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What do you understand by home saving safe account? |
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Answer» Home Safe Deposit Account is a very good means of encouraging thrift among persons having small income or among children. A person wishing to open an account has to give an application to the bank. After completion of all the formalities, the bank supplies a safe to the depositor, which he keeps with himself and in which he drops his small savings from time to time. Periodically the safe is taken to the bank where it is opened and the proceeds are credited to the account of the depositor. Such accounts carry only a very small rate of interest. The bank also provides withdrawal facility on this account but only after a certain amount has been deposited in the account. |
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