gone through some important transformations over a period of time. The banking system has modified itself to satisfy the needs of its growing customers. At present, with the emergence of foreign and private sector banks, the environment has changed drastically.
At present, banking entities are adopting a customer-focused approach, so as to fulfill the requirements of their clients. At the same time most of them have even unveiled a number of new products and services.
However, it is the saving account, that people of this nation are heedful of. Simply because, it is the best place to park money and get interest.
One of the remarkable feature of this type of account is that the account-holder gets interest amount on parked savings/funds every month. Depositing funds in a saving account is similar to making an no-loss investment which will only yield interest (in other words 'profit') for the consumer. Nevertheless, the interest rates are not impressive enough and are fully dependent on the policies of independent banks and supervisory authority of the country, RBI.
Meanwhile, financial institutions like ICICI Bank, Axis Bank, State Bank of India, HDFC Bank and Allahabad Bank are few names giving a potential saving account to their consumers.
The State Bank of India which offers enormous number of savings account products in India provides two excellent types of savings accounts to their customers. One is the state-of-the-art savings account which all the people in the country are already aware of and the another one is the savings plus account which has all the attributes of a simple savings account but the bank has encased it with a term deposit as an another characteristic for this products.
Besides this, there is also a electronic fund transfer functionality, by which transferring funds to other accounts is quite an uncomplicated process. The Online banking functionality for operating saving account is also supplied by almost all banking institutions through which one can check out bank balance and can carry out all the required dealings by the banking institution's official Internet site. This also helps a person in doing away with long waiting lines in banks. But remember, a person had better choose his/her kind of saving account according to budgetary needs.