With technology constantly improving, banks are offering custom-made services to the customer based on their needs and budget. These are in the form of different accounts, bonds, debentures, investment schemes, etc. Such products vary as per the user’s age, income and gender. Not just that, there are services offered to non-resident Indian (NRI) as well.
Let us learn in detail about the different bank account offered in India:
1) Senior Citizen Savings Bank Account: As the name suggests, it caters to customers who are over 60 years old. You can make pre-mature withdrawals here. However, a minimum penalty is levied. Regular interest is paid on the account. The account mainly focuses on fulfilling the needs of senior investors such as guaranteed returns, capital safety, etc.
2) Women Savings Account: Women are increasingly having a say in the businesses nowadays. Some run their show in the form of boutiques/business such as travel, beauty, etc. Such bank account is offered by private banks and provides several benefits such as internet banking, online bill payment, insurance cover, child account, etc. Besides, they also offer shopping and entertainment benefits.
3) Basic savings account: Everyone owns such an account today. An average quarterly balance needs to be maintained in such accounts. If a minimum balance is not found in these accounts, a penalty is charged by the banks. They come with features such as passbook, net banking, chequebook, debit cards, etc.
4) Student savings account: It handles all the financial transactions of the students. This account is particularly useful for those who are away from their family and need to manage their expenses. Only a few banks offer this service. No minimum balance needs to be maintained.
5) Current account: Another very commonly used bank account, especially useful for those who run businesses. Such account can be opened in public/private banks. Such accounts are ideal to carry day to day businesses.
6) Salary account: They are nothing but a type of savings account. Bank offers more benefits to those owning a salary account because it is the most used investment tool today. Every month a fixed amount of income is transferred to the account.
7) NRE savings account: Such kind of bank account caters to NRIs. In these accounts, rupee denominations can be maintained. The account can be run individually or jointly, provided all the account holders are from India.
8) NRO savings account: This also allows rupee denomination and are generally in the form of current, savings, recurring or fixed deposit. It can be in the name of the individual or joint account. It can be managed jointly by people residing outside India as well. You have the liberty to transfer money from an NRO account to any other account.
The banking industry is incorporating all technologies and methods into their scheme of the affair to make financial transactions smoother for users. With the trend of smartphones and online banking in the rise, you can also get an online bank account opened in a jiffy. All you have to do is get your bank customer ID and password in place for the same.
Let us learn in detail about the different bank account offered in India:
1) Senior Citizen Savings Bank Account: As the name suggests, it caters to customers who are over 60 years old. You can make pre-mature withdrawals here. However, a minimum penalty is levied. Regular interest is paid on the account. The account mainly focuses on fulfilling the needs of senior investors such as guaranteed returns, capital safety, etc.
2) Women Savings Account: Women are increasingly having a say in the businesses nowadays. Some run their show in the form of boutiques/business such as travel, beauty, etc. Such bank account is offered by private banks and provides several benefits such as internet banking, online bill payment, insurance cover, child account, etc. Besides, they also offer shopping and entertainment benefits.
3) Basic savings account: Everyone owns such an account today. An average quarterly balance needs to be maintained in such accounts. If a minimum balance is not found in these accounts, a penalty is charged by the banks. They come with features such as passbook, net banking, chequebook, debit cards, etc.
4) Student savings account: It handles all the financial transactions of the students. This account is particularly useful for those who are away from their family and need to manage their expenses. Only a few banks offer this service. No minimum balance needs to be maintained.
5) Current account: Another very commonly used bank account, especially useful for those who run businesses. Such account can be opened in public/private banks. Such accounts are ideal to carry day to day businesses.
6) Salary account: They are nothing but a type of savings account. Bank offers more benefits to those owning a salary account because it is the most used investment tool today. Every month a fixed amount of income is transferred to the account.
7) NRE savings account: Such kind of bank account caters to NRIs. In these accounts, rupee denominations can be maintained. The account can be run individually or jointly, provided all the account holders are from India.
8) NRO savings account: This also allows rupee denomination and are generally in the form of current, savings, recurring or fixed deposit. It can be in the name of the individual or joint account. It can be managed jointly by people residing outside India as well. You have the liberty to transfer money from an NRO account to any other account.
The banking industry is incorporating all technologies and methods into their scheme of the affair to make financial transactions smoother for users. With the trend of smartphones and online banking in the rise, you can also get an online bank account opened in a jiffy. All you have to do is get your bank customer ID and password in place for the same.
