The most common form of saving your hard earned money and earning interest on it is to keep it in a savings account. It comes with lot of added benefits and keeps your money safe and sound at one place. You can open up savings account at any bank in India to enjoy all the benefits attached to it.
Types Of Savings Account
- 1) Regular Savings Account: This is a basic account that might not have a regular deposit of any consistent amount. It acts as a safe house where money is kept safely as long as wished by the user.
- 2) Senior Citizen Savings Account: Senior citizens enjoy higher rate of interest with this account and other privileges as well. This account takes care of pension funds too keeping the amount in one single bank account.
- 3) Minors Savings Account: This account does not have a minimum balance limit and this will be guarded by the legal guardian of the minor until he reaches at an age of 10. When the child reaches to an age of 18 years then this account is changed to regular savings account and he can operate the account on his own.
- 4) Salary Savings Account: This account is widely used by various companies to open bulk accounts of their employees for salary transfer. If there is no salary credited to the account for 3months then this account is changed to regular savings account.
- 5) Zero Balance Savings Account: This account gives the merged facility of savings as well as current account where there is facility of zero balance with limit on withdrawal amount.
- 6) Women’s Savings Account: This account provides special benefits to the women like certain discounts on certain purchases, low interest rates on loans if any and a waiver on demat account if any.
Features Of Savings Account
- 1) This is the safest way to save money and get interest on saved money as well.
- 2) Various banks offer different interest rate that can go upto 8%.
- 3) For zero balance accounts no minimum balance is required.
- 4) Any person who is the resident of India can open an account with the bank.
- 5) Net banking, ATM card and phone banking facility is provided to the customer for quick and safe banking.
- 6) Savings account provides the facility of opening up a joint account with any family member.
- 7) You can have as many bank accounts as you can manage.
- 8) You can pay electricity bill and recharge your mobile phone by using your savings account online or through your mobile app.
Eligibility Required For Opening Savings Account
- 1) A person should be resident of India.
- 2) He/she must be above 18 years of age.
- 3) Foreign national residing in India can also open the savings account with valid proofs.
Documents Required For Savings Account
- 1) ID proof: Aadhar card, passport, driving license, PAN card
- 2) Address proof documents: utility bill, passport, driving license
- 3) Passport size photographs
- 4) For senior citizens their proof of age is required that can be obtained by the Social Welfare Department.