India has several public and private sector banks offering customers different financial products and services. Savings Accounts are the most popular banking product, which allows you to deposit money and earn interest. With the growth in online facilities, you can open them directly from your smartphone.
Opening a Savings Account is an easy way to store your hard-earned money at a bank without carrying it everywhere. You get withdrawal options for seamless access. This account provides safety and reliability to store cash for all your needs. It is the best liquid investment that you can encash anytime and anywhere.
How does it work?
Savings Accounts are available at most online banks free of charge. They have the leverage of altering the interest rates anytime. According to the basic principles of commerce, the more competitive the rate, the more it is bound to fluctuate. You should research well before investing your funds in these accounts.
What are its types?
Almost every bank in India offers different options to customers when they open Bank Account online. These accounts cater to other age groups and requirements. Let us discuss them in detail:
Regular Savings Accounts
It is the most common account, which requires you to hold a minimum balance. Thanks to the linked ATM or Debit Card for cashless payments, it is ideal for daily transactions. You can compare the features, benefits, and interest rates before finalising the bank for account opening.
Zero-Balance Accounts
These accounts do not come with a minimum balance requirement. You need not pay penalties to the bank for maintaining a low or nil balance. Zero-Balance Accounts are ideal for salaried employees. However, you earn attractive interest rates on this account too.
Women’s Savings Accounts
Like Regular Savings Accounts, this account is designed specifically for the needs of women. It requires a minimum balance to be maintained. It provides certain benefits for various transactions, including shopping. Since the eligibility requirements are minimal and simple, you can open the Women’s Savings Accounts from home or elsewhere by uploading the required documents on the Banking app.
Kid’s Savings Accounts
Such accounts cater to the needs of parents who want to put aside money for their children. The additional benefit of this account is that if the parents provide access to their children to use money through Debit Cards, it could teach them money management skills early on.
Senior Citizen Accounts
Tailor-made for senior citizens, such a Bank Account provides investment benefits to the account holders. They also get preferential rates on Fixed Deposits and earn a fixed income post-retirement. It is a risk-free investment that guarantees returns. You can opt for monthly or quarterly payouts while enjoying tax benefits. You can open such accounts via Online Banking platforms.
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