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Saving Account
A saving account is a virtual vault or deposit account that holds your cash, enables you to pull back a specific sum from it at specific intervals, and adds to itself a little sum (as interest) every year. This is one of the basic account types that offer specific facility. Saving account offers facility to secure your valuable money as per your need.
Saving account facility is offered by all reputed bank of public and private sector banks. Handling this account is quite easy and transaction is quite easy. Every bank follows their policy, different interest rate, different account opening procedure and other specific details to offer best and secure services without any complication.
To open saving account customers need to visit their nearest branch of bank and fill up the application form and get the information about further processing. After account opening you can deposit your money and withdraw it from ATM or by visiting your branch. Generally bank offers interest rate between 3-6%. To keep your account credit healthy maintain minimum account balance criteria.
Types of Saving Account
Basic/Regular Saving Account
This type of account is based on basic terms and conditions. Customers will get basic interest rate and basic facility. These accounts also offer authentic and reliable transaction facility for customers to make their transaction much easier.As the name suggests, a regular savings account requires its accountholder to commit putting a fixed amount of money each month. In return to this, the banks usually pay higher interest rates on the deposited amount. However, along with the flexibility the account holds, this also does have strict terms and conditions. If the accountholder fails to adhere them, the bank charges penalties and other charges.
Though different banks have different terms regarding interest, fees, and minimum balance maintenance. Shop around to find a bank offering terms those are comfortable and convenient to you. Consider certain factors like how much money you intend to keep in your account and how you intend to use it. Apart from this, features like online banking, 24/7 customer service, nearby branches, and convenience to access need to be taken into consideration to choose the right bank with maximum privileges and facilities.
Salary Based Saving Account
Mostly this type of account is opened on request of companies or salaried employee. Employee receives their monthly salary into this account. One of the facilities that account holder get is freedom from minimum account balance management. If salary is not credited into your account them your account will be converted into normal saving account where you have to manage minimum account balance.A salary account is generally preferred by or for the employed individuals to which their salary gets credited. Usually, corporations and major corporate houses request banks to open these accounts for their employees. Each employee gets their own salary account which they can operate and access according to their individual needs.
So, what most are confused about is the difference between salary and regular saving account. Scroll down to get the answer.
Purpose - The key difference here is the purpose to open the account. While a salary account is usually opened for crediting employees' salary, a saving account is opened individually to deposit money for keeping the funds safe and secured for later use.
Minimum balance requirement - What makes salary account more preferable is the fact that is doesn't come with minimum balance maintenance criteria. While in savings account, an accountholder needs to maintain minimum balance on monthly basis.
Interest rate - There are no interest rates paid on any sum maintained in a salary account, but savings account are paid interest rates on the balance sum available in an account.
Conversion - When there is no transaction in a salary account for a certain period of time, the account automatically gets converted into a regular account. And thus, the accountholder is liable to all the terms and benefits offered to the regular savings account holder.
Senior Citizens Saving Account
Senior citizens saving account offer several offers and features to make their account much beneficial. Customers will get facilities like freedom from minimum account balance management and higher interest rates. The Senior Citizens Savings Scheme (SCSS) was primarily launched to take care of the financial needs of senior citizens. Under the scheme, senior citizens are offered a regular stream of income with maximum safety and tax saving benefits.It is said to be a great investment tool for those aged over 60 years. Financial experts believe it to be an effective and long-term saving scheme. SCSS is available through any certified bank and post offices across the country.
Who can opt for SCSS? 1. Indian citizens aged above 60 years. 2. Retired individuals who have opted for the Voluntary Retirement Scheme (VRS) in the age bracket of 55-60 years. 3. Retired defence personnel aged above 50 years. 4. HUFs and NRIs are not eligible to enjoy the benefits of the scheme.
Joint Saving Account
This type of account can be open with any family member or other familiar person. This type of account will offer deposit and withdrawal facility for both operator of account. In case of cheque payment any one of the account holder can sign.A joint account functions just like a regular saving account and the only difference is that two or more people can have access to a bank account, which is called as Joint Saving Account. This is convenient in terms of reaching a short-term or long-term financial goal jointly with parents, spouse, children, or sibling.
According to the Reserve Bank of India (RBI, there is specifically no restriction on the number of joint account holders. However, this feature can vary from bank-to-bank. Also, the number of joint accountholders also depends on the agreement that have been customized with the bank.
