Question

Explain the features of savings bank account.

Mention three features of a savings bank account.

Answer 1

Features of a savings bank account are as follows:

1. Account holders can withdraw their funds at any moment upon request.
2. Savings account holders can use internet and mobile banking.
3. This account earns a modest interest rate.
4. One or more people can open this account.
5. Savings accounts are generally opened by households and salaried persons.
6. It allows a limited number of transactions.