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What is a Savings Account | Savings Account in India

What is a savings account

Savings account made to park that money which you do not plan to spend right away. Basically, the purpose of a savings account is to save money. Anyone can open it with the nearest bank branch. 

What is a Savings account ?

Savings account in India is the most common account that can be opened at any bank branch and online from home. The Basic purpose of this account is to save money and earn interest on their deposit funds.

Banks offer safety and security for your deposits. You can withdraw money from a savings account at any time and anywhere. You can also operate a savings account online with Laptop, PC, and Mobile. 

You can also use a savings account for online payments like electricity bills, water bills, Mobile Recharge, DTH Recharge, and many more.

Why do you need a Savings account?

Savings Account is like a secure wallet to keep your earnings safely. In return, users earn interest on their savings. These savings help you in an emergency or dire need. 

These days everything is going online. So you can get facilities online like Education, Business, Booking, Teaching, etc. Savings Account helps you to send and receive money with its digital services.

Savings Account in India

Who can open a Savings account?

Anyone can open a Savings account in India individually or jointly. It does not matter what you are, Even does not matter how much your salary is? A savings account can be opened by Students, Salaried, Senior Citizens, Women, and many more.

Features and benefits of Savings Account

  1. Interest:- Customers earn interest on their parked money in a savings account.
  2. Online Payments:- User can make payments with savings account online, such as Electricity bill, Water bills, Mobile Recharge, DTH Recharge, Insurance, Book Tickets, Shopping, and many more.
  3. Mobile Banking:- With this, you can quickly transfer funds to another bank in a few minutes. You can print an E-statement. 
  4. Withdraw:- Customers can withdraw money from any bank’s ATM at any time. There are limited free transactions to withdraw cash at another bank’s ATM. If you cross that limit, then a tiny amount will be deducted from your account.
  5. Internet Banking:- Savings account’s users also avail net banking facility to send and receive money online. You can make online payments and invest in stocks. Users also can order checkbook and Debit Cards.
  6. Minimum balance:- In savings accounts, minimum balance requirements vary from bank to bank. There are also Zero-balance Savings accounts with limitations.
  7. ATM:- Savings Account holder gets ATM from a bank not only to access their money with ATM but also can make payments online and offline.
  8. ATM Cards:- Customers can get an ATM. According to their needs such as Rupay Card, Mastercard, and Visa Card.

High-Interest Rates on Savings Accounts in India offered by top banks

List of BanksInterest rates
Axis Bank3.00% – 4.00%
HDFC Bank3.00% – 3.50%
ICICI Bank3.00% – 3.50%
IDFC BankUP TO 5.00%
IndusInd Bank4.00% – 6.00%
Kotak Mahindra Bank3.50% – 4.00%
RBL Bank4.50% – 6.25%
YES Bank4.00% – 5.50%
South Indian Bank2.35% – 4.50%
Punjab National Bank3.00%
State Bank of India (SBI)2.70%
Jana Small Finance Bank3.00% – 6.50%
Karnataka Bank2.75% – 4.50%
FAQ-Frequently-Asked-Questions

FAQ

1. What is the benefit of a savings account?

Ans: Account holders earn interest on their deposit money.

2. Who can open a savings account?

Ans: Anyone can open a savings account.

3. Can I open a Zero-balance savings account?

Ans: Yes, you can open Zero-balance digital savings account with some limitations.

4. Can I open a savings account online?

Ans: Yes, you can open a savings account online with an Aadhaar card, PAN card, and registered mobile number with Aadhaar.

5. Can I complete KYC online?

Ans: You can complete full KYC by video call and you have to keep the original Aadhaar card and PAN card with you while KYC video Process.

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