Savings Account
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. Saving money habit will improve the quality of life and will help you to feel better and to sleep better. One will be happier knowing he/she has some money aside for unexpected expenses and look forward to achieve some of their dreams. Nidhi Limited has introduced uniquely designed "Saving Account" to inbuilt the habit of saving among people.
KEY TAKEAWAYS
- Because savings accounts pay interest while keep your funds easily accessible, they're a good option for emergency or short-term cash.
- In exchange for the ease and liquidity that savings accounts offer, you'll earn a lower rate than that paid by more restrictive savings instruments and investments.
- The amount you can withdraw from a savings account is generally unlimited.
- The interest you earn on a savings account is considered taxable income.
Savings accounts have some limitations on how often you can withdraw funds, but generally offer exceptional flexibility that's ideal for building an emergency fund, saving for a short-term goal like buying a car or going on vacation, or simply sweeping surplus cash you don't need in your checking account so it can earn more interest.
Salient Features
- Attractive Rate of interest
- Nomination facility available for deposits.
- There can be only one Nominee for a deposit account whether held singly or jointly.
- A person legally empowered to operate a minor's account can file a nomination on behalf of the minor.
- Applicants can make nomination by filling up the prescribed form.
- The nomination details can be changed during the subsistence of the account relationship by filling up the Form prescribed
- For more details approach your branch.
Note:
Please produce the original document(s) for verification & a photocopy of each document.
Mandatory to provide Permanent address and telephone number.
Please avail of the nomination facility.
Mandatory to complete the KYC Norms.
*Terms & Condition apply and all deposit plan only for members/shareholders.
