What is Saving Account?
The savings account is a basic type of bank account that allows you to deposit money and keep it safe while earning interest. Every bank has to follow their different procedures and policies. Once your account is opened then you can deposit your money and withdraw it from ATM or by visiting your branch.
Types of savings account:-
- Regular savings account
- Salary savings account
- Senior citizen savings account
- Children or minor savings account
- Women’s savings account
- E-Wallet saving account
- Zero balance saving account
- Post office savings account
Regular savings account:-
This account is a basic type of account, in this account customers, have to put some amount in every month. In this type of account, customers can make deposits and withdrawals easily. However, withdrawals come with a daily limit.
Salary savings account:-
This type of account is opened by your employer to credit your salary. The customer earns monthly and these types of account don’t have any minimum balance requirement. In case of salary is not credited in this account for three months then, the account will be automatically changed into a regular saving account with a minimum balance requirement.
Senior citizen savings account:-
This type of savings account is specifically designed for senior citizens. The senior citizen’s savings account comes with special advantages and higher interest rates for depositors. Senior citizens can use this account to link their pension funds and manage it using the savings account.
Children and minor savings account:-
This type of account banks offers to parents for encouraging their children to save for the future and this account also enables parents or guardians save for their child’s future. This account has a similar facility as a regular saving account.
E-Wallet savings account:-
In general, an E-wallet is a prepaid account that is used to store money and make online and mobile payment transactions quickly and securely. Before it can be activated, the user must input all of their account information, which is then stored and used when the time comes to making payments.
Zero balance savings account:-
The Zero balance saving account is the combination of the best features of a savings account and a current account, However, there are still limits on withdrawal amounts. In case of the balance in the account falls below the prescribed minimum amount then the bank doesn’t charge any fine.
Post office savings account:-
As the name defines, a Post Office Saving Account is a type of Saving account that can be opened at a post office. The bank might not have branches in each city, post office commonly presents even in the most remote of urban areas situated in the districts that are normally difficult to get to. The Post Office saving accounts have a strict and more secure facility and this type of saving accounts have a similar facility as a regular bank savings account.
Document required for opening savings account:-
- Identity proof:- Anyone from Aadhar card/ voter id card/ Passport/ PAN card.
- Address proof:- Anyone from Aadhar card/ voter id card/ Passport/ PAN card/ electricity bill.
- Two passport size photographs.
How to apply for savings account:-
There are two ways to apply for the saving account.
- Decide the right bank in which you want to open your account.
- Go to http://www.bankagent.in/savings-account/ or go to the bank website in which you want to open your account.
- Choose which type of saving account you want to open
- Fill all the information in the form
- Submit the document.
- Decide the right bank in which you want to open your account.
- Go to the bank in which you want to open your account.
- Decide which type of saving account you want to open.
- Fill the form with the all information which is asked.
- Then submit the form with the all document which is required.
Features of Savings Account:-
- Interest Rates
- Minimum opening deposit
- Monthly deposit requirement
- Frequency of withdrawal
- ATM facility
Advantages of Savings Account:-
- The first advantage of saving account is that your money will be safe.
- You will earn an interest amount.
- You can open an account with zero balance.
- You can save your money on this account and use your money in an emergency situation.
- You can access your funds 24 hours using the internet.
Disadvantages of Savings Account:-
- In saving account there is a limit for cash withdrawal.
- The banks may charge for maintenance of your saving account.
- In saving account you can easily access your money so there is a lot of chance to overspend it.
- There may have required to put a minimum amount on your account.
