MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Loans Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

Menu

Savings Account Eligibility Calculator

Savings Account Eligibility

Last Updated 31st Oct 2020

  • A savings account is an interest-bearing deposit account.
  • Open saving account and earn an interest rate of around 0.50% to 7.50%.
  • Open the saving account deposits in top banks like SBI, HDFC, ICICI Bank or Axis Bank.
  • Eligibility criteria differ from bank to bank. However, some common ones are:
    • An individual should be Indian residents.
    • An individual should be above the 18 years
    • Parents or guardians can open the account on behalf of the minor.
Apply for Savings Account

Savings Account Eligibility Process

A Savings account is the most basic and safest account where individuals can deposit the extra cash, fetch moderate interest on it and access it whenever they require. Savings accounts are designed with the primary purpose of encouraging savings. Generally, a Savings account fetches an interest rate of around 0.50% to 7.50%. Savings account stability and reliability coupled with the moderate interest rate makes them one of the best instruments for saving surplus money.

Eligibility of Savings account:

  • All Indian citizens are eligible to open basic savings accounts.
  • Parents or guardians can open the account on behalf of the minor.
  • Individuals are provided with an option to open either the joint or individual savings account.

SBI Savings Account Eligibility

State Bank of India offers various saving account products like Basic savings bank deposits account, Basic saving bank deposits small account, Saving bank account, Saving bank account for minors which involves Pehla Kadam and Pehli Udaan and saving plus account.

Eligibility of SBI Savings account

  • All Indian residents above the age of 18 years having valid KYC documents are eligible to open a Savings bank account.
  • Hindu Undivided Family and foreign nationals can also open a Saving bank account.
  • Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.
  • In case of a minor, the account will be jointly opened with the parent/guardian.

HDFC Savings Account Eligibility

HDFC offers various savings account products like a regular savings account, Basic savings bank deposit account, Women's savings account, Kids advantage account, Senior Citizen account, Family savings group account, Institutional savings account and BSBDA small account.

Eligibility of HDFC Savings Account:

  • Indian residents above the age of 18 years who can fulfil KYC requirements
  • Hindu Undivided Family is also eligible.
  • Foreign citizens residing in India for a period greater than 180 days can also open the HDFC saving account.
  • Parents or guardians can open the account on behalf of the minor.
  • Customers can open either the joint or individual savings account.

ICICI Savings Account Eligibility

Under ICICI Bank individuals have options to choose among various savings accounts. The bank has designed different savings accounts to cater the requirement of various groups of customers. The products are InstaSave Account, The ONE Savings Account, NPS Plus Savings Account, Regular Savings Account, Silver Savings Account, Gold Savings Account, Savings Family Banking and HUF – Hindu Undivided family

Eligibility of ICICI savings account:

  • Individuals who are Indian citizens and are above the age of 18 years.
  • HUF and Foreign nationals are also eligible.
  • The option of opening either individual or joint account

Axis Bank Saving Account Eligibility

Axis Bank offers several saving account products, and an individual can choose the best savings account according to their requirement. The products offered are EasyAccess Savings Account, Prime Savings Account, Future Stars Savings Account, Youth Account, Prime Plus Savings Account, Women Savings Account, Pension Savings Account, Small Basic Savings Account and Priority Account – NRI.

Eligibility of Axis Bank savings account:

  • Indian residents above the age of 18 years.
  • HUF are also eligible
  • Parents or guardians can open the account on behalf of the minor

Digi Bank Saving Account Eligibility

Digi Bank Saving Account offers a wide variety of savings accounts to customers, along with personalized services and attractive benefits. They come with many unique features like an extensive branch and ATM network and phone banking and internet services.

Eligibility of Digi Bank Savings Account:

  • Indian residents above the age of 18 years
  • Hindu Undivided Family is also eligible.

FAQs

What is the maximum limit of a savings account?

There is no maximum limit rule on the savings account. Individuals are free to deposit any maximum amount.

Which bank has the highest rate of interest on a savings account?

The interest on saving accounts varies with each bank. Currently, Equitas Small Finance Bank, Jana Small Finance Bank is offering interest rate of 7.50% to its customers.

How is saving account interest calculated?

The interest in saving accounts is calculated on the basis of the daily balance. For instance: Mr Mukun had a total corpus of ₹ 50,000 in his Savings account as on March 10th. On January 20th, he received ₹ 1 Lakh as his part-time job assignment fee. On 28th January he had withdrawn ₹ 1.25 Lakh for purchasing a bike, thereby reducing his account balance to ₹ 25,000 .

Interest rate calculation: From January 1st to 20th, Mr Mukund will fetch interest on ₹ 50,000 . From 20th to 28th, interest will be computed on ₹ 1.50 Lakh and for the remaining three days, interest will be calculated on ₹ 25,000 So, the interest he earns for March will be ₹ 249.28/-

Which bank is best for saving money?

You can save money in any bank’s savings account. However, the highest interest rate of savings account is provided by Equitas Small Finance Bank, Jana Small Finance Bank which is 7.50.

How can I raise money in my savings account?

You can increase money in your savings account by depositing cash or receiving payments from someone directly in your account.


Our News - Oct 2020
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
  • 2020-10-29 : IndusInd Bank becomes the first bank to go live on RBI Account Aggregator Framework
    IndusInd Bank becomes the first bank to go live as a Financial Information Provider under the new Account Aggregator Framework of the RBI. User can now avail various facilities like viewing statements of their accounts, track deposits, plan investments avail credit cards, etc. on a single window.
  • 2020-10-20 : IDBI Bank launched banking services on WhatsApp
    IDBI Bank launched the banking service on WhatsApp. WhatsApp Banking service will be offered through a dedicated WhatsApp verified number. The bank customers will be able to avail various essential banking services such as account balance information, last five transactions, request for a cheque book and an email statement through newly launched WhatsApp banking services. Further, the details of the nearest IDBI Bank branches or ATMs will also be available via WhatsApp.
  • 2020-10-16 : Women beneficiaries comprise 55% of a/c holders under PMJDY
    According to the RTI report, more than half of bank accounts under the Pradhan Mantri Jan-Dhan Yojana (PMJDY) are held by women beneficiaries. The number of accounts till September 9, 2020, under the scheme, was 40.63 crore, of which 22.44 crore accounts were held by women.
  • 2020-10-16 : Retail cheque payments plunged to 2.96%
    RBI reported that In FY2020, the share of paper clearing in total retail payments plunged to just 2.96 per cent in terms of volume and to 20.08 per cent in terms of value. The fall in the use of cheque indicates the growing preference of digital among individuals.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More