BANKING AFFAIRS

Detailed explanation-1: -Notes: A savings account is an account maintained by a bank or other financial institutions for individuals to save money and earn interest on the cash held in the account.

Detailed explanation-2: -A savings account is an interest-bearing deposit account held at a bank or other financial institution. Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.

Detailed explanation-3: -In savings accounts, interest can be compounded, either daily, monthly, or quarterly, and you earn interest on the interest earned up to that point. The more frequently interest is added to your balance, the faster your savings will grow.

Detailed explanation-4: -Traditional savings accounts earn the least amount of interest. Money market accounts earn higher interest rates than traditional savings accounts but still typically offer lower interest rates than other accounts.

Detailed explanation-5: -Traditionally, there are four types of bank deposits in India, which are-Current Account, Recurring Deposits, Savings Accounts, and Fixed Deposit Accounts. Each type has its advantages.