Indian banks offer different accounts to meet customers' diverse needs. Since you make efforts to earn, you should store your money safely. Nobody wants their accumulated savings to go in vain. A Savings Account is a deposit type you can open at banks. It provides principal security, a modest interest rate, and high liquidity. It is ideal for keeping emergency money or funds you may require for bigger purchases later.
The bank offers a chequebook, passbook, and linked ATM or Debit Card upon account opening. The following are some frequently asked questions that explain everything.
What are its types?
Besides Regular Accounts, you can open a Minors' Account, Joint Account, Women's Saving Account, Senior Citizen Saving Account, and a Salary Account in India. You get zero balance and fee waiver facilities depending on the account type.
What documents are required?
The documents required to open bank account online include a passport, voter's ID, permanent driving license, PAN Card, utility bills, Aadhaar, and a passport-sized photograph of the applicant. Minors can open the account but cannot operate it without a guardian.
Who provides them?
Savings Accounts are the key business of commercial banks in India. Therefore, you need to complete their online form and select the preferred account type. Compare options based on interest rates, minimum balance requirements, and other offers. Fill in the details in the form, providing the bank with identification and relevant documents.
How to choose it?
You need to assess several factors before opening an account on the Banking app, such as interest rates, minimum balance required to maintain the account, customer service, and branch availability. A bank offering the best combination of these is ideal for account opening.
How to deposit money?
You can deposit money into your Bank Account through cash, cheque, bank draft, or Online Banking. Deposit drafts and cheques at registered drop box locations like ATMs and bank branches. Deposit cash at certain ATMs or the cash counter of the bank during working hours. You can also transfer funds between different Bank Accounts digitally.
What is the interest earned?
The Savings Account interest rates fall between 4% and 7% per annum in India. The interest earned gets credited to your account balance every three to six months. However, banks calculate it monthly or on an average daily balance basis. You can also open Joint Accounts with another member who is an adult. Minors can open them with their parents as guarantors.
Is there a minimum account balance?
The minimum account balance differs between banks and depends on the features and services you would like to avail yourself of when opening it. Usually, it differs between Rs. 0 to Rs. 25,000 for regular customers and may go up to Rs. 2 lakh or higher for Premium Account holders. Failing to maintain the minimum account balance leads to penalties.
