Savings account
It is a demand deposit that must be available immediately
Frequently Asked Questions (FAQs)
- Can the bank charge for little or no movement in an account?
A. No, the existing banking regime prohibits banks from charging this type of fees for savings accounts (Banking Rule 4-2011). - Can the bank close my bank account because of inactivity?
A. If 5 years have passed form the last movement, the bank can close the bank account. See Banking Rule 5-2009.