SAVING ACCOUNT:
Saving account is offered to the public to encourage their small savings. Those who open it include students, salaried persons, and small traders. These small savings by individuals constitute a huge amount at the bank. The account is subject to ZAKAT in Pakistan.
It can be opened with minimum amount of money. But in practice banks demand at least maximum amount of money to open it. The account holder can withdraw cash only twice a week. Bank offers interest on this account. If the balance falls below the required minimum level, the bank imposes a certain charge on account holder.
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