Women Saving Account
Women saving allow women to apply for loan and other useful services. Women will receive special facility to make their transaction much beneficial and robust. Women account holder will get loan with cheaper interest rate without any complication.Nowadays, there are several banks and financial institutions have launched special banking services for women, which includes women saving account as well. Banks provide additional privileges to these accountholders such as waiver on demat account, exciting offers, and low interest rates.
The idea behind such banking schemes is to promote and encourage banking habits among females so they too can learn financial management and also make investments to avoid critical situations.
Key highlights of Women savings account
Lower interest on loans - Another benefit that adds to the list is the fact that female accountholders get lower interest rates on several secured and unsecured loans. Also, some banks offer discount on the processing fee as well.
Insurance cover - Usually most banks offer personal insurance cover to the accountholder. In order to avail such benefits, an accountholder needs to fulfil the bank terms.
Shopping benefits - Females are believed to be extremely shopaholic; keeping this in mind, banks offer several exciting shopping benefits to the female account holders. These benefits may include accelerated reward points, exciting discounts, and loyalty privileges among others.
Saving Account for Minor/Children
Some reputed nationalized banks offer this facility. This type of account allows children to learn saving features. This type of account can only be operated if other account holder is parent or any senior person. Going with the inflation trend, it has become a duty for parents to give their children a financially secured future. Generally, what most people do is open a savings account to keep their hard-earned money safe. While giving every possible facility to their children, parents forget to open a separate saving account for minor or children to keep a portion of income safe and secured for their financially stable future.Since several banks and financial institutions have launched dedicated savings account schemes for children and minors, it is the duty of parents to open an account for their children and make them learn the importance of every penny they have. Children savings account also comes with great benefits and exciting privileges in long-run. So, give your child a financially secured future.
Features of Saving Loan
To open saving account individual need to follow proper guideline and fulfill the eligibility criteria. Always submit valid document
to avoid any complication.
1. Any Indian resident or NRI can operate their saving account.
2. Applicant must 18+ years old.
3. There is no specific restriction in account opening.
Important Document to Open Saving Account
| Proof of Identity | Proof of Address |
|---|---|
| Aadhar Card | Aadhar Card |
| PAN Card | Ration Card |
| Voter's Id | Rental Agreement |
| Passport | Electricity Bill |
| Driving License | Telephone Bill |
Applicable Charges/Fee for Opening and using Savings Account
| Bank Name | Non-maintenance of Average Balance | Annual Debit Card Maintenance charges | Debit Card Transaction charges | ||||||||||
| Cash withdrawal | Non-financial transactions | ||||||||||||
| Kotak Mahindra Bank | NA | NA | NA | ||||||||||
| SBI | NA | NA | Rs.17 | Rs.6 | |||||||||
| HDFC Bank | AMB Slabs | Metro & Urban | Semi Urban | Rs.150 | Rs.20 + taxes | Rs.8.5 + taxes | |||||||
| AMB Requirement Rs.10,000 | AMB Requirement Rs.5,000 | ||||||||||||
| Rs.7,500 to < Rs.10,000 | Rs.150 | NA | |||||||||||
| Rs.5,000 to < Rs.7,500 | Rs.300 | NA | |||||||||||
| Rs.2,500 to < Rs.5,000 | Rs.450 | Rs.150 | |||||||||||
| Rs.0 to < Rs.2,500 | Rs.600 | Rs.300 | |||||||||||
| ICICI Bank | Metro & Urban | Semi-urban | Rural | Gramin | Rs.150 | Rs.20 | Rs.8.5 | ||||||
| Rs.100 + 5% of the deficit in the balance requirement | 5% of the deficit in the balance requirement | ||||||||||||
| Axis Bank | Metro | Urban | Semi-urban | Rural | Rs.200 | Rs.20 | Rs.8.5 | ||||||
| Rs.10 for every Rs.100 deficit or Rs.500 (whichever is lower) | Rs.10 for every Rs.100 deficit or Rs.500 (whichever is lower) | Rs.10 for every Rs.100 deficit or Rs.300 (whichever is lower) | Rs.10 for every Rs.100 deficit or Rs.250 (whichever is lower) | ||||||||||
Steps to Open Saving Account Online
To apply online user need to follow steps outlined below:
1. Explore the top and reputed banks; check their offers, interest rates as per your budget.
2. Then. Open official website of that bank and complete the registration (signup) process.
3. Submit all valid documents online to complete the procedure.
4. Now, Respective bank will validate your information and after authentication your account will be activated.
Procedure to Open Saving Account Offline
1. First of all collect Information about all the banks offers and interest rate then go to nearest branch of the bank of your choice.
