A savings account is the most basic bank accounts. The savings bank account provides a place for people to keep their funds, receive payments, and make payments. A savings bank account holder gets services such as cheque book, internet banking, ATM card, debit and credit cards, etc. A savings bank account also receives payments, and the holder can set up auto debits, ECS for payments.
Many banks provide a savings bank account. A savings bank account can be opened either at the bank branch or online. Most banks have account opening forms online. With the changing requirements of people, the simple savings bank account has evolved into different types to suit the needs of people. The best bank for savings account is the one that meets your requirements thoroughly and
Here are different types of savings account:
1. SavingsMax accounts:
This is a type of savings bank account for people who maintain high balances in their savings account. These accounts earn a higher rate of interest as compared to a basic savings account.
2. Women’s savings account:
This savings bank account is specially created for women. The account holder can get a preferential rate while taking loans. Some banks give women a higher withdrawal limit. They may get better offers on other products like debit cards and other products.
3. Children’s savings account:
These are best for inculcating a savings habit among children. These accounts come with a debit card cum ATM card and all other facilities like a regular savings account. However, the account has limits on daily spends and is linked to the parent or legal guardian's account.
4. Senior citizen account:
A senior citizen bank account provides a preferential rate of interest to senior citizens. Along with that, it offers other benefits such as insurance cover and preferential rate and discounts on the bank's products.
5. Basic Savings Bank Deposit Account (BSBDA):
This is a basic savings account for people from economically poor sections of the society who can’t meet the minimum balance needs of a savings account. This account is a zero balance account. It comes with all the other features of a bank account such as cheque book facility, ATM card, Passbook etc.
6. BSBDA small account:
This savings bank account is the BSBDA account with a maximum cap of Rs. 50,000 on the account balance. This means the balance in the account cannot exceed Rs. 50,000 at any point.
7. Family or Group savings account:
These accounts provide savings bank account facility for the entire family. They come with benefits such as a higher interest rate and greater withdrawal limit depending on the bank.
8. Government/Institutional savings account:
This is a type of a zero balance account for institutions to receive payments and make payments.
9. Government scheme beneficiary account:
Sometimes, banks require individual accounts to be opened for people who have to receive any direct transfers from schemes by the Government.
Many banks provide a savings bank account. A savings bank account can be opened either at the bank branch or online. Most banks have account opening forms online. With the changing requirements of people, the simple savings bank account has evolved into different types to suit the needs of people. The best bank for savings account is the one that meets your requirements thoroughly and
Here are different types of savings account:
1. SavingsMax accounts:
This is a type of savings bank account for people who maintain high balances in their savings account. These accounts earn a higher rate of interest as compared to a basic savings account.
2. Women’s savings account:
This savings bank account is specially created for women. The account holder can get a preferential rate while taking loans. Some banks give women a higher withdrawal limit. They may get better offers on other products like debit cards and other products.
3. Children’s savings account:
These are best for inculcating a savings habit among children. These accounts come with a debit card cum ATM card and all other facilities like a regular savings account. However, the account has limits on daily spends and is linked to the parent or legal guardian's account.
4. Senior citizen account:
A senior citizen bank account provides a preferential rate of interest to senior citizens. Along with that, it offers other benefits such as insurance cover and preferential rate and discounts on the bank's products.
5. Basic Savings Bank Deposit Account (BSBDA):
This is a basic savings account for people from economically poor sections of the society who can’t meet the minimum balance needs of a savings account. This account is a zero balance account. It comes with all the other features of a bank account such as cheque book facility, ATM card, Passbook etc.
6. BSBDA small account:
This savings bank account is the BSBDA account with a maximum cap of Rs. 50,000 on the account balance. This means the balance in the account cannot exceed Rs. 50,000 at any point.
7. Family or Group savings account:
These accounts provide savings bank account facility for the entire family. They come with benefits such as a higher interest rate and greater withdrawal limit depending on the bank.
8. Government/Institutional savings account:
This is a type of a zero balance account for institutions to receive payments and make payments.
9. Government scheme beneficiary account:
Sometimes, banks require individual accounts to be opened for people who have to receive any direct transfers from schemes by the Government.
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