Different Types Of Savings Account Provided By Different Banks

Savings Account Facilities:

Listed below are the facilities customers can avail with a savings account:

1. Customers can make bill payments, recharge their mobile phone, make a DTH top-up, etc.
2. Make fund transfers through the NEFT, RTGS and IMPS facilities.
3. Make withdrawals from ATMs across the country.
4. Make ATM deposits and deposits at any bank branch holding your account.
5. Customers can purchase goods online through the internet banking facility.
6. Reward points for every transaction. The reward points can be redeemed in the form of vouchers, movie tickets, travel tickets, etc.
7. Pay electricity bills through the e-banking facility.
8. Through the savings account, customers can pay their EMIs, clear their credit dues, etc.
9. Avail attractive loan schemes at low interest rates through one's savings account.
10. Check detailed or mini statement of money flowing in and out of one's account.

Documents Required to Open a Savings Account:

Customers wishing to open a savings account have to submit the below listed documents when submitting the account opening application form at the bank branch.

1. Proof of identity - Passport, Voters' ID, Aadhaar card, etc.
2. Proof of address - Passport, Driver's license, Aadhaar card, etc.
3. PAN card copy
4. 2 passport size photographs

Types of Savings Account:

As already mentioned, banks across the country are offering specialised savings accounts to cater to the individual needs of their customers. The different types of savings accounts are listed below:

1. Regular savings account
2. Salary savings account
3. Senior citizen savings account
4. Children savings account
5. Women's savings account

1. Regular savings account:

This account is a basic type of savings account. Customers earn interest over their deposits and this sort of an account typically comes with minimum balance requirement. Customers can make deposits and withdrawals. That said, withdrawals comes with a daily limit.

Types of regular savings accounts offered by top banks:

Listed below are the regular savings accounts offered by top banks along with the current interest rate and minimum balance requirement.

2. Salary savings account:

This sort of an account is usually set up by the establishment the customer works for. The customer will receive his/her monthly earnings in this type a savings account and this sort of an account typically does not come with any minimum balance requirement. Customers can avail a number of facilities through the internet banking facility that comes with this account. If by chance no salary is credited to this account for a span of three months, the salary savings account will automatically be converted to a regular savings account with a minimum balance requirement.

3. Senior citizen savings account:

Specifically designed only for senior citizens, the senior citizens savings account comes with special privileges and higher interest rates for depositors. Senior citizens can facilitate the use of this account to link their pension funds and manage it using the savings account.

Types of senior citizen savings accounts offered top banks:

Listed below are some of the top senior citizens savings accounts offered by top banks in the country.

4. Children and minor savings account:

In a bid to encourage children to save for the future or to enable parents or guardians save for their child's future, banks across the country offer specialised children and minor savings accounts. This type of a savings account does not come with a minimum balance requirement and shares similar features and facilities with a regular savings account.

Children and minor savings accounts offered by top banks:

Listed below are children and minor accounts offered by different banks.

5. Woman's savings account

Catering specifically to women, banks around the country have rolled out a number of women's savings accounts that allows them to avail high value loans at attractive interest rates for female entrepreneurs or for them to start a business. Apart from this, the women's savings account comes with all the features and facilities of a regular savings account.

Types of woman's savings accounts offered by top banks:

Savings Account Charges:

Listed below are the approximate charges for various services and non-maintenance of a savings account.