M&B Union Bank Savings Account

Other Features

Savings Account

A savings account is a type of bank account that is designed for individuals to deposit and save their money while earning a modest amount of interest. Here are some common features and benefits associated with savings accounts:

Interest

Savings accounts offer a certain interest rate on the funds deposited. The interest is usually calculated on a daily or monthly basis and credited to the account periodically. The interest rate can vary depending on the bank and prevailing market conditions.

Deposits and withdrawals

You can deposit money into a savings account at any time, either by visiting a bank branch, using an ATM, or transferring funds electronically. Withdrawals from a savings account can also be made, either by visiting the bank or using online banking services. However, there may be limitations on the number of withdrawals or transactions allowed per month to encourage saving behavior.

Minimum balance requirement

Some savings accounts may require you to maintain a minimum balance to avoid fees or to be eligible for certain benefits. The minimum balance requirement varies from bank to bank.

Access to funds

Unlike long-term investments or fixed deposit accounts, savings accounts provide relatively easy access to your funds. This accessibility makes them a suitable option for emergency funds or short-term savings goals.

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