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.
There are so many options for personal loan usage. But, one should always decide wisely in terms of spending the amount. The reasons for availing a personal loan are diversified, for example:
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.
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