ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A savings account is a deposit account designed to hold money you don’t plan to spend immediately. This is different from a checking account, a transactional account meant for everyday spending, allowing you to write checks or make purchases and ATM withdrawals using a debit card.

Detailed explanation-2: -A savings account is a deposit account which allows limited transactions, while a Current Account is meant for daily transactions.

Detailed explanation-3: -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-4: -This is the most basic type of account you can open at any bank. A Savings Account, by definition, allows you to deposit your money, safe with the bank, so you don’t have to carry it around with you or hide it in that rusted old steel safe at home. Don’t worry, you can withdraw these funds when you need them.

Detailed explanation-5: -An account hold is a restriction on an account owner’s ability to access funds in the account due to various reasons. When a bank places an account on hold, it usually does so to protect itself from potential loss, but it also may have the interest of the customer in mind.