Savings Account made simple!

A savings account is a deposit account held at a bank or other financial institution where you can store extra cash, earn interest on it and access it whenever required. It is the most basic type of banking instrument used by an individual and among the safest ways to ensure that you can easily access your hard earned money when you need it. You can deposit funds either by cash or cheques into the savings account or can transfer funds from other savings account using IMPS/NEFT/RTGS/UPI and earn interest on such deposits, which is credited to your account on a quarterly basis.

Savings Account Types

In recent times, banks have come up with different types of savings accounts to cater to customers from different age groups and work domains. According to your eligibility and requirement you can open any of the bank savings account mentioned below. Every bank offers different accounts, which differ in its features and benefits, based upon your personal savings account requirements you can choose the befitting option. The common types of savings account available in India include the following:

Zero Balance Savings Account:

Zero Balance Savings Account is a type of savings account, which is offered by banks to individuals to operate freely without the strings of maintaining any minimum balance. Unlike other savings account, account holders are not required to maintain any minimum balance as zero balance savings accounts do not come with the constraint of maintaining a minimum balance. To open such an account, applicant will have to submit the basic KYC documents or can open a zero balance savings account online using Aadhaar based eKYC.

Regular/Basic Savings Account:

A regular savings account features the minimum of facilities and basic rates for services. You have to ensure that you maintain the prescribed minimum balance in your savings account so as not to incur extra charges.

Key Features and Benefits of Savings Account

The most important benefit of opening a savings account is that it helps you inculcate a habit to save and you can earn interest on this deposited amount. Features of savings account vary according to the type of account you choose. Here we have listed a few of the common features to help you understand the benefits of opening a savings bank deposit account:

The savings account interest rates range from 3.5% to 7% p.a.

Personalized Account Number

Several offers and discounts on Debit

No limits on the amount deposited

Facility to link loan EMIs or RD deductions through the savings bank account

Gold Loans Features

It is a secured loan. Therefore, there is no requirement of a good credit history to avail a gold loan

You have an option to pay only the interest component and the principle can be paid as a lump sum amount at the end of the loan tenure.

For those of you involved in agriculture, gold loan schemes can be availed at a reduced rate of interest which can be as low as 8%.

Since your gold is the collateral, which is deposited with the lender, the paper work involved is bare minimum. All you require is your personal id and address proof.

The loan disbursal time can be as short as 5 minutes.

Eligibility Criteria

  • The person should be above the age of 18 years.
  • However, nowadays savings account can also be opened for minors by their parents/guardians.
  • Savings account can be opened by an Indian citizen

Documents Required for Savings Account

  • Aadhaar Card
  • Two passport size photographs.
  • Current Address Proof
  • Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)

Savings Account Benefits

Minimum Balance

Rate of interest

Debit card Features