Types of Savings Account
Features & Benefits of Savings Account
- Savings accounts offer high liquidity.
- You can make payments from your savings accounts, using debit cards, net banking, UPI payments, etc.
- With the zero-balance savings account, you no longer need to go through the trouble of maintaining a minimum balance.
- You can link your Public Provident Fund, Demat account and other investments to your savings accounts. Thus, the sum gained on the investment will be transferred to the savings account.
- You can avail the feature of auto sweep with your savings account. It will help you earn more interest on your idle lying money in the bank.
- Savings accounts provide auto-debits for payments. It helps you in making your mandatory payments on time.
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Savings Account Facilities
Following are the facilities that banks provide via savings accounts.
- Avail facilities like passbook, cheque book, debit cards and credit cards.
- There are different types of savings account to serve different types of requirement.
- You can withdraw money from your savings account using ATMs located across the country.
- Make online payments using net banking,debit cards and UPI.
- Auto debit your EMIs through your savings account.
- Enjoy the benefits of joint accounts.
- Get notification or alert via mail or SMS for every transaction.
- View your account statements via mail, SMS or e-banking.
- Apply for loans through the net banking platform
Documents Required to open Savings Account
Opening and managing savings accounts have become easier with the emerge of net banking. The procedure may vary from bank to bank. However, the requirement for documents is more or less the same. Here is the list of documents you will require while opening a savings account.
- Identity proof (Voter’s card, Aadhaar Card, Passport etc.)
- Address proof (Voter’s card, Aadhaar Card, Passport etc.)
- PAN card
- Passport size photograph (the number varies from bank to bank)
Remember, the PAN Card is a must for holding a bank account and the Government has made it mandatory to link the bank account with Aadhaar cards.
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. There are mainly five sorts of savings accounts.
- Regular or Basic Savings Account
- Salary Savings Account
- Senior Citizen Savings Account
- Children Savings Account
- Women’s Savings Account
Below are detailed descriptions for each type of savings 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 penalty if failed to do so. You can avail freedom in terms of deposits and tenure; however, withdrawals will be limited.
Types of Regular Savings Accounts Offered by Top Banks
Here is a list of top most banks offering Regular or Basic savings account together with the interest rates and required minimum balance.
Bank | Minimum Balance Required | Interest Rate |
---|---|---|
DBS Bank Digi Account | Average Monthly Balance of Rs. 5000 | 3.50% - 5.00% |
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% |
Axis Bank Basic Savings Account | NIL | 3.50% - 4.00% |
Ujjivan Small Finance Bank Ujjivan Bank Regular Savings Account | N.A | 4.00% - 6.50% |
ESAF Small Finance Bank Regular Saving Account | Rs. 1,000 | 4.00% - 7.00% |
AU Small Finance Bank Samarth Saving scheme | Rs. 5,000 | 4.00% - 7.00% |
Equitas Small Finance Bank Regular Saving Account | N.A | 3.50% - 7.25% |
Jana Small Finance Bank Regular Saving Account | Rs. 2,500 | 3.50% - 7.25% |
Salary Savings Account
As the name suggests, Salary savings account are for salaried individuals. Generally, employers create salary savings account for employees. Besides the key benefits of savings accounts, you also get the feature of 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.
Senior Citizen Savings Account
The key object behind senior citizen savings account is to provide financial security to the senior citizens. The Senior Citizen savings account offers higher interest rates and no minimum balance requirement. This sort of accounts can be linked to the pension funds.
Below is the list of top most banks offering the Senior Citizen savings account.
Bank | Name of Savings Accounts |
---|---|
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 this type of savings accounts 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
Here goes the list of banks providing savings accounts for children and minors.
Bank | Name of Savings Accounts |
---|---|
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 to cater to women. In addition to providing the benefits that come with the Regular savings accounts, Women’s savings accounts offer higher interest rates, discount on other bank products and so on.
Types of Savings Account 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 Charges
Opening and maintaining savings accounts are subject to several charges. While banks may charge some fees as per their procedures, following 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.
- Compare Savings Account Interest Rates
- SBI Savings Account Interest Rates
- HDFC Savings Account Interest Rates
- ICICI Savings Account Interest Rates
- Zero Balance Savings Account
- Savings Account Documents Required
- Compare Debit Cards
- Debit Card EMI
- Compare Credit Cards
- ATM
- Savings Account Vs current account
- Online Savings Account Opening
- SBI Savings Account Opening
- HDFC Savings Account Opening
- SBI Savings Account
- HDFC Savings Account
- UPI
- RTGS
- IMPS
- Bhim UPI
- HDFC Balance Check Enquiry Toll-Free Number
- SBI Balance Check Enquiry Toll-Free Number
- SBI IMPS
- HDFC IMPS
- Cancelled Cheque
- HDFC Bank UPI
- SBI UPI
- SBI RTGS
- High-Interest Rate Savings Account
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