PNB Housing Fixed Deposit
Mahindra Fixed Deposit
Savings Account is the most basic kind of banking product/instrument commonly used by the individuals to deposit cash in a safer and secured way. Savings accounts are opened by banks of both government and private nature and financial institutions. It is treated as the safest way to save the hard-earned money and earn interest over that money. The interest earned is calculated quarterly in almost all kinds of Savings Account. Anyone can deposit his/her money through cash deposit/ cheque, online transfers like IMPS, NEFT, RTGS or UPI.
You can access your savings account online as well and do monetary transactions there only. You can also withdraw the money through directly visiting the bank, cheque encashing, ATM withdrawal via debit card of the same savings account. Opening a savings account is easy but maintaining it requires patient. You need to maintain the minimum amount limit in that account to avoid any penalty or fee.
Depending upon different criteria like age, requirements, transaction track, there comes an array of options for savings account from different banks and finance institutions. As the competition is high, almost all the banks offer benefits and attractive features attached to the account. In India, following are the types of savings accounts which are commonly seen:
Savings Account itself says that ‘save-in-account’. With this, your habit of saving hard earned money is cultivated. There is a list of benefits that come alongside opening a savings account:
There are no strict eligibility criteria to open a savings account of any bank as there is no income or occupational tracks to be presented. The important eligibility conforms that:
Although you can open a savings account without any obstacle but there are certain important details you should know at the time of filling online application for savings account opening. This is known as eKYC. The options for KYC update is available on the website when you apply for online account opening. Enumerated are the most vital documents:
Other than this, if you physically open a savings account, you need the following:
You should always do a keen research before applying to open a savings account or before making any other choice related to financial services. Savings account is not just meant to save your money but also to augment your earnings through various additional features and benefits like interest etc.
Interest Rate: The basic/minimum interest rate offered by most of the banks is 3.5% but most of the banks today offer high interest rates as much as 7% which depends on your savings accounts management/maintenance.
Minimum Balance: Maintaining minimum balance is the feature of regular savings account and breaching it causes deductions and penalties. So, if you are not able to maintain it, it is better for you to open a zero balance savings account to close any scope of paying extra charges.
Features & Deals: Today, features like net banking and mobile banking come easily with opening any kind of savings account, be it, Regular/Basic Savings Account, Salary Account or Zero Balance Savings Account. Along with that, cash deposit or withdrawal at doorstep, free personalized cheque books etc. With these facilities, it not necessary for you to visit the banks on regular basis. You can avail all the services of a savings account sitting at your home.
Personalized Debit Card is another additional feature or benefit coming along with opening a savings account. In today’s time, debit card is the key to so many attractive benefits like airport lounge access, dining privileges, cashbacks, movie tickets, travel tickets/bookings, shopping etc.
Yes, it possible to open a savings account in a Post Office. Following is the procedure to open it easily in any branch of Indian Post Office:
Now-a-days, interest rate on Post Office Savings Account is 4% which is subject to changes as per government rules
Savings account is the most basic kind of bank account where the bank authorizes you to keep your saved money for an unlimited period of time.
Savings account is the simplest way to keep your saved money safe for your immediate needs in life. You do not know the unpredictability coming across in life, so, it is better to save money in the most suitable of bank accounts, known as savings account.
You need to consider the following before opening a savings account for yourself:
Following are the types of savings account:
Enumerated are the essential documents you need before applying for a savings account:
Generally, there are no restrictions in regards of opening a savings account like income or age but there are minimum balance amount limits you need to maintain.
This differs from bank to bank. Generally, it varies from Rs 0 to Rs. 25000 for regular customers and up to Rs. 200000 or higher for premium or privileged customers.
You can think this way, either buying a home is beneficial or not? Surely, it is. Any property either brought with home loan or not, is definitely a good investment as far as long term benefits are thought upon.
Normally, not every bank charges its customers with penalty if not maintaining minimum balance and it is according to the RBI guidelines. You must check the recent norms in case of current updates of the governmental banking rules.
Usually, the interest rate is 4-7% per annum, however, SBI offers 4% on its deposits whereas private banks Yes Bank, RBL Bank & Kotak Bank offer as much as 6%.
The earned interest on the amount deposited on the savings account is credited in your account on half yearly basis while it is calculated daily or monthly.
Yes, it is possible to open a joint savings account if you are over 18 years of age. In case of minors, parents or guardians will be the authorized signatory of the account.
According to the RBI guidelines, the savings account becomes dormant if the account holder does not do any transactions for a continuous two years of span.
If you want to activate a dormant savings account, you need to:
You can pay money into your savings account through: