Savings account is the most popular type of demand deposit used by the customers to keep their savings with the banks. Banks pay a nominal interest rate on this account which can be regulated or deregulated by the Central bank. The savings account can be with a cheque facility or without a cheque facility and should have some minimum balance to be maintained in the account to make it operational.
Currently ATM, online banking, online fund transfer, bill payment etc. services are provided free of cost for these accounts to attract more customers.