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 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.

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%

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.

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%

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.

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 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.

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 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.

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

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.

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	None for the first three translation per months ₹ 150 for any subsequent transaction (after the first three transactions)
ATM Transaction from any other bank	None for the first 3 to 4 transaction ₹ 10 to ₹ 20 for subsequent transaction

✅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%.