A savings account is a deposit account in a bank or credit union that pays interest on your balance though some institutions require that you have at least a minimum amount in the account to qualify for earnings. You can deposit and withdraw from savings accounts as you wish, but you cant transfer money from the account directly to other people or organizations.

Who can open a SB account?
• A Savings Account can be opened by an individual either in single name or joint names. A society, club, trust, HUF can also have a Savings Bank account for non-business purposes.  A minor above 14 years of age is also allowed to open and operate his/her account in own name.  A parent / natural guardian can open SB account of minor of any age.
• With Cheque Book Facility Individual (s) Rs. 1000/- or With Withdrawal Slip Rs. 500/-

Interest Rates :
• The rate of interest on saving deposits Effective Deposit  4.00% p.a.

Documents required
Documents required while opening current account of co-operative banks and societies:
1) Account Opening Form.
2) Specimen Signature Card.
3) PAN / GIR No. / Form No. 60/61.
4) Residential Address.
5) Introduction by Savings Bank A/c holder.