Savings Account

The most basic product of any bank is – Savings Account. If you want to secure your hard earned money, then having a savings account is the right choice.

Need of Opening a Savings Account:

Savings accounts are different from other accounts because of the following features:

• If you have savings bank account, then you have to maintain a minimum account balance, else the bank may penalise you. So, you can never have zero balance in your account unless indicated otherwise.
• These offer multiple features as you can quickly transfer money, pay your bills and perform many more activities.
• Such accounts are generally preferred by salaried people as these provide a good amount of liquidity of funds (lower than current accounts).
• These accounts offer interest rate which is comparatively higher than the inflation rate in order to keep real value of your money constant throughout years.
• These accounts are customized by banks on the basis of the general type of usage witnessed by them in their lifetime.
• There is a comfortable daily limit on withdrawal which makes savings account different from current accounts.

Various types of Savings Accounts

• Regular Accounts
• Zero Balance Accounts
• Accounts for Minors and Children
• Linked Accounts
• Salary Based Accounts
• Exclusive Benefits Accounts for Women
• Post Office Account
• Accounts for Senior Citizens

A savings account can be called a virtual vault to hold our money. We can withdraw limited amount at certain intervals. Small amount gets added to our account as interest. It is the most commonly used bank account by individuals worldwide.