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SavingAccountinBankMeaning,
Features,Advantages
Post:GauravAkrani.
Date:2/06/201108:15:00PMIST.
NoComments.
Label:Banking.
MeaningofSavingAccountinBank
Commercialbanks(likeICICI,HDFC,etc.),cooperativebanks(likeSaraswat,
Cosmos,etc.),publicsectorbanks(likeStatebankofIndia,BankofIndia,etc.)
and postal departments accept deposits by way of opening saving bank
accountwiththem.
The'savingaccount' is generally opened in bank by salaried persons or by
the persons who have a fixed regular income. This facility is also given to
students,seniorcitizens,pensioners,andsoon.
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Saving accounts are opened to encourage the people to save money and
Fayol'sPrincipleofDivisionof
WorkMeaning,Example,
Explanation
BalayamNailRubbingExercise
CuresAlopecia,HairLoss,Bald
collecttheirsavings.
InIndia,savingaccountcanbeopenedbydepositing100(approx.US$2)to
5000(approx.US$100).Thesavingaccountholderisallowedtowithdraw
moneyfromtheaccountasandwhenrequired.Theinterestwhichisgivenon
savingaccountsissometimeattractive,butoftennominal.
Atpresent,therateofinterestrangesbetween4%to6%perannuminIndia.
The interest rates vary as per the amount of money deposited (lying) in the
savingbankaccount,schemeopted,anditsmaturityrange.Itisalsosubjectto
currenttrendofbankingpoliciesinacountry.
PrinciplesofGoodLayoutforan
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BasicAssumptionsofLawof
Demand
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FeaturesofSavingAccount
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SavingAccountinBankMeaning,Features,Advantages
BasicPrinciplesofInsurance
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Themainfeaturesofsavingaccountinbankareasfollows:
IndianMoneyMarketFeatures,
DrawbacksandRecentReforms
1.Themainobjectiveofsavingaccountistopromotesavings.
2.Thereisnorestrictiononthenumberandamountofdeposits.However,
ConceptofMarketingResearch
(MR)MarketingResearchProcess
inIndia,mandatoryPAN(PermanentAccountNumber)detailsarerequired
tobefurnishedfordoingcashtransactionsexceeding50,000.
3.Withdrawalsareallowedsubjecttocertainrestrictions.
MANAGEMENT
4.Themoneycanbewithdrawneitherbychequeorwithdrawalslipofthe
respectivebank.
5.Therateofinterestpayableisverynominalonsavingaccounts.At
ManagementFunctionsAnd
Process,ManagementThought
presentitisbetween4%to6%p.ainIndia.
6.Savingaccountisofcontinuingnature.Thereisnomaximumperiodof
PlanningFirstPrimaryImportant
FunctionOfManagement
holding.
ManagementByObjectives
(MBO)PeterDruckerMBO
7.Aminimumamounthastobekeptonsavingaccounttokeepit
functioning.
DecisionMakingProcessIn
ManagementProblemSolving
8.Noloanfacilityisprovidedagainstsavingaccount.
9.ElectronicclearingSystem(ECS)orEBankingareavailabletopay
Authority,Responsibilityand
AccountabilityInManagement
electricitybill,telephonebillandotherroutinehouseholdexpenses.
10.Generally,equatedmonthlyinstallments(EMI)forhousingloan,
PrincipleofDelegationof
AuthorityImportanceofDelegation
personalloan,carloan,etc.,arepaid(routed)throughsavingbank
account.
OrganisationOrganizational
StructureOrganisationalChart
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andLimitationsofDecentralization
AdvantagesofSavingAccount
ManagerialLeadershipLeader
QualitiesLeadershipTheories
Theadvantagesofsavingaccountareasfollows:
1.Savingaccountencouragessavingshabitamongsalaryearnersand
otherswhohavefixedincome.
2.Itenablesthedepositortoearnincomebywayofsavingbankinterest.
3.Savingaccounthelpsthedepositortomakepaymentbywayofissuing
cheques.
4.Itshowsincomeofasalariedandotherpersonearnedduringtheyear.
5.Savingaccountpassbookactsasanidentityandresidentialproofofthe
accountholder.
6.ItprovidesafacilitysuchasElectronicfundtransfer(EFT)toother
people'saccounts.
7.Ithelpstodoonlineshoppingviafacilitylikeinternetbanking.
FINANCE
9.ItprovidesimmediatefundsasandwhenrequiredthroughATM.
10.Thebankoffersnumberofservicestothesavingaccountholders.
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8.Itaidstokeeprecordsofallonlinetransactionscarriedonbytheaccount
holder.
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