Get Your Saving Account Online

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

Benefits of Savings Account

Competitive Interest Rates

The foremost advantage of opening a savings account is that you can earn interest over your savings. An account not just keeps your funds deposited, but, also pays an interest on the principal amount, which is computed by multiplying rate of interest with the principal amount maintained in your account.

Competitive Interest Rates

Urgent finance needs can occur anytime to anyone and what if you don't have enough funds to cope with the financial crisis? Of course, you will apply for several loans that will ultimately raise your liabilities in long run. Thus, it is best to keep your extra funds deposited at bank savings account and withdraw the funds at the time of urgent needs.

No Risk Involved

A savings account is probably one of the safest ways to make an investment without any risk involved. The savings account also provides the convenience to put your funds into another investment whenever the opportunity presents.

Liquidity

Savings account helps to use our funds much easier when compared to taking money out of stock, bonds, and certificates of deposits, which results in penalties.