Savings accounts in Symba Microbanking allow clients to deposit and withdraw money. Savings accounts can be individual or group-based.

After creating a savings account application, the account needs to be approved and then activated before it can be used for deposits and withdrawals.

Account lifecycle

• Application - Create new savings account applications
• Approving - Approve or reject savings account applications
• Activating - Activate approved savings accounts

Account security

• Blocking and Unblocking savings accounts - Block accounts or restrict deposits/withdrawals
• Holds - Manually reserve and release funds in savings accounts
• Liens - View automatic holds created for loan guarantees

Automation

• Standing Instructions - Set up automatic recurring transfers between accounts

Group accounts

• GSIM (Group Savings with Individual Monitoring) - Create individual member accounts linked under a group structure
• Distributing group deposits - Distribute group deposits to individual member accounts

Related Topics

• Deposits - Process deposits into savings accounts
• Withdrawals - Process withdrawals from savings accounts