The most basic type of bank accounts used by people across the world is a savings bank account. Savings accounts are the primary business products of every single bank and are easily available in every bank, whether it belongs to the public sector, or private sector. Along with the regular types of savings accounts, the Indian government has also introduced sponsored savings accounts, most of which are meant or people with lesser incomes or for those residing in rural areas. Here are some of the best savings bank accounts in India in which you can consider keeping your savings in.
Basic/regular savings account: A regular savings account offers a limited number of facilities and charges minimum fees. You can continue depositing as much amount as you please, over a period of time in this account. All savings accounts require you to maintain an average daily balance and you are penalized if you fail to meet this requirement.
Salary accounts: Popularly known as “zero balance accounts”, salary accounts can only be held by salaried individuals. Employers open salary accounts for their employees and deposit monthly remunerations directly into these account. You also get higher interest rates on money deposited in this account. If there is no salary credit for more than 2-3 months, this account changes to a regular savings account.
Joint accounts: A savings account operated by more than one holder is regarded as a joint account. With joint accounts, transactions like issuing cheques or withdrawing money can be done by either account holders. Debit cards holding the name of each account holders are also issued separately for all joint holders. Joint accounts are the best savings bank accounts in which you can add up-to 4 family members.
Savings account for minors: If your child is under the age of 18, you can open a joint savings account with him. The account can only be opened if one of the joint holders is an adult and a parent/guardian to the minor. The account transfers to a joint account when the minor turns 18.
Women’s savings account: Like the name suggests, this type of account can be opened only by women. Women can reap several benefits from this account such as discounted rates on other products offered by the bank, complementary personal insurance cover, higher interest rates etc.
Savings account for seniors: Individuals over the age of 60 can open savings accounts that offer certain benefits, not available to basic account holders, through the savings account for seniors. Features like higher rates of interest, special term deposit and offers and waiver on minimum balance requirement make this account especially ideal for retired persons living on pensions.
Pradhan Mantri Jan Dhan Yojana Savings Account: As per government directives, most leading banks offer this savings account which allow a maximum of 4 withdrawals per month and come with the Rupay Debit Card. You needn't maintain a minimum balance or pay any annual fees with this account. Additional benefits include free insurance cover of ₹30,000 and accidental cover of ₹100,000.
Basic/regular savings account: A regular savings account offers a limited number of facilities and charges minimum fees. You can continue depositing as much amount as you please, over a period of time in this account. All savings accounts require you to maintain an average daily balance and you are penalized if you fail to meet this requirement.
Salary accounts: Popularly known as “zero balance accounts”, salary accounts can only be held by salaried individuals. Employers open salary accounts for their employees and deposit monthly remunerations directly into these account. You also get higher interest rates on money deposited in this account. If there is no salary credit for more than 2-3 months, this account changes to a regular savings account.
Joint accounts: A savings account operated by more than one holder is regarded as a joint account. With joint accounts, transactions like issuing cheques or withdrawing money can be done by either account holders. Debit cards holding the name of each account holders are also issued separately for all joint holders. Joint accounts are the best savings bank accounts in which you can add up-to 4 family members.
Savings account for minors: If your child is under the age of 18, you can open a joint savings account with him. The account can only be opened if one of the joint holders is an adult and a parent/guardian to the minor. The account transfers to a joint account when the minor turns 18.
Women’s savings account: Like the name suggests, this type of account can be opened only by women. Women can reap several benefits from this account such as discounted rates on other products offered by the bank, complementary personal insurance cover, higher interest rates etc.
Savings account for seniors: Individuals over the age of 60 can open savings accounts that offer certain benefits, not available to basic account holders, through the savings account for seniors. Features like higher rates of interest, special term deposit and offers and waiver on minimum balance requirement make this account especially ideal for retired persons living on pensions.
Pradhan Mantri Jan Dhan Yojana Savings Account: As per government directives, most leading banks offer this savings account which allow a maximum of 4 withdrawals per month and come with the Rupay Debit Card. You needn't maintain a minimum balance or pay any annual fees with this account. Additional benefits include free insurance cover of ₹30,000 and accidental cover of ₹100,000.
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