Bank accounts have become an integral part of the lives of common people in India, with almost every section of the country having at least one bank account these days. However, many people are not aware that there are different types of savings accounts available to suit their individual needs. Here, we will explore the various types of savings accounts that banks offer, along with their eligibility criteria.
1. Regular Savings Account: This is the most commonly used type of savings account. There is no fixed limit for depositing and withdrawing money from this account, and people usually use it to save their money properly. However, all banks require a minimum balance to be maintained in this account, failing which the bank may impose a penalty.
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2. Zero Balance Savings Account: In a zero balance savings account, account holders get the benefits of both current and savings accounts. You can withdraw money from this account as many times as you want, without any penalty for not maintaining a minimum balance.
3. Salary Savings Account: A company opens a savings account for its employees in which their salaries are credited every month. This type of savings account has no minimum balance limit, and different banks offer overdraft facilities on this account. If the salary does not come in this account for three consecutive months, then it is later converted into a regular account.
4. Women’s Savings Account: This type of savings account has been created keeping in mind the needs of women. Women’s savings accounts offer loans at a low interest rate, discounts on annual charges for demat accounts, and many shopping discounts.
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5. Senior Citizens Savings Account: This account has been created only for senior citizens above 60 years of age. It offers a higher rate of interest than the regular savings account, making it more beneficial for senior citizens to open this account. Additionally, this account can be linked with the Senior Citizen Savings Scheme account.
6. Children’s Savings Account: This type of savings account has been designed to cater to the needs of children, such as school fees, etc. There is no fixed minimum balance requirement, and this account can be opened for children above 10 years of age under parental supervision. This account will be converted into a regular savings account after the child completes 18 years of age.
