There are different types of Savings Bank Accounts. After providing the bank address proof, photo identity proof a savings account is opened. There are different types of savings accounts. They are as discussed below:
A Public Savings Bank Card is secured card and issued by an FDIC insured bank that is located in the state of Pennsylvania. It is a great way for people that have no previous history to start to build their credit worthiness. Applications are also considered from those who have experienced past problems, and would like to build some positive history.
A saving bank account is basically a account where you deposit your money into this account and thus keep it safely. When you keep your money in this account, you will start earning interest on it. In other words, the bank pays you for keeping your money in the savings bank account. This earning is in the form of interest earned on the total amount kept with the bank. The bank takes care of the deposited amount. If you could carry your cash with you, all the time or keep it in the house, you are likely to loose it in the form of robbery or your house could be destroyed along with the money during, calamities. But if the same calamities take place while your money is kept in the bank, it will be the banks responsibility to pay you back at any cost. Thus you will not only cultivate the habit of saving money, by keeping the money in the saving bank account but, you are also assured that your money kept with the bank is safe and sound.