Savings Bank

A savings bank is a form of financial services provider and the principal objective of this bank is to receive savings deposits. Nevertheless, a savings bank carries out a number of other operations.In the European continent, the origin of savings bank dates back to the 19th century or in some instances to the 18th century.

The primary aim behind the incorporation of these banks was to offer savings products to every layer of the society that are conveniently approachable. In a number of countries, the formation of savings banks was carried out by public movements. In other countries, people who were devoted to social causes formed institutions for the purpose of introducing the required infrastructure for savings banks.

Presently, the savings banks in Europe are concentrating on the products and services related to retail banking and this include savings products, payment products, insurances and credit (loans) for small and medium scale enterprises or individuals. Besides this concentration on retail banking, they additionally have distinctive features than that of the commercial banks in terms of their widely deconcentrated network for distribution that offers regional and local access.
In New Zealand, there was no presence of savings bank in the official form after the year 1987 and all those banks were substituted by the registered banks. In the erstwhile Soviet Union, the Russian expression ‘sberkassa’ was conventionally used to describe a savings bank. Nevertheless, these were not actually banks in the general context. In the beginning, they functioned as retail outlets of Gosbank (the sole Soviet State Bank) till the year 1987 and USSR Savings Bank or Sberbank since.

In the United Kingdom, savings banks are also known as trustee savings banks and in the United States, savings banks function in the form of mutual savings banks and savings and loan associations.

The leading savings banks all over the world include the following:

Lloyds TSB
Hong Kong and Shanghai Banking Corporation Ltd. or HSBC
State Bank of India
Axis Bank
Standard Chartered Bank
Deutsche Bank
American Express Bank Ltd.


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Last Updated on : 1st July 2013

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