Just like everything else in life, savings account also come in different shapes and sizes. It helps you to deposit and transact money quickly. There are different types of savings bank accounts to suit the needs of different individuals.
There are six main categories. These are a regular savings account, zero balance online savings account, salary savings account, senior citizen savings account, children or minor savings account and women’s savings account.
This is a basic plain vanilla type of savings account. Account-holders can earn interest on their deposits. Typically, this account has a minimum balance requirement. It will vary from bank to bank and location of the home branch. Also, it requires a specified initial deposit to open the bank account. Customers can make easily make deposits and withdrawals through this account.
Zero balance accounts come with no minimum average balance. You don’t have to keep a certain amount in the savings bank account. These new generation accounts can be made online without visiting the bank branch. To create an online bank account, you need your PAN card and Aadhaar card. Your bank account will be made in a matter of minutes. To complete the KYC process, a bank representative will check your original documents and check your biometric details.
An institution makes this type of bank account for its employees. The employees receive their monthly salary on this account. Salary accounts do not have minimum average balance requirement. You can also avail different offers available on your salary account. However, the benefits are only available till the time you are an employee of the company. After resignation, you should inform the bank. You can continue using the bank account like a regular account or close the account.
This type of bank account is available for senior citizens. It comes with extra benefits and higher interest rates than a regular bank account. Senior citizens can use this account to link to their pension funds and manage it through the savings account.
To inculcate savings habits among children or to help parents save for their kid’s future, leading banks offer kids savings account. This is like a regular bank account, but without any average balance requirement. Parents can open this type bank account in their kid’s name.
The banking needs of a woman are different. As a result, many banks offer women bank accounts with a host of various features and offers, especially for women. Women can also take high-value loans at attractive interest rates through these bank accounts. It also comes with a lower minimum average balance limit. Woman bank accounts have higher cash backs with higher withdrawal limits.
So we see that there are savings bank accounts to cater to the needs of different individuals. These were some of the top categories of bank accounts.savings account, savings bank account, bank account
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