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.
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.
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.
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.
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
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.
Fill the savings bank account application form with valid personal details
On approval of your savings bank account application, your account would be opened
Offers the flexibility to bank from anywhere and anytime
Your funds are parked in a safe place
Following categories can apply for a savings account:
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.
Yes, if there aren’t any transactions done (either withdrawal or deposits) within a period of 2 years, your savings bank account will become dormant.
• 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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