The basic product that most of us associate with in the formal banking channel is a savings bank account. For most of us, it is our first relationship with a bank. Though you may have opened a savings account without paying any fees, you need to be aware that there are charges that can be associated with it. You can get details of all these charges and fees on your bank’s website. Here is a look at some of them.
Minimum monthly average balance: Most banks ask you to maintain a minimum monthly average balance in your savings account. The minimum amount you need to maintain usually varies from bank to bank and also depends on where you live.
