2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Gone are the days when money was kept in savings books. Today, many banks offer users modern services. They provide a convenient way to accumulate savings that earn interest, as well as spend funds as needed.
Term savings account is considered to be a bank deposit used by the client to store personal savings. It allows its owner to freely dispose of and operate their own funds. In addition, such an account provides good opportunities for receiving interest income on an existing deposit.
Opening this financial instrument
It doesn't take long to open a savings account. Moreover, not only residents of the Russian Federation, but also foreign citizens can do this. The minimum amounts that must be paid as an initial contribution are not limited by any framework, so such a deposit is very convenient forany categories of legal entities and individuals.
A citizen who is going to open a personal savings account should visit the selected bank and make an appropriate application. You must have a passport or a document that can confirm your identity (for citizens of other states) and the right to reside in Russia. After signing all official documents, an employee of a financial institution will open an account.
Savings book is no longer issued.
The client will receive a personal number, which he will need in the future to carry out any banking operation.
The bank card can act as the main instrument for operating a fixed-term savings account. Practice shows that recently many customers prefer plastic cards, as their use is more convenient. They allow you to control your account at the right time from anywhere in the world.
It should be remembered that the number is very important information. If a bank client cannot use this requisite, he loses the opportunity to carry out transactions with money on a savings account. In this regard, the details should be stored carefully, and it is highly undesirable to transfer them to anyone. What is unique about the Savings Account deposit?
Advantages, features
The main feature that distinguishes it from other types of accumulative programs is perpetuity. To be more precise, the client has the right to independently determine the period during which hissavings will be kept in a bank account. This approach makes it possible to improve the quality of cooperation between a financial institution and a depositor. However, in certain situations, banks have the right to early terminate agreements with their depositors, which is regulated by the relevant financial legislation.
Usually, the bank decides to terminate the agreement in cases where the balance of the client's deposit remains zero for a long time. Also, the bank is able to freeze a savings account if the client does not carry out any financial activity on it for two years.
Operations at any time
The indisputable advantage of savings accounts is that the owner has the right to carry out transactions, replenish or withdraw savings at any time. Such transactions can be carried out by the client from any place by non-cash or cash transfers. There are no restrictions on transactions - a bank client can deposit absolutely any amount, just like withdrawing the required amount of money from the card.
Besides this, customers who operate a savings account using a plastic card may not worry about the security and safety of their own deposits, as the funds are reliably protected by specially designed security systems. They are almost impossible to bypass.
Closing process
Savings account holders have the right to close the program at any time. To do thisvisit the bank and apply accordingly. Only its owner can close an account, that is, any other person cannot do this.
The bank representative will first check all the data in the application, and then begin the closing procedure. When the contract is terminated, the depositor is first given all the remaining savings, and then the account itself is canceled. Together with this, all additional banking services that the depositor used are disabled.
Closing such an instrument online
Recently, many banks provide their customers with such a service as closing online. But this approach has certain disadvantages - there is a possibility that an unauthorized person will gain access to the savings account. Therefore, banks usually allow the client to freeze their own service remotely, and to close it directly, you will have to visit a banking institution.
Fares and interest on savings accounts in banks
In addition to the fact that the client, opening such a deposit, gets the opportunity to store money, he also has the opportunity to receive a certain income in the form of interest. Each bank has its own tariff rates and interest rates for deposits of this kind.
The most popular product is a savings account with Sberbank. The client of a financial institution gets the opportunity to save his own savings, and he is not limited in carrying out operations. To open a deposit, a person will have to depositthe minimum amount for it is 10 rubles. After that, he can deposit and withdraw any amount.
In addition, interest will accrue on the balance of funds. So, if the account balance does not exceed 30 thousand rubles, the client will receive 1% of income; up to 100 thousand rubles - 1.1% of income (and further, in increasing order). The maximum interest rate for this product is 1.8%. It is this income that a client can count on if he has more than 2 million rubles in his account. The conditions of other banks are different, you can get acquainted with them on the official portals or by contacting the selected institution.
It is worth noting a significant drawback of savings accounts - due to the fact that the owners get the opportunity to unlimitedly dispose of their own funds, banks charge very small interest on them. So it is hardly possible to accumulate funds in this way.
Reviews about this financial product
Reviews about savings accounts are rather mixed. Due to the low interest rates on them, many customers prefer to make term deposits. However, some use a similar product for more convenient rotation of funds and simple savings, and not for profit.
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