Best bank with the high-interest rate for Savings Account:-
|Banks||Interest rate||Minimum amount|
|Yes Bank Savings Value Account||5.00% – 6.25%||N.A|
|Kotak Bank Nova Savings Account||4.50% – 6.00%||Rs. 5,000|
|Standard Chartered Bank Basic Banking Account||4.00%||Nil|
|Citibank Citi Banking Savings Account||4.00%||Rs. 25,000|
|PNB Saving Deposit(General) Account||3.50% – 4.00%||Rs. 500 to 1,000|
|Axis Bank Basic Savings Account||3.50% – 4.00%||Nil|
|SBI Basic Savings Bank Account||3.50% – 4.00%||Nil|
Top banks which offer Savings Account:-
State bank of India
- Savings Plus Account
- Basic Savings
- Yuva Savings
- Special Salary Account
- Basic Savings Bank Account
- Small Savings Account
Savings Plus Account:-
In the Savings Plus Account, any amount over Rs 25,000 would be transferred to a fixed deposit. In this savings account, the minimum balance should be maintained at Rs 25,000.
The Basic saving account of SBI can be open by any person who is 18 years old or above. This account can be opened by providing a KYC document. This saving account is especially for those persons who are not financially good so they can save money without any burden of charges.
Yuva Savings:- The Yuva saving account is for the youth to encourage them for saving. For this type of savings account of SBI only eligible who are between 10 to 30 year old and it has a facility of nomination.
Special Salary Account:-
The salary account of SBI bank is for different types of employees like central government, corporate institution, state government, Indian railway, defence force, police force, coast guard, paramilitary force etc. there is no requirement of minimum balance management and feature of online net banking.
Small Savings Account:-
The Small Savings Account can be opened with a zero minimum balance. The small saving account can be open by the person who is 18 years old or above.
- Titanium Privilege Account
- Gold Privilege Banking
- Silver Savings Account
- Regular Savings Account
- Pockets Savings Account
- Young Stars Account
- Advantage Woman Savings Account
- Senior Citizens Savings Account
- Basic Savings Bank Account
- Investment & tax saving account
- Savings Family Banking
Titanium Privilege Account:-
This saving account is for Indians only who are 18 years old or above. There is no limit of cash withdrawing using the debit card.
Gold Privilege Banking:-
In the gold privilege banking, the minimum balance of at Rs 50,000 should be maintained. With the gold privilege banking user get free Gold Privilege Debit card with higher withdrawal limits.
Silver Savings Account:-
This saving account has been developed for young professionals to encourage them to save money. In the silver saving account balance should be maintained at 25,000.
Regular Savings Account:-
The regular saving account of ICICI bank is for foreign national and Hindu Undivided Family (HUF) customers, who are above 18 years customers. The benefit of this saving account is that you can access your account any time anywhere.
Pockets Savings Account:-
The pocket saving account gives you a feature of online banking and it doesn’t require a minimum balance. This saving account of ICICI is only for citizens of India and the applicant should be 18 years old or more.
Young Stars Account:-
The young star account is developed especially for children. This saving account required Rs 2500 for opening it and this account can be open for children in the age group 1 day to 18 years old. In this saving account minimum balance should be maintained at Rs 25,00 and in the case of low minimum balance penalty will be charged with Rs 100.
Advantage Woman Savings Account:-
The advantage women saving account is specially developed for working women to encourage them for saving. Applying for this saving account candidate should be 18 years old or above. This saving account has features of online banking so you can manage your account anytime anywhere.
Senior Club Savings Account:-
The senior club saving account is for senior citizens who are above 60 years old. In this saving account, there is a nomination facility and the candidate should be Foreign National and Hindu Undivided Family (HUF).
Basic Savings Bank Account:-
The basic saving account of ICICI bank can be opened by any person who is a citizen of India and there is no minimum balance required so this is a zero balance saving account. This saving account is only available for Indian citizens and applicant should be 18 years old or above.
Investment & tax saving account:-
As the name defines this saving account for help you achieve your dreams and to be future-ready. At the time of opening, registration will be done for mutual fund investment. Through convenient Systematic Investment Plan (SIP) there will be an auto investment in ELSS (Tax Saving Mutual Fund).
Family Savings Account:-
In the family saving account, many single accounts can be joined together and can be operated separately. In the family saving account of the ICICI bank, there is no need to maintain minimum balance by every member of the family.
