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In the current era, depositing money in a bank is a secure investment method, chosen by the vast majority of people. However, not everyone is familiar with or comprehends this type of financial transaction.
What is a savings account?
First-time individuals going to deposit savings often have questions like: How much money is needed to deposit savings? What documents are required to open a savings account? How to deposit savings with high interest rates?
To answer these questions, Mytour invites you to explore the article: 'What is a savings account?'
The article will provide you with the most comprehensive information about term and non-term savings accounts, including: concepts, features, and things to consider when depositing savings.
Agribank savings account
Understanding the concept of savings book
A savings book is a document issued by a bank to certify deposits from organizations and individuals. It contains information about the depositor, deposit amount, deposit time, interest rate, deposit date, maturity date, and signatures of the parties involved. Currently, there are two types: non-term and term savings books.
How much money is needed to open a savings book?
Customers can start saving with various currencies such as VND, USD, Euro, with a minimum amount, depending on the specific regulations of each bank.
For example:
- BIDV savings book: minimum deposit limit for VND, USD, Euro is 500,000 VND, 100 USD, 100 Euro respectively.
- Vietinbank savings book: minimum deposit amount is 100,000 VND/10 units of foreign currency.
- Techcombank savings book: Minimum deposit amount: 1,000,000 VND, 100 USD, 100 EUR, 100 AUD, 100 GBP, 100 JPY, 100 SGD.
- Agribank savings book: Minimum deposit amount: 1,000,000 VND, 50 USD, 50 EUR.
- ACB savings book: minimum deposit limit is 1,000,000 VND and 100 USD.
- VIB savings book: minimum savings amount required to open a savings book is 1,000,000 VND, 50 USD, 50 Euro.
What documents are needed to open a savings book?
When you have some money to spare and want to deposit it in the bank to earn interest, you will need to bring your valid identity card (with a validity period) or citizen identity card to the transaction counter of the banks to proceed with the deposit procedures. For foreigners, the required documents are a passport valid in Vietnam.
Upon depositing, your funds will be confirmed in your savings account and will earn interest based on the deposit interest rate of the bank, protected by deposit insurance regulations.
Quick Tips for Fast and High-Interest Savings
Deposit savings online via bank systems: With simple steps, you can deposit savings right at your home with a higher rate by 0.1% compared to depositing at the counter.
Fixed-term Savings Account
4. Some important considerations about savings accounts
After receiving a savings account passbook from the bank, it's crucial to double-check all the information to ensure its accuracy. Specifically,
- Depositor information: Full name, date of birth, place of birth, ID card number, etc.
- Deposit duration: Is the deposit duration stated on the passbook what you expected?
- Interest rate: Verify the interest rate corresponding to the deposit term, ensuring it matches the bank's advertised rate.
- Deposit method: Regular interest withdrawal or withdrawal upon maturity
- Signatures of involved parties: Transaction officer's signature, department head's signature, and the bank branch's stamp
After thoroughly checking all the details on the passbook, if everything is correct, you may leave. If there are any discrepancies or questions, it's essential to clarify with bank staff and request corrections for accuracy.
5. Safeguarding Your Savings Passbook
A savings passbook is the official document issued by a bank for your deposited funds. Therefore, it's crucial to handle it with care to avoid loss or damage.
In case you misplace your savings passbook, promptly report it to the issuing bank for timely assistance.
6. Key Tips for Bank Savings Deposits
To ensure the safest bank savings deposits, you need to pay attention to the following points.
- Choose a reputable bank with flexible deposit options that suit your financial conditions and usage plans.
- Register an account on the bank's system. With this account, you can regularly check the balance in your savings passbook, avoiding any potential 'loss of deposit' if it occurs.
- Prepare a 'power of attorney' document to authorize family members to manage your savings passbook, avoiding potential complications in the future.
With the information provided about savings passbooks in this article, your savings journey is sure to be much simpler and easier. Additionally, you should also consider How to Deposit with High Interest Rates at various banks.
See you again in future articles!
