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प्रश्न
Explain the following term/concept:
Savings Deposits
स्पष्ट करा
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उत्तर
Savings deposits are bank accounts where people deposit their money to earn interest while keeping it safe and accessible. These accounts are mostly used by individuals to save a portion of their income for future needs.
- They offer lower interest rates compared to fixed deposits.
- Banks allow limited withdrawals from savings accounts.
- They help inculcate the habit of saving among people.
- Money in savings deposits is secure and can be withdrawn using cheques, ATMs, or online banking.
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