- EasyAccess Savings Account
- Prime Savings Account
- Future Stars Savings Account
- Prime Plus Savings Account
- Women Savings Account
- Senior Privilege Savings Account
- Pension Savings Account
- Trust/NGO Savings Account
- Basic Savings Account
- Krishi Savings Account
- Small Basic Savings Account
- Youth saving account
EasyAccess Savings Account:-
As the name explains the EasyAccess saving account is for the user to easy access, customer can access their bank account anytime anywhere by using mobile banking or net banking. In this saving account, there is a minimum balance requirement of Rs 10,000.
Prime Savings Account:-
The Prime Savings Account of ICICI bank is for foreign national and Hindu Undivided Family (HUF) customers, who are above 18 years customers. There is a minimum balance requirement of Rs 25,000 in metro cities.
Future Stars Savings Account:-
The future star saving account is specially developed for children below 18-year-old. The Future Stars Savings Account gives you benefits of a personal accident insurance cover of Rs. 2,00,000 for the account holder (in this case it will be your child).
Prime Plus Savings Account:-
The Prime Plus Savings Account is specially for high class society because in this saving account the minimum balance should be maintain of Rs 1,00,000. This saving account provides you facility of online net banking by which you can manage your account at anytime and anywhere.
Women Savings Account:-
This saving account is specially developed for working women. The minimum balance requirement should be maintained Rs. 10,000 (in Urban area) Rs. 5,000 (in Semi-Urban area) Rs. 2,500 (in Rural). The opening balance should be deposit Rs. 10,000(in the Urban area) and Rs. 25,00 (in rural area).
Senior Privilege Savings Account:-
This saving account is for senior citizens who are above 57 years old and are an Indian citizen. The minimum balance required is Rs. 10,000 as quarterly balance and the daily limit of cash withdrawal is 50,000.
Pension Savings Account:-
This saving account is specially designed for pensioners with the easy accessing of the account. This saving account provides you personal accident insurance coverage of Rs. 2 lakh and cash withdrawal limit of Rs. 40,000.
Trust/NGO Savings Account:-
The Trust/NGO saving account is to provide banking solution for those people who spend their time to help underprivileged. The average monthly balance required is Rs. 25,000.
Basic Savings Account:-
The basic saving account is zero balance account there is no need for minimum balance maintenance. The basic saving account gives you the benefit of 4 free cash withdrawal per month and online banking. You can only open the basic saving account if you don’t have any other saving account in Axis bank.
Krishi Savings Account:-
Krishi Saving account is for the farmer and those people who are employed in allied agricultural activities. The Krishi saving account gives facility of an international debit card and accident insurance cover of up to Rs 2 Lakhs. There is a half-yearly minimum balance requirement of Rs 25,00.
Small Basic Savings Account:-
The small basic saving account is a basic saving account is zero balance saving account. This saving account offers you personal accident insurance for Rs. 1,00,000. You can only open this saving account if you don’t have another saving account in Axis bank.
Youth saving account:-
This saving account was specially developed for the young generation to encourage them for saving. Applying for this saving account applicant should be 18 years to 25-year-old. The initial deposit required for account opening is 3000. There is no minimum balance requirement in any area.
Punjab National Bank (PNB) Bank
- PNB Premium Saving Account
- Saving Deposit – General Account
- Family protection account
- PNB Prudent Sweep
- PNB Junior SF Account
- PNB Vidyarthi SF Account
- Basic Savings Bank Deposit Account (BSBDA)
- PNB pension saving Account
- New salary saving account
PNB Premium Saving Account:-
The PNB premium saving account can be opened by Trusts, Hindu Undivided Families (HUFs), Clubs, Societies etc. The minimum average quarterly balance should be Rs.50,000 or more.
Saving Deposit – General Account:-
The saving deposit-general saving account can be opened by depositing just Rs. 500. This saving offers its customer free internet banking. The Minimum quarterly average balance required Rs. 1000 for Rural area, Rs.2000 for Semi-Urban area, Rs.2000 for Urban Rs.2000 for Metropolitan area.
