What Are Different Savings Accounts Offered?

The Indian population is vast and diverse. They have varying needs and financial capacities. Your lifestyle and choices are different from others. Hence, you need a financial product to understand your requirements. Spend wisely and living well is a motto that applies to each Indian, whether youth or senior citizen. The Savings Account stores extra cash, earns interest, and allows access to it whenever required.

Deposit funds either by cash or cheques or transfer money from other accounts using IMPS, NEFT, RTGS, or UPI.

Types

Recently, banks are offering different Saving Bank Account to cater to customers from other age groups and work domains. Open any Bank Account according to your eligibility and requirement:

Zero Balance Account

This is a financial product banks offer to operate freely without maintaining a minimum balance. Unlike regular accounts, Zero Balance Accounts do not come with limitations like maintaining a minimum balance. The applicant submits the essential KYC documents on the Banking app.

Basic Account

A regular online Bank Account features minimum facilities and introductory rates for services. You must maintain the prescribed minimum balance to avoid extra charges. You save time, effort, and travel costs by using the app for all your banking needs.

Salary Account

Only a salaried person can open a Bank Account to receive the salary. Most companies directly deposit the employee’s monthly salary here. Suppose the monthly wage is not credited for two to three months in the account. In that case, it gets automatically converted from Zero Balance to a regular account with minimum balance requirements.

Comparison

It is imperative to make a well-researched choice. Compare the options against diverse parameters to maximise your earnings and earn better rewards while online Saving Account opening. The following are numerous parameters to consider:

Interest rates

Most banks offer at least 3.5% on Savings Account interest. Others offer up to 7% interest rates, provided you maintain a minimum balance.

Minimum balance

You need to maintain a minimum balance for most accounts, except Zero Balance Accounts. If you fail to do so, the bank charges a penalty.

Additional facilities

Banks offer other facilities with the Bank Account, such as Net and Mobile Banking, doorstep cash deposit, withdrawal, free cheque book, etc. This way, you complete bank transactions from the comfort of your home or office. Consider the bank which offers deals on Debit Cards and other perks.

Conclusion

Use third-party websites to check the reviews and compare different Bank Accounts. Enquire about every detail, including the bonuses and services offered, to make informed decisions.