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- Savings Account
- Different types of Savings Account
Types of Savings Account
Features & Benefits of Savings Account
- Banks offer special savings accounts to cater to the needs of different groups of people.
- On a regular savings account, you earn a small percentage of interest on the balance throughout the year.
- A salaried savings account, is designed for salaried individuals and is featured with no-minimum balance requirement.
- Senior citizen savings account provides financial security to the senior citizens and offers higher interest rates.
- Children or minor savings accounts allow parents to save for their children with no minimum balance requirement.
- Banks also offer Women Savings accounts at higher interest rates to women customers.
- With the zero-balance savings account, you no longer need to go through the trouble of maintaining a minimum balance.
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Types of Savings Account
Savings accounts offer a high range of features, facilities and benefits. What makes the savings accounts more convenient is the set of different types of savings account accessible in the market that are designed to meet different savings account customers. There are mainly five types of bank account:
- Regular or Basic Savings Account
- Salary Savings Account
- Senior Citizen Savings Account
- Children’s Bank Account
- Women’s Savings Account
Below are detailed descriptions for each type of savings bank account.
Regular Savings Account
Regular or basic savings accounts allow you to deposit money whenever you want. The account earns a small percentage of interest on its balance throughout the year. You will be required to maintain a minimum balance in your savings account and pay a penalty if you fail to do so. You can avail freedom in terms of deposits and tenure; however, withdrawals will be limited.
Regular Savings Accounts Offered by Top Banks
Here is a list of the top most banks offering Regular or Basic savings accounts together with the interest rates and required minimum balance.
Bank | Minimum Balance Required | Saving Account Interest Rate |
---|---|---|
Yes Bank Customizable Savings Account | Customized Account: Rs. 10,000, Yes First: Nil, Yes Primia: Rs. 2 Lakh | 4.00% - 5.50% |
DBS Bank Digi Account | Average Monthly Balance of Rs. 5000 | 3.00% - 4.00% |
SBI Basic Savings Bank Account | NIL | 2.70% |
HDFC Bank Regular Savings Account | Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account | 3.00% - 3.50% |
ICICI Bank Regular Savings Account | Rs. 10,000 in metro and Urban locations, Rs. 5,000 in Semi Urban and Rs. 2,000 in Rural locations | 3.00% - 3.50% |
ESAF Small Finance Bank Regular Saving Account | Rs. 1,000 | 4.00% - 7.00% |
AU Small Finance Bank Samarth Saving scheme | Rs. 5,000 | 3.50% - 7.00% |
Equitas Small Finance Bank Regular Saving Account | N.A | 3.50% - 7.00% |
Jana Small Finance Bank Regular Saving Account | Rs. 2,500 | 3.50% - 7.25% |
Ujjivan Small Finance Bank Ujjivan Bank Regular Savings Account | N.A | 4.00% - 7.00% |
Salary Savings Account
As the name suggests, Salary savings accounts are for salaried individuals. Generally, employers create salary savings accounts for employees. Besides the key benefits of savings accounts, you also get the feature of a no-minimum balance requirement. However, the salary accounts are automatically turned into Regular savings accounts if no salary has been credited to the accounts in consecutive three months. In such a case, the accounts will be subject to a minimum balance requirement.
Salary Savings Account Offered by Top Banks
Banks | Interest Rates |
---|---|
SBI | 2.70% - 2.70% |
HDFC Bank | 3.00% - 3.50% |
ICICI Bank | 3.00% - 3.50% |
Axis Bank | 3.50% - 4.00% |
Senior Citizen Savings Account
The key object behind a senior citizen savings account is to provide financial security to senior citizens. The Senior Citizen savings account offers higher interest rates with minimum balance requirement. This sort of account can be linked to pension funds.
Top Senior Citizen Savings Account
Bank | Name of Savings Accounts |
---|---|
Yes Bank | Yes Respect Savings Account |
HDFC Bank | Senior Citizens Account |
Induslnd Bank | Indus Senior Savings Account |
Kotak Bank | Grand- The Savings Programme for the 55+ |
State Bank of Indian | Senior Citizen Savings Scheme |
IDFC Bank | Senior Citizen Savings Account |
Canara Bank | Canara Jeevandhara |
ICICI Bank | Life Plus Senior Citizens Savings Account |
Axis Bank | Jubilee Plus Account (Senior Citizens) |
Children and Minor Savings Account
Children or minor accounts are for those who have not reached the age of 18. The aim behind Children savings account is to create a sense of investment in children and to allow parents to save for their children. The Children and Minor savings account offer the same features as the Regular savings accounts. No minimum balance is required for managing a Children or Minor account.
