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What is the maximum number of transaction allowed in a savings account?
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∙ 11y ago
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Wiki User
∙ 11y ago
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How much money is allowed in one savings account?
I don't believe that there is a maximum limit. However, in the United States, there is a maximum amount that is insured by the FDIC, to pay you back in case the bank fails. The limit is often revised, but is currently (a of March 8, 2014) $250,000 per account owner.
What is the maximum amount of cash you can deposit in Savings bank account without PAN card?
Technically speaking - it is 49,999 rupees. As per the mandate by RBI, you are required to produce your PAN card if you are depositing more than Rs. 50,000 into your bank account. However, just because you need not submit PAN Card does not mean your transaction will go unnoticed. Any unusual transaction and large volume transaction will be monitored by the bank and will be reported to the RBI and Tax departments if the bank feels suspicious.
Are there any fees on the debit card?
Not usually. You can only use a debit card IF there are already sufficient funds in the linked bank account to complete the transaction. Debit cards are usually linked to savings accounts (rather than a current account). You cannot overdraw on a savings account - therefore there are no fees incurred.
Can you use your savings account to pay online bills?
Yes it works the same way a checking account does, meaning you enter your routing and account number into their respective fields, this method is limited as there are only so many third party transfer allowed on a savings account per month.
What is a compound interest savings account?
Its where your savings account earns interest on the interest.
Why do business people prefer the Current Account?
as there are no transaction limits, deposit limits as compared to savings account
Why should a company open a business savings account?
A company open a business savings account because it makes transaction and payment much easier. You can read more at www.citibank.com/savings
What is a characteristic of the coverdell education savings account?
there is a maximum yearly contribution limit.
How do you know if your bank has high interest savings account?
If your bank has a savings account with a high APY interest and daily compounded interest, which will give you maximum earnings, with no minimum balance required and no monthly fees, if the account is also FDIC insured to the maximum allowed by law to maximize your coverage, if the actual variable rate will go into effect when you make the opening deposit, and the account allows a high number of transactions per statement cycle with no fees, then you can rest assured your bank does, indeed, have high interest savings accounts.
What is a Bank account book?
In the days before computers we used to use a "bank account book" or a transaction register to keep a log of our savings account. It was much like a checking transaction register. Your bank generally would "stamp" in the deposits and withdrawals.
How much money is allowed in one savings account?
I don't believe that there is a maximum limit. However, in the United States, there is a maximum amount that is insured by the FDIC, to pay you back in case the bank fails. The limit is often revised, but is currently (a of March 8, 2014) $250,000 per account owner.
What is current account in bank?
A current account is an account used predominantly by businessmen. There usually a higher number of transactions that are allowed in a current account when compared to savings account and it also earns much lesser interest than a savings account. Savings accounts are much more common in India than current accounts.
Can someone else open a savings account for you?
No. A Savings account can only be opened by the individual who is going to own and operate the account. Proxy account openings are not allowed in the banking industry. Unless the customer makes a trip to the bank, he/she cannot get a bank account opened.
How many electronic transfers can you have from a savings account?
Federal Regulation D allows you to make a maximum of six electronic transfers from a savings account each calendar month. If you have more than one savings account, the limit of six transfers applies to each account. If you have reached the maximum number of electronic transfers per month and need access to your funds you may withdraw them at an ATM or within the bank branch.
Can you open a saveigs account for a friend?
No. You cannot open a savings account for your friend. Only the concerned person who wants the account can open the account. Proxy account opening is not allowed.
What are the advantages for an individual to contribute the maximum deductible amount allowed to a retirement account?
It will maximize their tax savings by putting as much in as possible. Depending on the type of account, it may have benefits with the employer matching some of the contributions. They are saving toward retirement, and that is always a good thing.
What is the maximum amount of cash you can deposit in Savings bank account without PAN card?
Technically speaking - it is 49,999 rupees. As per the mandate by RBI, you are required to produce your PAN card if you are depositing more than Rs. 50,000 into your bank account. However, just because you need not submit PAN Card does not mean your transaction will go unnoticed. Any unusual transaction and large volume transaction will be monitored by the bank and will be reported to the RBI and Tax departments if the bank feels suspicious.
