How many types of savings account are available in India? Know which account is for whom? – India tv hindi

Banks, post offices etc. in India issue savings accounts or savings accounts. The savings account is one of the most preferred financial instruments that are introduced by every Indian bank. In this, account holders can deposit money and earn interest from deposited funds. These accounts are one of the most preferred deposits options due to credibility, high liquidity rate, easy access and no limit on deposits and withdrawal. There are many different types of different types of saving accounts in India, which will be beneficial for you to know.

Regular savings account

Regular savings account is one of the most common simple savings accounts that any person can open after completing e-KYC (knowing his customer) and earning interest on deposits. Some banks maintain minimum balance and charge a minimum annual fee for account maintenance.

Zero balance or basic savings bank deposit account

Ideal for individuals seeking the best zero-head savings account options, these accounts eliminate the need to maintain minimum average monthly (MAB). These can be opened and maintained without any initial deposit. The important thing is that no minimum balance is required, banks can limit the number of ATM withdrawal, do not provide check book facility, and limit the type of debit cards available.

Senior civil savings account

These accounts are for individuals over 60 years of age and provide them special facilities, such as additional interest rate, dedicated relationship manager, low interest on credit, etc.

Women’s savings account

Women’s savings account is specifically designed for women and provides many features for women, such as special debit cards for women, preferential loans and credit offers, discounts on locker, compounded multicity check book, unlimited ATM cash Withdrawal, exemption on requirement of minimum balance, etc.

Children’s savings account

Children’s savings accounts are designed to help children learn money management with responsibility. Parents or parents can open these accounts for children under 18 by providing an announcement of identity proof and parents. These accounts provide regulated deposit schemes and specify the spending limit for developing disciplined financial behavior in children from the beginning.

Immediate digital savings account

These accounts can be opened online within a few seconds through mobile or banking application by completing KYC procedures. The bank stops the account if the account holder does not complete the KYC process within a certain period of time. Some banks determine the maximum deposit limit of these accounts up to Rs 1 lakh.

Pay account

Salary accounts are for salaried account holders who receive their monthly salary in these accounts. Some important features of these accounts, such as free check books, international debit cards, zero remaining accounts, supplements personal accident insurance cover, preference on loan, etc.

Family savings account

Family savings account enables family members to open several accounts under a family ID and allows them to avail various benefits, such as recurring deposits, fixed deposits, etc. The members of the family under this account are parents, husband or wife, children, in-laws, grandparents, grandchildren etc.

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