Savings Account Types
Banks across the country provide tailored savings accounts to meet the particular needs of their consumers. The following are the various types of savings accounts:
Account for regular savings
Senior savings account
Salary savings account
Savings account for minors
Current a/c for Individual
Current a/c for Business
Citizens who want to save for the future can do so by opening a savings account at one of the institutions listed below. Banks across the country offer specialised savings accounts to meet the specialised needs of consumers, such as savings accounts for older citizens, savings accounts for women, children, salary savings accounts, and normal savings accounts. Savings accounts get tax-free interest up to Rs.10,000 under Section 80TTA. The following are the characteristics and benefits of savings accounts, as well as the facilities provided and a list of banks across the country that offer various types of savings accounts.
Features and Benefits of Savings Account
- Savings accounts allow salaried persons to save for the future using their regular monthly net income.
- Gain interest on your deposits.
- There is no time limit on how long a person can have a savings account.
- Savings accounts include online banking, which allows account holders to check their balance, make a fund transfer, obtain a cheque book, and view a complete description of the money in and out of their account, among other things.
- Customers can use their credit card, debit card, or online shopping cart to make purchases from their savings account.
- Customers who do not want to deal with the burden of maintaining the required minimum balance might choose a zero-balance savings account.