What is an interest earning savings account with limited transaction privileges?

An interest-earning savings account with limited transaction privileges is a type of bank account that allows you to earn interest on your deposited funds while restricting the number of withdrawals or transfers you can make within a specific period, typically per month. This limitation is often set to encourage saving and discourage frequent transactions. These accounts generally offer lower interest rates than other investment options but provide more liquidity than fixed deposits. They are ideal for individuals looking to save money while still having some access to their funds.