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Banks and other financial institutes provide Savings Accounts as a service to keep your money safe. They offer interest rates on the amount deposited and the ability to withdraw funds at any moment. This way, by the end of the year, you have a total of your deposited funds, and Savings interest rates earned. What is a Savings Account? A Saving Account is a type of Bank Account that allows you to deposit money with the bank and earn a fixed interest on the amount deposited. Having a Savings Account enables customers to avoid the risk of carrying cash with them while still allowing them to access funds at any moment. The following features define the account:
Before starting the Saving Bank Account opening, determine the type of account you want to open and the bank with which you want to open it. After all, this will be a long-term association.
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October 2020
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