Many types of accounts can be opened in banks. Among these, savings accounts are the most important and common accounts. Account holders can deposit money in this account. Interest is also available on this account. Savings accounts provide a safe place to deposit your money and pay interest on a monthly, quarterly, semi-annual or annual basis. There are many types of savings accounts, which are available for all types of people.
Regular Savings Account
This is one of the most common savings accounts that one can open after completing e-KYC (Know Your Customer). Can earn interest on deposited amount. Some banks maintain minimum balance requirements and charge a small annual fee for account maintenance.
Zero Balance or Basic Savings Bank Deposit Account
These accounts do not impose any limit on maintaining minimum average monthly balance and this account can be opened and maintained even without depositing any amount. It is not necessary to maintain an average minimum balance. However, banks limit the number of ATM withdrawals, do not offer check book facilities, and limit the types of debit cards available.
Senior Citizen Saving Account
Senior Citizen Savings Accounts are for individuals above 60 years of age and offer them special facilities, such as additional interest rates, dedicated relationship managers, lower interest on credit, etc.
Women Savings Account
These accounts are specially designed for women and are equipped with many special features for women. According to BankBazaar, the benefits include special debit cards for women, preferential loan and credit offers, discounts on lockers, complimentary multicity check book, unlimited ATM cash withdrawals, waiver of minimum balance requirement, etc.
Kids Saving Account
Parents or guardians of children under 18 years of age can open these accounts by providing identity proof and declaration of parents or guardians. These savings accounts offer regulated deposit schemes and set spending limits to inculcate disciplined financial behavior among children right from the start.
Instant Digital Savings Account
These accounts can be opened online within a few seconds through mobile or banking applications by completing the KYC processes. Yes, the bank freezes the account if the account holder does not complete the KYC process within a certain period. Some banks set the maximum deposit limit of these accounts up to Rs 1 lakh.
salary account
Salary accounts are for salaried account holders, who receive their monthly salary in these accounts. These accounts include free check book, international debit card, zero balance accounts, supplementary personal accident insurance cover, preferential interest rates on loans, etc.
Family Savings Account
These accounts enable family members to open multiple accounts under one family ID. Allowing them to avail various benefits. This also includes recurring deposits, fixed deposits, etc. Parents, spouse, children, in-laws, grandparents, grandchildren are included under this account.
