In India, bank accounts have become an essential part of everyday life, and nearly every region of the country now has at least one account. However, numerous individuals are unaware that a variety of savings accounts are available to meet their specific requirements. The eligibility requirements for the various savings accounts that banks offer will be examined in this section.
- Account for regular savings: This is the type of savings account that is used the most. This account allows for unlimited deposits and withdrawals, and most people use it to properly save their money. However, this account must have a certain minimum balance to avoid being subject to a penalty from the bank.
- Savings Account with Zero Balance: The benefits of both current and savings accounts are available to account holders in a zero balance savings account. This account allows you to withdraw funds as many times as you like without incurring any fees for doing so.
- Savings Account for Salary: Employees’ paychecks are deposited into a savings account set up by the business each month. There is no minimum balance requirement for this kind of savings account, and various banks provide overdraft facilities for this account. This account is later changed into a regular account if the salary does not arrive in it for three consecutive months.
- Savings Account for Women: This kind of savings account was designed with women’s needs in mind. Loans with low interest rates, discounts on annual fees for demat accounts, and numerous shopping discounts are all available through women’s savings accounts.
- Account for Senior Citizens’ Savings: Only seniors over 60 are eligible to sign up for this account. It is more advantageous for senior citizens to open this account because it offers a higher interest rate than the standard savings account. The Senior Citizen Savings Scheme account can also be linked to this account.
- Savings Account for Kids: Children’s needs, like paying for school, have been the focus of this kind of savings account. This account can be opened by children over the age of 10 with parental supervision, and there is no set minimum balance requirement. When the child reaches the age of 18, this account will become a standard savings account.