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Savings Account
Savings Account Overview
A savings account is a deposit account that allows you to save money while earning interest on the balance. It is ideal for managing personal finances and saving money for future needs.
Eligibility
- Minor with Guardian, Illiterate persons, Blind persons, Executives/Administratives, HUF accounts, Power of attorney, Schools or colleges.
- Central/State Govt Departments (if eligible to open SB accounts) such as Govt depts. /bodies/agencies in respect of grants, subsidies released for implementation of various programmes/schemes sponsored by Central Government /State Governments subject to production of an authorization from the respective Govt departments to open Savings Bank account.
- Self-help Groups, Institutions, Associations, CUBs etc.
Features & Benefits
Minimum balance With/Without cheque book
With Cheque book - Rs. 1000 / Without Cheque book - Rs. 500
Mode of Operation
Single/Jointly/Either or survivor/ Former or survivor, Later or survivor, etc.
Nomination facility - for individuals only.
Locker facility available
UPI/IMPS/Mobile banking facilities available
Savings Account Interest Rates
The Andhra Pradesh State Cooperative Bank Limited (APCOB) savings account exemplifies putting the customer first. On all of our savings account types, we provide one of the most attractive interest rates on savings accounts.
- 3.75% p.a. For all Saving Account
- Additional 0.6% interest for Senior citizens
Documents Required
| List Of Valid KYC Documents For Account Opening | ||
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KYC Documents of the customer |
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Related Services
Current Account
APCOB Bank current accounts are easy to open and simple to use.
Young Champion Account
Zero(0) Account Balance and ₹ 3.75% Rate Of Interest
Salary Account
Open Corporate Salary Delight Account and get attractive benefits.
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FAQs
1. What is a savings account?
A savings account is a type of bank account where you can deposit money and earn interest on the deposited amount. It is generally used to store money securely while earning a small amount of interest.
2. How does a savings account work?
You deposit money into the account, and the bank pays you interest on your balance periodically. The interest rate and frequency of interest payments can vary between different banks and types of savings accounts.
3. What is the minimum balance requirement?
Many savings accounts require a minimum balance to be maintained to avoid fees. This minimum balance requirement varies from one bank to another and sometimes depends on the type of savings account you have.
4. What is the interest rate on a savings account?
Interest rates on savings accounts can vary. They may be fixed or variable and are influenced by market conditions and the policies of the bank. It's essential to check with your bank to know the current interest rate on your savings account.
5. How often is interest calculated and paid?
Interest can be calculated daily, monthly, quarterly, or annually, depending on the bank's policy. Some banks credit the interest to your account monthly, while others may do it quarterly or annually.