What is the purpose of a savings account?

A savings account is the most basic account one can open. It is a suitable option for individuals who would like to deposit their money to keep it safe with the bank. A saving account is ideal for salaried employees or for those who have a monthly income to be deposited in their accounts. A savings bank account is a basic account type that lets you deposit money safely with a bank and helps you earn interest.

Facilities such as ease of making transactions from anywhere through internet banking, debit card, cheques, ATM facilities, saving interest rates, etc. are the benefits that accompany having a savings account.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

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