Saving Account

Saving Account is designed for saving purposes. Savings accounts cater to those individuals who want to save their money. Savings accounts accumulate higher interests than current accounts.
Primary purpose of A savings account is to help you save. Saving account allows the holder to deposit money as per his/her convenient, on which the account holder can earn interest. A Savings account can be opened by an individual or jointly and in saving account the holder has to maintain a pre-specified amount as minimum balance.

    Types Of Saving Accounts

    Regular/Basic Savings Account: A basic or regular savings account offers only some basic services and fees. There is no limit on the deposit amount in Saving Account. This type of account require a minimum average daily or monthly balance and failure to maintain that amount can result in penalty.
    Salary Account:   A salary account is a different type of savings account which can be opened only by a salaried individual. A majority of employers credit the employee’s monthly salary and bonuses directly into this account. This type of account has a few additional benefits such as the zero balance, free cheque book/draft and a higher interest rate on deposit amounts. These accounts change to basic savings accounts from salary account if the account holder’s salary is not credited in account for 2-3 months consecutively.
    Savings Account for Seniors: This is special type of saving account where Only individuals who are over 60 years of age are eligible for this type of account and they can get some additional benefits that are not available in case of regular accounts. These benefits can be higher interest rate, a waiver of minimum balance requirements and special offers on term deposits.
    Joint Account:   This is a savings account which is controlled by more than one account holder. Previously joint accounts had two holders, usually husband and wife but now concept has changed and other family members also can open joint account. Some banks allow up to four joint holders as well. All Indian Banks offer savings accounts and joint accounts in India
    Women’s Savings Account: This account is designed for woman’s only as the name suggests. Some of the other benefits available in this account that are special discounts on other bank products, free personal insurance coverage, higher rates of interest and much more.
    Minor Account: This is a special type of joint savings account which is created for minors, in this account one of the joint account holders is less than 18 years old. In this case one of the joint account holders must be the parent or guardian of the minor.
    Pradhan Mantri Jan Dhan Yojana Savings Account: Savings accounts endorsed under this scheme are available in various Indian Banks. Under this scheme Saving Accounts are linked to a Rupay Debit Card and a maximum of 4 withdrawals in a month are allowed on this type of account. There is no minimum balance requirement or annual fees for this account. In addition, an insurance cover of Rs. 30,000 and Rs.1 lakh accidental cover provided to the account holder at no charge.
    Who provide Saving Account facility In India Banks provide the service of saving account.
    How to Apply or Open Saving Account You can apply online or offline for saving account opening by visiting banks website for online and their branch for offline.
    Requirements for Opening Saving Account You need 1 passport size photo with self-attested PAN card copy and 1 address proof like Aadhaar card, Voter id etc.

    Benefits of Saving Account

    Following Are The Various Benefits Of Savings Account

    It is safe compare to other investments.
    It helps you to earn interest on deposited amount.
    You can easily withdraw money through ATM.
    There is no limit for maximum deposit amount.
    Senior citizen gets additional interest rates on Saving Account.
    Attractive interest rates.