The savings account ie savings account is one of the most preferred financial instruments that are introduced by every bank. In this, account holders i.e. account holders can deposit money and earn interest from deposited funds. The most important thing is that it is one of the most preferred deposit options due to reliability, high liquidity rate, easy access and no limit on deposits and withdrawal. Many types of savings accounts are offered in India. You can choose it according to your need and convenience.
Saving account types
Regular Saving Account: This account is one of the most common simple savings accounts that any person can open after completing e-KYC (knowing his customer) and earning interest on deposits. Some banks maintain minimum balance and charge minimum annual fee for account maintenance.
Zero Balance Saving Account: Zero balance saving account is ideal for individuals looking for zero balance option. There is no need to maintain a minimum average monthly balance (MAB) in this account. These can be opened and maintained without any initial deposit. Yes, banks can limit the number of ATM withdrawal, do not provide check book facilities, and limit the type of debit cards available.
Senior Citizen Savings Account: Senior Citizen Savings Account is for individuals over 60 years of age and offers them special facilities, such as additional interest rate, dedicated relationship manager, low interest on loan, etc.
Women’s Savings Account: This account is specially designed for women and provides many features for women, such as special debit cards, preference loans and loan offers, lackers discounts, multicity check books, unlimited ATM cash withdrawal, minimum balance requirement etc.
Children’s savings account: This account is designed to help children learn money management from savings and responsibility. Parents or parents can open these accounts for children under 18 by providing an announcement of identity proof and parents.
Immediate Digital Savings Account: These accounts can be opened online within a few seconds through mobile or banking application by completing KYC procedures. The bank stops the account if the account holder does not complete the KYC process within a certain period of time. Some banks determine the maximum deposit limit of these accounts up to Rs 1 lakh.
Salary Account: It is specially opened for jobbers. There is a monthly salary in these accounts. Some important features of these accounts, such as free check books, international debit cards, zero remaining accounts, supplementary personal accident insurance cover, preference on loan, etc.
Family Savings Account: This enables family members to open several accounts under a family ID and allows them to avail various benefits, such as recurring deposits, fixed deposits, etc. The members of the family under this account are parents, husband or wife, children, in-laws, grandparents, grandchildren etc.
How to choose a suitable savings account?
According to Bankbazaar, choose a savings account that takes care of your need, convenience and does not have additional fees. Select the highest interest rate savings bank account by doing online research. Indian banks charge various service fees, such as a check book issuing fee, annual fee of ATM card, fund transfer fee, ATM withdrawal fee, issuing statement, etc. Select savings accounts that charge affordable fees on savings account services.
In addition, select banks that provide debit cards with various features, such as joining benefits, complementary movie tickets, travel benefits, shopping discounts, without cost or low cost EMI, as well as many other discounts, offers and deal. Also check for banks that provide additional facilities with savings accounts, such as free check books, nets and mobile banking, doorstep cash deposits or withdrawal, etc.
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