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You might wonder why it is important to open a savings account. There are several reasons why you should maintain a savings account, but the most relevant reason is that it helps to improve your income. Banks offer interest on one's deposit, thus making it an ideal means of investing one's money. In order to know all information about savings accounts and their importance, keep reading this blog post. Savings accounts have become a popular way people store their income. This type of account is widely used because of its accessibility and ease of opening the account. It's the simplest way to store your money in such a manner that you are able to access it at any time you need. In a savings bank, only limited transactions like deposits, withdrawing, and transferring funds are allowed for safety reasons as well as to ensure the safety of your money.

What is a Saving Account

A savings account is a product offered by the banks, which helps in the savings of the individual's money. It helps the individual earn higher income through interest given by the bank. Some banks pay a specific rate of interest for a specific balance in their Savings Account whereas some sweep all their money and earn interest for them automatically for no extra effort. 

What are the Types of Savings Accounts?

There are several types of savings accounts you can choose from. Most banks have different types of savings accounts to meet different needs. If you have a choice of different types of savings accounts from your bank, then it is important to review the facilities and services offered by each account before making your final decision. 

Let’s discuss some of them here to help you out:

Regular Saving Account: 

Zero Balance Savings Account: Zero Balance Savings Account has its own features. The main feature is it combines the facilities of a savings account and a current account. The balance in the Saving Account does not have to be maintained at all times. There will only be restrictions on withdrawals which means even if the amount of money saved falls below the minimum prescribed, there will be no penalty charged.

Minors Savings Account: There are a number of kids that may not be aware of banking and loans. A kid should be given an opportunity to learn the basics. That's why banks have come up with special accounts for kids. These kinds of accounts do not have a minimum balance requirement. After turning 10 years old, the child is allowed to operate the account on their own. At any other age, the child will have to seek help from their legal guardians in order to make any sort of transaction. As soon as a child turns 18 years old, the account will be converted into a regular savings account.

Senior Citizen Savings Account: A senior citizen savings account is a special bank account meant for people who are above the age of 60. It comes with several benefits including higher interest rates as compared to regular savings accounts and exclusive banking privileges for senior citizens. These accounts are linked to other senior citizen savings schemes so that retirees can consolidate their funds under one single bank account.

Salary-based savings accounts:  Salary-based savings accounts are opened by companies with the help of banks for the purpose of harassing and crediting the disbursement. Such accounts will not be subject to minimum balance requirements. One must note that if the salary is withdrawn in a single month, it is necessary to pay fees. The account will be converted into regular savings account if disbursement is not received continuously for 3 months.

Regular Saving Account: A regular savings account is a little different than your typical savings account. Regular savings accounts are created on basic terms and conditions, which equate to higher interest rates, protection of funds, and hassle-free management of payments. The biggest difference between regular savings accounts and other savings accounts is the frequency with which they are used. In the case of an individual depositing his/her savings into the bank, the sums may not be regular. Instead, it makes more sense to maintain a safe house for money, in the form of a regular savings account.

Women’s Saving Account: For women getting ahead in their careers, a saving account is one of the most significant things to consider when deciding how best to use their money. While every account has its own set of features, interest rates, and requirements, saving accounts designed specifically for women is often a wise choice. As a woman, you may enjoy several benefits if you open a special type of account called a women's savings account. This account is specifically designed for women with special savings benefits and may come with low-interest loan rates.

Compare and Find the Best for Yourself 

Nowadays, most of us don't have the time or patience to drive around the city and find bank after bank to open up a savings account. Besides, these days you can very well do all that online by comparing the rates offered by multiple banks. We decided to do some research for you, and here are the banks that you could compare and apply to for your savings account:

Savings Account 

Interest Rates

Minimum Balance Requirement 

Indian Bank Savings Account

2.90% p.a.

0.230% of the loan amount (Maximum of Rs.10,236) Rural/Semi-urban: Rs.1,000 (with cheque facility) Rs.500 (without cheque facility) Metro/urban: Rs.2,500 (with cheque facility) Rs.1,000 (without cheque facility)

Kotak Bank Savings Account

3.50% p.a.

Zero Balance Savings Account

DBS digibank Saving Account

3.00% p.a. to 4.00% p.a.

Zero Balance Savings Account

Axis Bank Savings Account

3.00% p.a. onwards

Zero Balance Savings Account

State Bank of India Savings Account

2.70% p.a.

NIL

Standard Chartered Bank Digital Savings Account

2.75% p.a. onwards

Rs.2 lakh

IDFC Bank Savings Account

3.00% p.a. to 5.00% p.a.

Rs.10,000

IndusInd Bank Savings Account

4.00% p.a. onwards

Rs.1,00,000

Yes Bank Savings Account

4.00% p.a. to 5.00% p.a.

Rs.10,000

What are the Eligibilities to Apply for a Savings Account

The eligibility of a saving account may differ from bank to bank but the general eligibilities are as mentioned below:

  • Residents of India above the age of 18 years can open a Savings Account individually or jointly.
  • Foreign nationals and Hindu Undivided Families are eligible 
  • Minors can open a Savings Account with their parents/guardians.

What are the Required Document for a Saving Account

Proof of age and identity

PAN, Voter ID, Passport, and Driving license

Photographs

At least 2 passport-sized photographs

Proof of address

Driving license, Voter’s ID, Passport, Utility bill

Senior Citizen Card

Document with proof of their age.

FAQ

Owing to the convenience that banks are offering to their customers, you can easily apply for a savings account online as well as offline. You can visit the respective bank's official website or their branch anywhere near your location.

Yes, you can easily access your account anywhere through the help of phone and net banking.

Banks also offer additional optional services like internet access to banking facilities and mobile banking. Savings accounts are also linked to debit cards that can be used at ATMs and retail shops across India. These facilities can help you keep track of your funds easily, avoid losses due to theft or loss, and ensure all your funds are available to you, using your Debit Card at any ATM in India.

No, only one nominee can be added for a sole or joint account.

No, you can get the passbook issued free of cost from any bank.