What is saving bank?

Answer 1

A Savings bank is the most simple and traditional form of bank account. you can deposit cash and withdraw it whenever you want. Since you can withdraw your money anytime, the interest you earn on it is very minimal. Usually banks offer 3.5% to 4% on the minimum balance maintained by you in your account.

Answer 2

A Savings Bank Account is the basic type of bank account where customers can park or save their surplus cash. The money in the account is extremely liquid and can be withdrawn by the customer anytime they want. As a result, the interest rate provided by the banks on such accounts is also very less. In India the savings account interest rate is 4%. Banks may also give you cheque books and ATM/Debit cards to operate your bank account.