SAVING ACCOUNT

Axis Bank Savings Account

Axis Bank offers the entire spectrum of banking industry it is the third largest private bank sector.

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Kotak Savings Account

Kotak is one of the best and reputed public sector bank that avails various types of credit cards for a different purpose.

 

 

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Indusind Savings Account

IndusInd Bank offers various kinds of savings accounts to meet the requirements of different types of customers. 

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RBL Bank Savings Account

RBL bank provides a range of online banking including credit card. Provide great banking facilities. 

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ICICI Bank Savings Account

ICICI bank provides the most satisfactory banking service. Also, it is a multinational banking company.

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YES BANK Savings Account

Yes bank is the fourth largest private sector bank. Deals with great offers on credit cards.

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PNB Savings Account

PNB is the bank with all personal bank facilities and has a wide range of offers. It has multinational banking facilities.

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ONLINE SAVING ACCOUNT

  • As the name suggests, a savings bank account is a safe place to store surplus funds. It helps build a nest egg for unexpected situations that may arise in the future.
  • The balance in a savings account earns interest. While the rate of interest might not be as high as other bank deposits, since the funds are not withdrawn on a regular basis, it continues to increase the funds in the account.
  • All savings account, whether held at a nationalized bank or any other financial institution, is always safe.
  • A savings account provides account holders some level of liquidity. Banks usually provide account holders with debit/ATM cards that can be used to make a certain number of withdrawals from their savings account.
  • An advantage for most savings accounts holders is that banks usually offer discounts on the locker rental facilities for customers who maintain the minimum quarterly balance.

ADVANTAGE OF SAVING ACCOUNT

  • Savings bank accounts offer an interest rate slightly higher than the rate of inflation, in order to keep the real value of money stable throughout the years.
  • Modern savings accounts are feature packed and offer quick links to pay bills, make quick transactions, etc. to the account holder as soon as he/she logs in to the account.
  • Savings accounts can help cover any unexpected expenses that may arise in the future.
  • Holding a savings account helps to improve financial stability since the funds in the account have limits on the number of withdrawals made against the account.
  • Banks customize savings accounts depending on the general type of usage the account witnesses in its lifetime.

OPEN A SAVING ACCOUNT ONLINE

Step 1: Research different banks and their interest rates, find the one that best matches your specific requirements, if any, and the type of bank account you wish to open.

Step 2: Log on to the website of the bank in which you wish to open your account. Note that not all banks have online account creation facilities.

Step 3: Fill out the online application form for the savings account that meets your needs and submit it along with a digital copy of identity proof, photographs, address proof, income / employment proof (if required), and age proof. Some banks may require you to submit physical copies of your documents for which they will send over an executive.

Step 4: Your details will be verified by the bank’s back-end team, and you will be able to start using your account almost instantly.

Read Related Info about Open Savings Account from different bank

FEATURES OF SAVING ACCOUNT

Here are some of the features and benefits of a savings bank account:

  • As the name suggests, a savings bank account is a safe place to store surplus funds. It helps build a nest egg for the unexpected situations that may arise in the future.
  • The balance in a savings account earns interest. While the rate of interest might not be as high as other bank deposits, since the funds are not withdrawn on a regular basis, it continues to increase the funds in the account.
  • All savings account, whether held at a nationalised bank or any other financial institution, is always safe.
  • A savings account provides account holders some level of liquidity. Banks usually provide account holders with debit/ATM cards that can be used to make a certain number of withdrawals from their savings account.
  • An advantage for most savings account holders is that banks usually offer discounts on the locker rental facilities for customers who maintain the minimum quarterly balance.
  • Most banks also provide savings account holders with various insurance covers including personal accidents and death.

TYPE OF SAVING ACCOUNT

 Banks offer customers a variety of savings accounts that differ in terms of its balance requirements and features. The following are some of the types of savings accounts offered by most banks:

Regular Savings Account

These are opened on the bank’s most basic terms and conditions. These accounts don’t see regular deposits of consistent amounts, nor do they see regular withdrawals. These are primarily the virtual equivalent of a safe where the money just sits waiting to be used by the account holder. These facilitate the most common form of virtual savings that aren’t touched, unless absolutely necessary.

Salary Based Savings Account

These most often opened by banks on the request of large companies that require a payment disbursal solution. Banks offer companies preferential rates and specific terms for these accounts – which will be individually handled by each of the latter’s employees. At the date of payment disbursal, the bank withdraws from the company account and disburses the required amount among the salary based savings accounts opened for the employees. It should be noted that most salary accounts do not have a minimum balance requirement, but once the salary stops being credited (for whatever reason) for 3 consecutive months, these accounts are changed into regular savings accounts with a minimum balance requirement.

