A Savings bank account is the most common operating account for individuals and others for non-commercial transactions. Banks generally put some ceilings on the total number of withdrawals permitted during specific time periods. Banks also stipulate certain minimum balance to be maintained in savings accounts. Banks as a rule do not give overdraft facility in a saving account, but allow occassional overdrawings to meet contingencies. Banks are required to know true identity of the person wanting to open an account.
Banks also seek introduction of the person from an existing account holder.
In terms of government notification w.e.f. It helps in settlement of dues in the event of death of the account holder. Details of charges, if any for issue of cheque books and limits fixed on number of withdrawals, cash drawings, etc. The amount of interest will be calculated for each calendar month on the lowest balance in credit of any account between the close of the tenth day and the last day of each month. Most banks pay interest on a half yearly basis.