Saving Account

Keeps your surplus money safe to be used in future.


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A Savings Bank a/c helps you deposit funds efficiently whether you are homemaker, salaried employee, a student, business owner, or a senior citizen.

Savings account caters to your diverse banking needs. It is that type of a deposit bank account that allows you to deposit money while earning interest. The savings bank account offers modest interest rate. However, the reliability and the safety that they offer make them the best option for safely parking cash to be accessible for your short-term needs.

Savings accounts have certain limitations on the number of withdrawals, but generally provide exceptional flexibility which is essential to accomplish short-term goals such as purchasing a car, bike, going on a vacation as well as to build an emergency fund. Funds from the savings account can also be used to simply sweep surplus cash that you may not need in your savings account in order to earn more interest elsewhere. You can withdraw cash from your savings account at any ATM or with your bank’s tellers.

Types of Saving Account

Regular Savings account

Regular Savings account

You can open this type of a savings bank account with the basic terms. You can park your surplus money in your regular savings account to be utilized in case of contingencies.

Savings bank account for minor and children

Savings bank Account for minor and children

Parents or legal guardian can open this type of savings bank account on behalf of their minor children to inculcate a sense of savings in them.

Savings account for Senior Citizens

Savings account for Senior Citizens

This type of savings bank account is tailor-made for the advantages of senior citizens. They offer an interest rate a little higher than what is offered to other individuals.

Zero balance savings account

Zero balance savings account

This type of savings bank account come with a double benefit of current as well as savings account. But, there are certain limits on the withdrawals on a monthly basis on using such accounts. Usually, such accounts are suitable for people with poor economic background

Salary Account

Salary Account

This type of savings account is usually opened by enterprises or companies for disbursal of monthly payments to the employees. On the date of salary, the bank will transfer the funds from the company accounts to the salary account to make the salary payment.

Step-by-step procedure for opening a Savings Account

  • Visit the website of the bank where in you wish to open a savings bank account
  • Fill the savings bank account application form with valid personal details

  • Upload the copies of your address proof, identity proof as well as your photograph
  • The bank will verify your details by sending an executive to your residence for verification process
  • On approval of your savings bank account application, your account would be opened

  • The bank will give you the welcome kit that will contain the cheque book, debit card, a manual explanation the terms and conditions of your savings bank account

  • Offers lucrative interest rate on your savings bank account.
  • Inculcates a habit of savings
  • Offers the flexibility to bank from anywhere and anytime

  • Most of the banks also offer personal accident insurance cover, on maintaining savings bank account
  • Offers usage of Internet banking, Tele-banking and Mobile-banking facility
  • You can opt for a safe deposit locker basis your savings bank account as per the locker availability
  • Your funds are parked in a safe place

  • The bank pays you interest on the funds in your savings bank account
  • Most of the banks also offer facilities such as discounts, sweep facility, zero-balance savings account, cash-back benefits, annual fee waivers, etc. post opening a savings bank account
  • Provides you an International debit card which is valid in foreign countries
  • On giving standing instructions to your bank for a direct debit linked to your savings bank account, your automated bill payments too would be taken care
  • You can open more than one savings bank account

  • A recent passport sized photograph
  • Address Proof

  • Identity Proof

  • In case of opening a savings account for a minor, you need to submit the legal guardian’s or parent’s KYC documents along with the birth certificate of the minor

Some of the frequently asked questions about Savings Account

Following categories can apply for a savings account:

  • Indian national
  • Foreign national residing in India
  • HUF


Yes, you can open a savings bank account jointly with 2 or more individuals.

The interest on savings accounts differs from one bank to bank. This interest is credited quarterly or half-yearly to your savings bank account, depending on the bank.

You can deposit money in your savings bank account by cash, demand drafts, cheque, via ATM, or by filling up the deposit slip in the bank. You can also transfer funds online from one bank account to another via fund transfer, NEFT, IMPS and RTGS.

Eligibility Criteria ..

• An individual should be a resident Indian, Non-resident Indians or a foreign national living in India

• You need to be at least 18 years old for opening a Savings bank account

• A minor account can be opened by a legal guardian or the parents 

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