SAVING ACCOUNT FOR SENIOR CITIZEN

These accounts are created for senior citizens, with specific functionality and benefits for those in the senior citizen category. These function in the same way that regular savings accounts do, but generally offer higher rates of interest and exclusive banking privileges. They can be linked to other senior citizen savings schemes to remit the funds from retirement accounts or pension funds, and consolidate all the funds under one single bank account.

SAVING ACCOUNT FOR CHILDREN AND MINOR

These accounts don’t generally have a minimum balance requirement and function in the same way as regular savings accounts. These are designed to educate the younger generation about modern day banking facilities and the general nuances of managing a bank account. These accounts are opened for minors by their parents or legal guardians. These accounts are operated under the supervision of the legal guardian until the child is 10 years old. Once the minor has crossed the age of 10, they are permitted to operate their account independently. After the account holder is 18 years old, the account is converted to a regular savings account and has a minimum balance requirement.

Zero Balance Savings Account

This type of account merges the best features of a savings account and a current account. While there are still limits on withdrawal amounts, these accounts are not charged any penalties if the balance in the account falls below the prescribed minimum. Sometimes, in cases where employees shift jobs and have to create new salary accounts – their old salary account will transform into a regular savings account – and when the balance inevitably falls below the minimum, they are charged a penalty or maintenance fee. This does not happen with zero balance savings accounts. Usually, banks offer these accounts to applicants from lower economic backgrounds, but have started offering salary accounts as zero balance accounts due to their utility.

WOMEN SAVING ACCOUNT

A number of banks have begun offering savings accounts that have been specifically designed for women. These accounts come with special features to benefit the account holder. These benefits include discounts on certain purchases, low interest rates on loans, and a waiver on demat account charges.

Linked Savings Account

A Linked Account is the term given to a savings bank account which is linked either to a Checking Account or a NOW Account (Negotiable Order of Withdrawal) by account number. Sometimes also referred to as a Package Account, the convenience offered by a linked account is that it allows the account holder the flexibility of moving funds to their demand account as required, while the majority of the funds can be kept in the saving account. The additional benefit this provides is that the customer is also eligible for free checking or lower service charges. In case of a Linked Account, the balance of this account as well as the Checking or NOW Account will usually be provided together on a single account statement which consolidates the balances of all these accounts. Linked accounts often also enable the account holder to earn higher interest on the funds that are stored in their savings account.

MULTIPLE SAVINGS ACCOUNT

 Some people like to maintain more than one savings account, assigning different purposes to each one. For example, you might have a savings account designated for Christmas. By contributing a little bit at a time throughout the year, holiday expenses might be less of a burden. As another example, you might be saving for a major purchase like a down payment on your first house.

There are many reasons to have multiple savings accounts, and as long as the accounts don’t come with fees that strip away your interest earnings, you should go this route if it is the best way for you to manage your savings.

The primary benefit to multiple savings accounts is the ability to keep tabs on how much money you have for specific purposes. With dedicated savings accounts, tracking your progress is easier.

The primary drawbacks are potential fees and the possibility that managing multiple accounts might be burdensome. Many online savings accounts, though, offer good rates with low minimum balances that allow you to avoid fees. With applicable online banking apps, it’s very easy to move money from one account to another.

ADDING FUND TO YOUR ACCOUNT

  • Deposit cash: A traditional way to make deposits is to bring cash to a bank or credit union branch. You also can make deposits at some ATMs, allowing you to deposit cash outside of banking hours or at a location that’s more convenient for you.
  • Deposit checks: You can deposit checks directly into a savings account. When you make the deposit, just put your savings account number  the deposit slip. With most banks, it’s also possible to deposit checks with your mobile device—so you don’t need to go anywhere near a branch or ATM. Funds will be available in a day or longer, depending on your bank’s policies.
  • Transfer from checking (internal): If you have a checking account, moving money from checking to savings within the same bank is easy, and it’s often instant. Just use your bank’s app, website, or customer service line to make the move. Get that money out of checking so that you know that it’s reserved for something else.
  • Electronic transfer (bank to bank): You also can make electronic deposits to a savings account from another bank. For example, to an online account that pays more or allows you to set up subaccounts to help you save for goals.
  • Direct deposit: If your employer pays by direct deposit, ask if you can have your payments split so that some of it goes directly to a savings account. That money will never hit your checking account, so you’ll save without even trying.