A Savings Bank Account is the most widely used type of Bank Account all around the world. Such an account is used for saving that money which is not immediately required by a person. Also, since money is kept for a relatively longer time, the rate of interest in a savings is also higher as compared to a current or checking account.
The best thing about Savings Account is that once you have deposited money, you will start getting interest on it. Since it is basically for saving purpose, you will probably not want the cash very fast. However, the best feature of this account is that you can withdraw money whenever you want. Your money stays liquid even though the purpose of the account is savings.