Family protection account:-
This saving account is especially for those who wants to protect their family this savings account gives you the benefit of insurance option that would provide the family with a monthly income in case of the death of the account holder.
PNB Prudent Sweep:-
The PNB prudent sweep saving account was specially designed for individuals. Individuals can open this account with an initial deposit Rs. 500. The minimum quarterly average balance should be maintained at Rs.5,000 for rural and semi-urban areas and Rs.10,000 for urban and metro areas.
PNB Junior SF Account:-
This saving account is for child and parents who want to save money for their children future. These type of account can be open by children’s parents or guardians on their behalf. There is no requirement of initial deposit for opening account neither minimum Quarterly Average Balance (QAB) required.
PNB Vidyarthi SF Account:-
The PNB Vidyarthi SF account is for parents or guardians who want to open an account on behalf of their child, who is studying and living away from the home. This is a zero balance saving account and there is no minimum balance requirement.
Basic Savings Bank Deposit Account (BSBDA):-
The PNB basic saving bank deposit account is a zero balance saving account. For the opening, this account candidate should be at least 10 years old. This account can be open single or jointly.
PNB pension saving Account:-
This saving account of PNB is for pensioners. There is no minimum balance requirement and the initial deposit requirement.
New salary saving account:-
This saving account is for salary individuals who are regular employees of central, state Govt., PSU, Govt-semi, Govt Corporation, MNCs, Reputed Institutions, Reputed Corporates, or Reputed Educational Institutions. There is no initial deposit requirement and minimum balance requirement.
Bank Of India (BOI)
- Savings Bank Ordinary Account
- BOI Savings Plus Scheme
- BOI Super Saving Plus
- Star Suraksha SB Plus Account
- BOI Star Senior Citizen SB Account
- SB Account for Pensioners
- BOI Basic Savings Account
- BOI Saral Salary Account Scheme
Savings Bank Ordinary Account:-
The saving bank ordinary account can be open Single Account, Two or more individuals in Joint Accounts, Illiterate Persons Blind persons, Minors, Associations, Clubs, Societies, etc. In this saving account, an initial deposit is Rs. 500 for Cheque book operated and Rs.100 for non-cheque book accounts. In this saving account, Rs 500 should be maintained as a minimum average quarterly balance (AQB) in case of minimum balance is not maintained then there will charge of Rs 100 (quarterly).
BOI Savings Plus Scheme:-
The minimum balance requirement of this account is Rs. Rs. 25000 in Savings Account and Rs. 5000 in Term Deposit. Applying for this saving account candidate should be an Indian citizen and there is also an Auto Sweep Facility.
BOI Super Saving Plus:-
This account can be open by all those persons who can open the SB account. For opening this saving account there should be an initial deposit of Rs. 20 lakh and the average quarterly requirement is 5 lakh.
Star Suraksha SB Plus Account:-
The Suraksha SB Plus account is a type of savings account which is available at every branch of the BOI bank. The Initial Balance and average quarterly balance requirement are Rs. 500 and In case of Non-maintenance of average quarterly balance charge is Rs.500.
BOI Star Senior Citizen SB Account:-
This saving account is for senior citizens who are above 57 years old and receiving a pension. This can be open singly or in joint names but the first account holder must belong to the target group. There should maintain an average quarterly balance (AQB) of Rs.10000.
BOI Saral Salary Account Scheme:-
The BOI Saral Salary Account Scheme is zero balance saving account. This saving account gives a Personal Accident Death Insurance.
How do bank calculate average monthly balance (MAB):-
Average monthly balance means average account balance that you need to maintain over the specified period, Monthly Average Balance refers to the sum of all the End of Day balances and dividing it by the number of days in the month. Suppose the “Monthly Average Balance” requirement of your bank is Rs 1000. It implies that the bank wants the average in your account to be Rs 1000, it does not require that you should have Rs 1000 balance at the end of every day. It depends upon you to how to manage it you can maintain Rs 1000 balance every day or you can put 30,000(1000*30) in your account one day in a month.
