You should understand that most of the banks that opened these accounts are Public sector banks (or Government Banks). And most of these accounts have no minimum balance requirements and not many surprise charges. And deposits in Government banks are guaranteed (insured upto a certain amount). So there is no question of the money getting siphoned off.
Totally agree... also.. government run banks make it difficult to get loans than private banks.. and even to this date older people tend to stay away from private banks because of hidden charges and surprises.
