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Savings Account Eligibility Calculator

Opening a savings account could be considered the first step in your banking transactions. Some banks even offer high interest rates for the balance amount in a savings account. Funds can be transferred to a savings account from other accounts with no limit on cheques issued or deposited in it. It also offers easy liquidity that makes it a convenient place to deposit your funds needed on a day-to-day basis. Savings accounts are also insured under the Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to Rs.1 lakh. You also get facilities like net banking facility, passbook facility, cheque book facility, and an ATM-cum-debit card. Here's all you need to know about your eligibility to open a savings account in some of the leading banks in India.

State Bank of India Savings Account Eligibility

Customers have a number of savings options with SBI. They can choose either the Savings Plus Account, Small Account, Premium savings account, Yuva savings bank account. Minors can choose to open savings accounts such as Pehla Kadam savings account or the Pehli Udaan savings account. In this case, either the parents or guardians have to open the account on behalf of their child. All Indian citizens are eligible to open a savings account in State Bank of India.

HDFC Savings Account Eligibility

HDFC customers have the option of opening savings accounts such as Regular savings account, Women’s savings account, Kids advantage account, Senior Citizen savings account, Family Savings Group Account, Savings Bank Deposit account, Institutional savings account, BSBDA small account and so on. To be eligible for the HDFC savings account, customers need to meet the below listed eligibility criteria.

  • For an individual or a joint account, customers need to be a resident of India to be eligible for the HDFC savings account.
  • Should be a Hindu undivided family for the group savings accounts.
  • For foreign nationals to open a savings account in SBI, they need to meet the below listed requirements:
    • A valid passport
    • Foreign Regional Registration Office (FRRO) Certificate
    • Residential permit
    • A valid visa
    • The individual should have been residing in the country for more than 6 months.

Savings Account Eligibility Calculator FAQs

1. Do all banks have the same minimum monthly average balance?

No, it varies from bank to bank.

2. Which account should I choose if I do not want the minimum monthly average balance?

You can opt for a zero balance savings account if this is the case.

3. Is it mandatory to submit my Aadhaar card to open a savings account?

No it is not mandatory as yet. That said, you have till December 31, 2017, to link your Aadhaar card to your bank account.

4. Is the interest rates for savings accounts of different banks the same?

No, this too varies with each bank. It is important to check the interest rate on deposits before opening an account.

5. Do all banks have the nomination facility?

Yes, most banks give you this option.

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