Different Types of Savings Accounts

Saving money in a savings account plays an important part in your life, saving money comes in handy in tough times. Banks offer different types of savings accounts. 

You can open any type of savings account according to your needs. For example, Regular Savings Account, Salary Savings Account, Senior Citizens Savings Account, Savings Account for women and Savings Account for children. 

How many types of savings accounts in India

How many types of savings accounts in India

We will tell you various types of savings accounts options. Check out the list of savings accounts:-

  1. Regular Savings Account
  2. Salary Savings Account
  3. Senior Citizens Savings Account
  4. Children or Minor Savings Account
  5. Women’s Savings Account

1. Regular Savings Account

A Regular Savings Account is normal savings account to save money. This account pays interest to the account holder’s deposits. Minimum balance requires in this account as per bank terms and conditions.

One can deposit and withdraw money, but customers can withdraw only a limited amount in a day. 

2. Salary Savings Account

Salary Savings Account is only for employees. Employers open this account to pay the monthly salary of employees. This account comes with zero balance.

Account-holders get a lot of facilities with internet and mobile banking. If account holder not receiving salary from last 3 months. Then salary account will change into a regular savings account.

3. Senior Citizens Savings Account

Senior Citizens Savings Account, from the name you can understand, this account is only for senior citizens. 

This account provides special faculty and higher interest on saved money.

Types of Senior Citizens Savings Accounts provided by Top Banks

List of BanksName of Savings Account
HDFC BankSenior Citizens Account
Axis Bank Senior Privilege Savings Account
IDFC BankSenior Citizens Savings Account
Kotak BankGrand Savings Account
IDBI BankJubilee Plus (Senior Citizens) Savings Account
Canara BankCanara Jeevandhara

4. Children and Minor Savings Account

Children and Minor Savings Account, from the name you can understand that this account is only for Children. This is a zero-balance savings account. This account provides all features and facilities that are in a regular savings account.

Children and Minor Savings Account offered by Top Banks

List of BanksName of Savings Account
HDFC BankKids Advantage Account
IDBI Bank Power Kidz Account
IDFC BankMinor Savings Account
ICICI BankYoung Stars Savings or Smart Stars Savings Account
PNBPNB Junior SF Account
Axis BankFuture Stars Savings Account
Kotak BankJunior – Savings Account for Kids
Canara BankCanara Junior Savings Account
SBI BankPehla Kadam, Pehli Udaan Savings Account for Minor
Indian Bank IB Smart Kid SB Savings
South Indian BankJuinor Savings

5. Women’s Savings Account

Women’s Savings Account name speaks that it is only for women. Major banks offer savings accounts for women. This account provides special schemes to women to sharpen their skills. So they can be self-sufficient.

Banks provide special loans on lower interest rates. This account offers the same features and facilities that are in regular savings accounts.

Types of Women’s Savings Accounts list offered by Top Banks

List of BanksName of Woman Savings Account
HDFC BankWomen’s Savings Account
Axis BankWomen’s Savings Account
ICICI Bank Advantage Woman Savings Account
Kotak BankSilk women’s Savings Account
IDBI BankSuperShakti Women Account
IDFC First BankFirst Power Savings Account
PNBPNB Power Savings
South Indian BankMahila Plus Savings Account
FAQ-Frequently-Asked-Questions

FAQ

1. Who can open a regular savings account?

Ans: Anyone can open a savings account.

2. Who can open a salary savings account?

Ans: A Salaried person can open a Salary account.

3. How many types of savings accounts are in India?

Ans: There are six types of savings accounts in India.

  1. Regular Savings Account
  2. Salary Savings Account
  3. Senior Citizens Savings Account
  4. Children Savings Account
  5. Women’s Saving Account
  6. NRI Savings Account