A Guide On The Different Types Of Savings Accounts You Can Open

By Author: Shreya Eppili
Total Articles: 54
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Opening and maintaining a Savings Account is usually advisable for everyone regardless of their residence, economic background, or profession. Such an account is offered by banks and financial institutions. It provides a safe place to store your money and earn interest on your balance.
Opening a Savings Bank Account can also be crucial for managing personal finances like paying utility bills, shopping, transferring funds, investing, and more. It also enables you to address your emergency needs. Today, banks also offer various Savings Accounts that you can choose from depending on your needs. These include the following:
Women Savings Accounts
This Savings Account is exclusively offered to women in the country. It aims to empower them with financial freedom. Such an account may provide special privileges like relaxed minimum balance requirements, a special Debit Card, etc. Some banks may also provide a Personal Accident Cover up to a certain amount when you fulfil certain conditions.
Regular Savings Accounts
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... This account is usually the simplest and most common. When you open a Regular Savings Account, you should maintain a minimum balance in your account. However, this account is suitable for meeting daily banking requirements.
Zero-Balance or Basic Savings Accounts
If you want to open a Zero-Balance Account online, you should know that such an account does not require you to maintain any minimum balance. However, depending on the bank you choose, you can enjoy Online Banking benefits and the advantage of complimentary cash deposits. However, understand the eligibility requirements of such an account before opening one.
Kids’ Savings Accounts
Today, you can also open a Savings Account for your kids. Such an account lets you introduce the concept of savings to your children. This helps you teach them the importance of financial responsibility from a young age. It instils the value of money in them.
Senior Citizens Savings Account
Such an account is usually meant for senior citizens, i.e., individuals 60 years of age and above. Such an account also offers accountholders the advantage of preferential interest rates on Fixed Deposits. They may also receive Insurance benefits.
Salary Accounts
Salary Accounts are designed for salaried individuals who receive a monthly salary. Depending on the bank you choose, such an account provides the benefits of preferential rates on Loan products, complimentary Debit Cards, complimentary airport lounge access, cashback offers, and more.
Conclusion
If you browse online, you notice that banks offer different types of Savings Banks Accounts with slightly different benefits and names. However, they are typically variations of the mentioned types of Savings Accounts. Banks may also offer accounts under Government schemes. So, understand your needs and determine the benefits that these accounts provide. Accordingly, open a suitable account with your chosen bank.