Savings accounts are a form of bank account which is used to hold the funds of individuals. These individuals can be anyone from salaried individuals, professionals, entrepreneurs, etc. Literally, anyone can open a savings account.
While most people might think all savings accounts are the same, there are different types of savings accounts that are offered by most banks.
Salary Accounts
Salary accounts are offered by most banks wherein the salaries and wages of employees and workers are credited by their employers directly into these accounts. Most salary accounts offer a zero balance and provide customers with debit cards, net banking, and online payment facility.
Children’s and Minor Savings Accounts
These accounts are opened for children and minors to encourage children to develop a habit of saving from a very young age and also allow parents to save for their children’s future. Some banks might insist one of the parents be the joint-holder this account. This account operates similarly to other savings accounts.
Woman’s Savings Account
These savings accounts are targeted towards women who allow these account holders to avail loans at an attractive rate of interest and can also offer a marginally higher rate of interest compared to other forms of savings accounts.
Jan Dhan Accounts
These savings accounts can be opened with minimum paperwork and are zero balance accounts offering minimal banking services to the account holders. Prime Minister Narendra Modi introduced these accounts with an attempt to bring every Indian within the ambit of the Banking sector.
Senior Citizens Saving Accounts
These savings accounts are targeted towards senior citizens and are designed to offer them greater security during the retirement years. These accounts provide a preferential rate of interest on savings accounts and fixed deposits.
Family Savings Group Accounts
These savings accounts are targeted towards families wherein a single joint-account can be maintained for the entire family. Most banks offer a discount on locker rental, free debit cards, etc.
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