Question: What Is A Basic Savings Account?

What is basic savings bank account?

The Basic Savings Bank Deposit Account or BSBDA is a Savings Account that does not have a minimum balance.

In contrast, a BSBDA has a maximum account balance that has to be maintained.

The bank allows a certain number of deposits and withdrawals in the month that are free of cost..

What are the 3 types of savings accounts?

While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit. Each one starts with the same basic premise: give your money to the bank and in return the money will earn interest.

What is the difference between saving account and basic saving account?

This savings account has all the features and benefits offered by the Regular Savings Account (except that it allows only four cash withdrawals in a month). The aim of the basic savings account is to provide primary banking services at a very nominal charge.

Does simple have a savings account?

Do you offer savings accounts? Nope, we don’t offer dedicated savings accounts (although your Simple account has built in savings tools). This may change down the road; we’ll keep you posted as we have news on that front.