2. Carry your original identity proof, address proof and other requited document along with Xerox of your document and two passport size photographs.
3. At bank ask for saving account opening form and fill the form.
4. Then submit application form along with Xerox of your valid document and photograph.
5. After successful submission, your account will be activated within 10-12 days as per respective bank policy.
Savings Account Comparison
| Savings Account | Minimum Balance Requirement | Interest Rate Up To* | Savings Account Features |
|---|---|---|---|
| ICICI Bank Regular Savings Account |
Rs. 10,000 | 4% | Smart Shopper Silver Debit card Money Multiplier Facility |
| IDFC Bank Savings Account |
Rs. 25,000 | 4% | Free VISA Signature Debit Card Unlimited Free Fund Transfer |
| IndusInd Bank Indus Select Account |
Rs. 50,000 | 6% | Lifetime Free Platinum Select Debit Card No transaction charges at ATMs |
| Standard Chartered Bank Digital Savings Account |
Rs. 10,000 | 3.5% | Free Platinum Debit Card for first year 15% discount across 600 restaurants |
| Axis Bank ASAP Account |
Zero Balance Savings Account | 7.25%** | Auto Sweep Facility Free Virtual Debit Card |
| Kotak Mahindra Bank Kotak 811 |
Zero Balance Savings Account | 6% | Free NEFT, RTGS, IMPS Virtual Debit Card |
| DBS digibank |
Zero Balance Savings Account | 7% | VISA payWave enabled Debit Card Unlimited ATM Withdrawals on DBS ATMs |
| State Bank of India Insta Savings Account |
Metro & Urban - Rs. 3000 Semi-Urban - Rs. 2000 Rural - Rs. 1000 |
4% | Paperless account opening (OTP based e-KYC) Free Rupay debit card |
| IndusInd Bank Indus Exclusive Account |
Rs. 1,00,000 | 6% | Lifetime Free Platinum Exclusive Debit Card No transaction charges at ATMs |
| Yes Bank Savings Exclusive |
Rs. 1,00,000 | 6% | Free transactions at ATMs in India |
Steps to Open Saving Account at Applykaroo
If you are applying for a credit card through Applykaroo then follow following simple steps:
1. Go to url https://www.applykaroo.com/saving-account and following window will appear on screen.
2. Enter name of your city name, your job type and your monthly income and click on the search button.3. Then,as per user detail relevant saving account facility offering bank list will appear on screen.
4. Then, user can select the best saving account as per his interest and then click on the APPLY NOW button.5. Now, Enter your personal details as per requirement in application form.
6. After detail submission,within month respective bank will inform you through your mobile number and email id.
Savings Account Interest Rates Comparison
| Bank Name | Interest Rate Offered |
| Kotak Mahindra Bank |
5% p.a = Saving Deposits Balance upto Rs. 1 lakh 6% p.a = Saving Deposits Between Rs. 1 lakh and Rs.1 crore 5.5% p.a = Saving Deposits between Rs.1 crore and Rs.5 crore |
| Lakshmi Vilas Bank |
5.25% p.a = Daily Balance Upto Rs.5 lakh 6% p.a = Above Rs.5 lakh |
| IndusInd Bank |
4% p.a = Daily balance upto Rs.10 lakh 5% p.a = Daily balance above Rs.10 lakh up to Rs.1 Crore 5.50% p.a = Daily balance above Rs.1 crore up to Rs.10 crore 6% p.a. = Daily balance above Rs.10 crore |
| Bandhan Bank |
4% p.a = Daily balance upto Rs.1 lakh. 6% p.a = Daily balance above Rs.1 lakh up to Rs.10 crore. 6.55% p.a. = Daily balance above Rs.10 crore |
| RBL Bank |
6.05% p.a = Daily balance above Rs.10 lakhs 6.0% p.a = Daily balance above Rs.1 lakh 5.50% p.a = Daily balance upto Rs.1 lakh |
| Yes Bank |
5% p.a = Saving Deposits Balance upto Rs. 1 lakh 6% p.a = Saving Deposits Between Rs. 1 lakh and Rs. 1 crore 6.25% p.a = Saving Deposits above Rs. 1 crore |
| HDFC Bank |
4% p.a = Savings Account balance below Rs. 50 lakhs 4% p.a = Saving Account balance of and above Rs. 50 lakhs |
| Axis Bank |
3.50% p.a = Savings Account balance below Rs. 50 lakhs 4.00% p.a = Saving Account balance of and above Rs. 50 lakhs |