Banking
What is Savings Account? — Meaning, Definition & Example
Definition
A savings account is a basic bank deposit account that earns interest (currently 2.7-7% depending on the bank) and allows easy deposits and withdrawals. Interest up to ₹10,000 per year is exempt from tax under Section 80TTA (₹50,000 for senior citizens under 80TTB).
💡 Real Example
Keeping ₹3 lakh in a savings account at 4% earns ₹12,000 annual interest. First ₹10,000 is tax-free under 80TTA; only ₹2,000 is taxable.
🇮🇳 Savings Account in Hindi / हिंदी में
बचत खाता — बचत खाता एक बुनियादी बैंक जमा खाता है जो ब्याज अर्जित करता है (वर्तमान में 2.7-7%) और आसानी से जमा और निकासी की अनुमति देता है।
Savings Account (Hinglish) — Savings account ek basic bank account hai jisme interest milta hai (2.7-7% bank ke hisaab se). ₹10,000 tak ka interest Section 80TTA ke under tax-free hai.
❓ Frequently Asked Questions
What is Savings Account in simple words?
A savings account is a basic bank deposit account that earns interest (currently 2.7-7% depending on the bank) and allows easy deposits and withdrawals. Interest up to ₹10,000 per year is exempt from tax under Section 80TTA (₹50,000 for senior citizens under 80TTB).
Can you give an example of Savings Account?
Keeping ₹3 lakh in a savings account at 4% earns ₹12,000 annual interest. First ₹10,000 is tax-free under 80TTA; only ₹2,000 is taxable.
What is Savings Account meaning in Hindi?
In Hindi, Savings Account is called बचत खाता. बचत खाता एक बुनियादी बैंक जमा खाता है जो ब्याज अर्जित करता है (वर्तमान में 2.7-7%) और आसानी से जमा और निकासी की अनुमति देता है।