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What Are Different Types Of Savings Account?

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By Author: neha sharma
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"When you are building a financial plan for yourself, it is essential to be open and informed about all options. A savings account is one of the most basic and reliable financial products of all times. With the introduction of the Jan Dhan scheme by the government, there has been a substantial rise in the number of savings account.

According to investment definitions, a savings account is an interest-bearing deposit account held at a financial institution that provides a modest interest rate, limiting the number of withdrawals.
Often people open a savings account to keep money that you don't intend to use for regular expenses.
Here we discuss some of the common types of savings account that are available in the market:

1) Regular/Basic savings account:

This type of account is easy to open, maintain and offer quick access to your funds. There is no restriction on the amount to be deposited over a period. However, it is important to maintain a minimum balance in the account, and failure to do so can charge you to penalties.

2) Salary account:

A special account designed specifically for salaried individuals. A majority of employers deposit the employee’s monthly salary directly into this account. This type of savings account has a few additional benefits such as the “zero balance” feature, a free chequebook/draft every month or quarter and a higher interest rate on deposit amounts. However, the account changes to basic savings accounts if the account holder’s salary is not credited for 2-3 months consecutively.

3) Women savings account:

Only women are eligible for this savings account. The account features include discounts on shopping, cashback facilities on online products, insurance cover, higher interest rates.

4) Savings account for seniors:

Individuals over 60 years of age are eligible to open this savings account. The benefits for this account include a higher interest rate, a waiver of minimum balance requirements, free international debit card, insurance cover benefits and special offers on term deposits.

5) Kids advantage/Minor Account:

The minor savings account is for children below 18 years of age. You can open a savings account to secure their future. This account will help you build a corpus for your child’s security and teach them to manage money. In the minor account, usually, a parent or guardian has to be a joint holder. The benefits for this savings account include ATM/Debit card for children, Education Insurance cover Benefits and free netbanking.

With the power of the internet, you can easily apply online savings account with a bank to park your money. You can earn interest on the amount you deposit in your savings account and enjoy the flexibility. Prominent banks like ICICI, HDFC Bank, Axis Bank, Yes Bank, Kotak Mahindra Bank have developed 24*7 secure netbanking facility. You can efficiently conduct all bank operations without any hassles.

Author Bio:- Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about savings account. Through her work, she provides information on various types of savings account available in financial market.

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