Question

At present Shruti has Rs.32 Lakhs in her savings account in Axis Bank. She has
a good salary and maintains good balance. Ritvik, a manager in Axis Bank
advised her to maintain an account which is a combination of both savings and
deposit A/C
Identify the type of A/c Ritvik wants Shruti to open and explain about that Alc​

Answer 1

Answer:

The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.” -- Thornton T. Munger

This beautiful and thought-provoking quote by a pioneering research scientist for the U.S. Forest Service in the Pacific Northwest, known for founding research operations at the Wind River Experimental Forest, is relevant even to the world of personal finance.

If you are disciplined in handling money, every penny saved will be a penny earned. Saving hard-earned money can enable you to lead a healthy financial life.

Money saved diligently, should be parked in a savings account. Everyone, irrespective of the economic strata, what you do for a living, and residential status, should open a savings bank account. For minors too, a savings bank account should be opened by their parents/guardians, so that they too learn to save at an early age, and value money.