SAVINGS ACCOUNT : ELIGIBILITY FOR SAVINGS ACCOUNT !

WHAT IS SAVINGS ACCOUNT  ?
 
SAVINGS ACCOUNT : ELIGIBILITY FOR SAVINGS ACCOUNT !
SAVINGS ACCOUNT : ELIGIBILITY FOR SAVINGS ACCOUNT ! 


A savings account is a type of account which is opened in the bank or other financial institution which earns a moderate interest in the amount deposited therein.

 A savings account is essentially opened to invest on one side, which is not immediately needed. Banks banned the number of withdrawals from the account every month.

The interest rates earned on the savings account are fixed on the basis of the minimum average balance kept in the account, which is calculated on time limit of 3 to 6 months.

The Savings Account interest rate on the balance in a savings account is different from the bank in the bank, as the interest rate on savings bank accounts is close to 5% whereas in SBI Savings Account it is 3.5%.

 The reason for this is that the brand and market value of each bank is different, since SBI is a well-known official name, so it can take money even on low interest.


Savings account is the safest type used by one person and one of the safest methods to ensure that you can easily earn your hard earned money.

You can deposit money in cash or savings account or transfer funds from other savings accounts using IMPS / NEFT / RTGS / UPI and earn interest on such deposits which is deposited in your account on quarterly basis. .

The applicable interest rate on savings account can usually be 3.5% to 7%.

You are allowed to withdraw the required amount on the account or by giving a check / withdrawal slip at the ATM using a debit card linked to the bank branch or linked to the account.

 In most cases, you have to maintain an average minimum balance for the quarter or month according to the rules and regulations of the bank.

However,

 banks also provide zero balance accounts, which remove any difficulties in maintaining a minimum balance in the savings account. For information, there is no maximum amount in the savings account.
ELIGIBILITY FOR SAVINGS ACCOUNT:
The applicant should be Indian.

Foreign and HUF can also open some bank accounts by providing valid documents
Applicants less than 18 years of age can open minor accounts, which have limitations on amount transactions and other services.

- Applicants over 60 years of age can open senior citizens accounts with higher interest and other services.

To open a savings account, passport size photographs, an identity card such as Aadhar card and PAN card are not required for anything else.

It is important to provide mobile number and e-mail ID for other services like net banking and SMS facilities.

Apart from this, the bank can provide other services but you will have to go to the bank for information on such a savings account.
TAXES ON SAVINGS ACCOUNT INTERESTS:

According to section 80 TTA of Income Tax Act, 1961, interest from all the savings accounts is exempted from tax, if the total interest amount is up to ₹ 10,000.

per  Income on the interest earned on savings account above 10,000 will be taxed, which will be levied on the percentage of the slab which the account holder comes in.

At the time of filing ITR it should be mentioned as "Income from Other Sources".

However, under this section only the persons and the HUF get relief. It is notable that TDS is not deducted on savings bank account interest under section 194A of the Income Tax Act.

thanks for the time . 

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