Types Of Savings Account: Do you know that there are total 6 types of savings opening in the bank. There is a separate savings account for working people, separate for the elderly, separate for women and separate for children. Let us know which savings account will be best for you.Â
Saving Bank Account:Â Crores of people use Savings Bank Account in the country, but they do not know how many types of savings accounts can be opened in the bank. Have you ever wondered which savings account would be best for you? Actually, the savings accounts also differ according to the need. There is a different type of savings account for the employed, for the elderly, for the children. There are total 6 types of savings accounts. Let’s know about them.
1. Regular Savings AccountÂ
Such accounts are opened on certain terms and conditions. In this type of account, there is no regular deposit of any fixed amount, it is used like a safe house, where you can keep your money only. In this, the condition of minimum balance is also fixed.
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2. Salary Savings AccountÂ
Such accounts are opened by banks on behalf of companies for their employees. This account is used to pay salary to the employees. In this, banks offer interest. There is no minimum balance condition for this type of account. If the salary is not received for three months, then it gets converted into a regular savings account.
3. Zero Balance Savings AccountÂ
This type of account has the features of both savings and current accounts. There is a withdrawal limit in this, you cannot withdraw money more than the mean limit. But you do not incur any penalty if the balance is less.
4. Minors Savings Account
This account is for special children, the minimum balance is not fixed in it. This savings account is meant to meet the banking needs of the children for their education. This type of bank account is opened and operated only under the supervision of a legal guardian. When the child turns 10 years old, he can operate his own account. When the child turns 18, it gets converted into a regular savings account.
5. Senior Citizens Savings AccountÂ
This account works like a savings account, but offers higher interest rates to senior citizens than regular ones. Therefore, senior citizens should open this account only because interest is more in it. This bank account is also linked to the savings schemes of senior citizens, from which funds are withdrawn from pension funds or retirement accounts and needs are met.
6. Women’s Savings AccountsÂ
These are specially made keeping in mind the women. It has many different features. Women are offered low interest on loans, free charges on opening demat accounts and discounts on various types of purchases.