Average monthly balance of banks:-
|SBI||3000 (in urban area)
1000(in rural area)
|PNB (Savings Deposit – General Account)||Rs. 500 – for rural areas
Rs. 1000 – for semi-urban areas
Rs. 1000 – for urban areas
Rs. 1000 – for metropolitan cities
|PNB (Premium Savings Account)||Rs. 50,000 and above (minimum Quarterly Average Balance -QAB)|
|PNB (Junior SF Account)||Zero minimum QAB|
|PNB (Total Freedom Salary Account)||Zero|
|PNB (Basic Savings Bank Deposit Account)||Zero|
|Axis Bank (EasyAccess Savings Account)||Rs.10,000|
|Prime Savings Account||Rs.25,000|
|Future Stars Savings Account||Rs.2,500|
|Prime Plus Savings Account||Rs.1,00,000|
|Women Savings Account||Rs. 10,000|
|Senior Privilege Savings Account||Rs. 10,000|
|Pension Savings Account||Nil|
|Krishi Savings Account||Rs. 2.500 (half-yearly|
|Bank Of India||Rs.5,000/-in Metro/Urban Branches
Rs. 2500/- in Semi-urban/Rural Branches
Cash withdrawal limit in Savings Account:-
|ICICI Bank||₹ 50,000 per day|
|SBI (State Bank of India)||₹ 20, 000 per day|
|Punjab National Bank (PNB)|| ₹ 50,000 per day (PNB Platinum card)
₹ 25, 000 per day (PNB Classic card)
|Axis Bank|| ₹ 3 lakh per day (Burgundy Debit Card)
₹ 50,000 per day (Titanium Prime and Plus debit cards)
|HDFC Bank|| ₹ 1 lakh per day (Platinum chip debit card)
₹ 75,000 per day (Titanium Royale Debit Card)
₹ 50,000 per day (EasyShop Titanium Debit Card)
₹ 25,000 per day (EasyShop Debit Card)
₹ 25,000 per day (RuPay Premium Debit Card)
|Bank of India (BOI)|| Rs 15,000 per day (NCMC Debit card)
Rs 15,000 per day (Rupay Classic Debit Card)
Rs 15,000 per day (DhanAadhaar Card)
Rs 15,000 per day (RuPay Kisan Card)
Rs 15,000 per day (Rupay Mudra Card)
Rs 15,000 per day (RuPay –PMJDY)
Cash Transaction Limit:-
|Kotak Mahindra Bank||Rs.50,000 to Rs.4.5 lakh|
|HDFC Bank||Rs.2.75 lakh to Rs.3.5 lakh|
|Axis Bank||Rs.1 lakh to Rs.6 lakh|
|IndusInd Bank||Rs.50,000 to Rs.10 lakh|
|SBI Bank||Rs 10,000 to 25,000|
|Bank Of India||Rs 10,000 to 1 lakh|
|PNB Bank||1 lakh|
|Rbl bank||50,000 to 1 lakh|
Savings Account Charges you must know:-
- Non-maintenance of average monthly balance
- Debit Card Charges
- Cheque book charges
- Internet Banking Fee
- Cash transaction charges
- Cheque Bounce Charges
Best bank for Zero balance Savings Account:-
|ICICI Bank||3.5% (For an amount below Rs 50 lakh)
4% (For Rs 50 lakh and above)
|State Bank of India (SBI)||3.5% (For an amount up to Rs 1 crore)
4% (For Rs 1 crore and above)
|Axis Bank||3.5%( for an amount up to Rs. 50 lakh)
4%( for an amount ranging between Rs 50 lakh and Rs 100 crore)
6%( above Rs 100 crore)
|HDFC Bank||3.5% (For an amount up to Rs 50 lakh)
4%(For Rs 50 lakh and above)
|Standard Chartered Bank||3.5% (For an amount up to Rs 50 lakh)
4% (For Rs 50 lakh and above)
|Kotak-811||5%(For up to Rs.1 lakh)
6% p.a. (For over Rs.1 lakh to Rs.5 crore)
5.5% p.a. (For above Rs.5 crore)