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SoFi is a bank that offers a combination checking and savings account paying out up to 4.00% APY with direct deposits without monthly account maintenance fees or minimum balance requirements.
In banking, a minimum daily balance is the minimum balance that a banking institution requires account holders to have in their accounts each day in order to waive maintenance fees. [1] This is not to be confused with the average daily balance, which is computed as the sum of daily balances in a billing period divided by the number of days.
One common application of the BAI format is for use by banks to transmit returned item data to customers (for example, checks which have been marked insufficient funds (NSF)). The current release is Cash Management Balance Reporting Specifications Version 2 , typically referred to as BAI2 .
Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount owed by the bank to the customer. In other words, the banker-customer (depositor) relationship is one of debtor-creditor. Some banks charge fees for transactions on a customer's account.
The reserve bank has also introduced Basic Savings Bank Deposit Account [5] which has certain limits, but allows customer to start a bank account with no minimum balance. They were not popular among the common man until the 1920s. [6] Savings accounts did not exist at most banks in India for a lot of time.
A money market account (MMA) or money market deposit account (MMDA) is a deposit account that pays interest based on current interest rates in the money markets. [1] The interest rates paid are generally higher than those of savings accounts and transaction accounts; however, some banks will require higher minimum balances in money market accounts to avoid monthly fees and to earn interest.
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Bank of Baroda (BOB or BoB) is an Indian government Public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India . Based on 2023 data, it is ranked 586 on the Forbes Global 2000 list.