do basic savings account have a maturity date
A savings account is the most basic type of bank account and is used by individuals (singly or jointly) to park money for carrying out various day-to-day financial transactions. These accounts do not have any maturity or end date, unless the customer specifically requests for a closure. Interest rates: Savings accounts give interest on the money deposited in them. The interest is calculated on the minimum balance kept in the account on a daily basis. But the interest earned on these accounts is not paid out quarterly instead of monthly. The interest rates applicable on these accounts vary from bank to bank. Earlier, the savings account rates were regulated by RBI at 4%. But after de-regulation in 2011, banks are now free to offer their own rates.