How many types of Savings Accounts are there? Which one do you have? Understand the whole thing here

Savings accounts provide a safe place to deposit your money and pay interest on a monthly, quarterly, half-yearly or yearly basis. There are also many types of savings accounts, which are available to all types of people.

Many types of accounts can be opened in banks. Among these, savings accounts are the most important and common account. Account holders can deposit money in this account. Interest is also received on this account. Savings accounts provide a safe place to deposit your money and pay interest on a monthly, quarterly, half-yearly or yearly basis. There are also many types of savings accounts, which are available to all types of people.

Regular Savings Account

This is one of the most common savings accounts that anyone can open after completing e-KYC (Know Your Customer). Can earn interest on the deposited amount. Some banks maintain a minimum balance and charge an annual fee annually for account maintenance.

Zero Balance or Basic Savings Bank Deposit Account

These accounts do not impose any limit on maintaining a minimum average monthly balance and can be opened and maintained without making any deposits. There is no requirement to maintain an average minimum balance. However, banks limit the number of ATM withdrawals, do not offer cheque book facility, and limit the type of debit cards available.

Senior Citizen Savings Account

Senior Citizen Savings Accounts are for individuals above 60 years of age and offer them special features, such as additional interest rates, dedicated relationship manager, lower interest on credit, etc.

Women Savings Account

These accounts are specially designed for women and come equipped with several special features for women. According to BankBazaar, these include special debit cards for women, preferential loan and credit offers, discounts on lockers, complimentary multicity cheque books, unlimited ATM cash withdrawals, waiver on minimum balance requirement, etc.

Kids Savings Account

Parents or guardians of children below the age of 18 can open these accounts by providing identity proof and declaration of parents or guardians. These savings accounts offer regulated deposit schemes and fix spending limits to inculcate disciplined financial behaviour among children right from the beginning.

Instant Digital Savings Account

These accounts can be opened online within a few seconds through mobile or banking application by completing KYC procedures. Yes, the bank freezes the account if the account holder does not complete the KYC process within a certain period. Some banks fix the maximum deposit limit of these accounts up to Rs 1 lakh.

Salary Account

Salary accounts are for salaried account holders who get their monthly salary in these accounts. These accounts have features like free cheque books, international debit cards, zero balance accounts, supplementary personal accident insurance cover, preferential interest rates on loans, etc.

Family Savings Account

These accounts enable family members to open multiple accounts under one family ID. Allows them to avail various benefits. It also includes recurring deposits, fixed deposits, etc. Parents, spouse, children, in-laws, grandparents, grandchildren are covered under this account.

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