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The customer who owns the savings account and his family will benefit from it. 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 The money in the account is extremely liquid and can be withdrawn by the customer anytime they want.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.

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