First bank to introduce savings account in India

Q.  Which was the first bank to introduce savings account in India?
- Published on 08 Feb 17

a. Bank of Hindustan
b. General Bank of India
c. Presidency Banks
d. Bengal Bank

ANSWER: Presidency Banks
 
  • Bank of Bengal- 1809
  • Bank of Bombay – 1840
  • Bank of Madras – 1843

These three individual units were called as Presidency Banks. These Presidency banks worked as quasi central banks in India for many years under the British Rule.

In 1921, all presidency banks were amalgamated to form the Imperial Bank of India.

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