Children Savings Account Offered by Top Banks
Below mentioned is the list of banks providing savings accounts for children and minors.
Bank | Name of Savings Accounts |
---|---|
Yes Bank | MY First Yes |
ICICI Bank | Young Stars Savings Account Smart Star Savings Account |
Axis Bank | Future Stars Savings Account |
IDBI Bank | Power Kidz Account |
IDFC Bank | Minor Saving Account |
South Indian Bank | Junior Savings |
Andhra Bank | AB Kiddy Bank AB Little Stars AB Teens |
SBI | Pehla Kadam and Pehli Udaan |
HDFC Bank | Kids Advantage Account |
PNB | PNB Junior SF Account PNB Vidyarthi SF Account |
Kotak Bank | Junior- Savings Account for Kds |
Indian Bank | IB Smart Kid SB Account |
Canara Bank | Canara Junior Saving Account |
UCO Bank | UCO Smart Kids Savings Bank Scheme |
Women’s Savings Account
Women’s savings accounts are designed for women customers. In addition to providing the benefits that come with the Regular savings accounts, Women’s savings accounts offer higher interest rates, discounts on other bank products.
Women Savings Accounts Offered by Top Banks
Below is the list of banks offering Women’s savings accounts.
Bank | Name of Savings Accounts |
---|---|
HDFC Bank | Women's Savings Account |
Axis Bank | Women's Savings Account |
IDBI Bank | SuperShakti (Women’s) Account |
Kotak Bank | Silk-Women's Savings Account |
ICICI Bank | Advantage Woman Savings Account |
PNB | PNB Power Savings |
South Indian Bank | Mahila Plus Savings Bank |
Savings Account Facilities
Following are the facilities that banks provide via savings accounts.
- Savings account offers interest rate in the range of 0.50% to 7.25%.
- Avail savings account with passbook, cheque book, debit cards and credit cards.
- There are different types of savings account to serve different customer requirement.
- You can withdraw money from your savings account using ATMs located across the country.
- With savings account, you can make online payments using net banking, debit cards and UPI.
- You can auto debit your loan EMIs through your savings account.
- Enjoy the benefits of joint savings accounts.
- Get notification or alert via mail or SMS for every transaction.
- View your account statements via mail, SMS or e-banking.
- If you are a savings account holder, you can apply for loans through the net banking platform.
Savings Account Charges
Opening and maintaining savings accounts are subject to several charges. While banks may charge some fees as per their procedures. Below is the list containing common charges of savings accounts.
Charges | Amount to be deducted |
---|---|
Non-maintenance charge | From ₹ 150 to ₹ 300 |
Charge for transactions at account holding branch of the bank |
|
ATM Transaction from any other bank |
|
FAQs
✅What are the 3 types of savings accounts?
The three types of savings accounts are:
- Regular savings account: You can deposit money and earn interest. You will be required to maintain a minimum balance.
- Salary savings accounts: Employers mainly create these accounts for generating salary. There is no minimum balance requirement.
- Special savings accounts: Senior Citizen savings accounts, Children savings account and Women’s savings accounts fall under this category.
✅What are the four main types of savings accounts to select from?
The four main types of savings account to select from are:
- Regular savings accounts for operating a basic savings account.
- Salary savings accounts for salary transactions.
- Senior Citizen savings accounts for senior citizens.
- Women’s savings account for women.
✅What is a basic savings account?
A basic or regular savings account allows you to save money and earn interest on the investment. There is no limit for deposit and for the time period you can hold the account. However, you will be required to maintain a minimum balance.
✅What are the features of savings account?
The main features of savings account are as follows:
- Making and receiving payments online
- Facility to use net-banking and mobile banking
- Availability of the auto-sweep feature
- No limit for tenure and deposit.
- Facility of debit card which can be used to withdraw money or make payment.
✅What is better than a savings account?
One of the better instruments is Fixed Deposits, they are excellent financial instruments and offer higher returns, below are the features of FDs:
- Tenure ranges between 7 days to 10 years
- Secured returns
- Interest income compounded monthly, quarterly or annually.
- Penalty against partial or full withdrawal facility
- Loan against deposits available
- Senior citizens get higher interest rates in the range of 0.25 -1.00 %.
✅Can I lose money in a savings account?
Yes, there are chances that you might lose money in the savings accounts. If the inflation rate is greater than the interest received on the saving accounts then in the long run your account is fetching you negative returns. The best way to subside this issue is to invest in a financial instrument that offers higher returns than the inflation rate in the economy. Currently, the inflation rate in the economy is around 6%.
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