What is Savings Account ?

A Savings Account is a virtual vault created by the HWCTCSL on the request of an individual, in which account holder can safely and securely store a virtual representation of his / her real wealth. Account type differs in the terms on which you can use them, with regard to deposits, timing, withdrawals, interest rates, purpose, etc. In today’s world, hard cash in a gunny sack isn’t the safest or smartest way to manage your finances. Today, all the account holder stash their money with HWCTCSLs, who have enabled us to track their balances, transactions, etc. through a variety of means – both in print, and online. When an individual approaches to us with some money and requires a secure place to store that money, the HWCTCSL will offer the individual its most basic product – a savings account.

Why Open a Savings Account?

In HWCTCSL,we require the account holder to maintain a minimum account balance of a certain amount, failing which, HWCTCSL charges a maintenance fees. Savings accounts generally offer an interest rate slightly higher than the rate of inflation, in order to keep the real value of money stable throughout the years. Modern savings accounts are feature packed and offer quick links to pay bills, make quick transactions, etc. to the account holder as soon as he / she logs in to the account.

  • Savings accounts have daily withdrawal limits so that they aren’t used as current accounts.
  • Savings accounts are generally not zero-balance accounts.
  • Savings accounts offer an excellent amount (if not as much as current accounts) of liquidity of funds.
  • Savings accounts are usually opened by salaried individuals, as business people usually prefer to maintain current accounts that offer less interest but more liquidity and generally have no minimum balance requirements.

In HWCTCSL, customize savings accounts depending on the general type of usage the account witnesses in its lifetime. A savings account is a virtual vault that holds your money, allows you to withdraw a certain amount from it at certain intervals, and adds to itself a small amount (as interest) each year. Savings accounts are the most common type of account held by individuals around the world and we offer most flexible plan to our member.

Savings Account Details
Sl. No. A/c Opening Type (In Rs) Minimum Average Balance To Be Maintained Throughout A Financial Year (In Rs) Penalty (In Rs) ROI (%) Per Year ROI (%) Per Quarter
1. 1000 0 to 999 100 0 0
2. 5000 5000 To 9999 200 4 1
3. 10000 0 to 999 250 5 1.25
4. 25000 25000 To 49999 350 5.5 1.375
5. 50000 50000 To 99999 450 6.25 1.5625
6. 100000 100000 To 199999 650 7 1.75
7. 200000 200000 To 299999 1000 8 2
8. 300000 300000 and above 1250 6 1.5