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
We will tell you various types of savings accounts options. Check out the list of savings accounts:-
- Regular Savings Account
- Salary Savings Account
- Senior Citizens Savings Account
- Children or Minor Savings Account
- 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 Banks | Name of Savings Account |
| HDFC Bank | Senior Citizens Account |
| Axis Bank | Senior Privilege Savings Account |
| IDFC Bank | Senior Citizens Savings Account |
| Kotak Bank | Grand Savings Account |
| IDBI Bank | Jubilee Plus (Senior Citizens) Savings Account |
| Canara Bank | Canara 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 Banks | Name of Savings Account |
| HDFC Bank | Kids Advantage Account |
| IDBI Bank | Power Kidz Account |
| IDFC Bank | Minor Savings Account |
| ICICI Bank | Young Stars Savings or Smart Stars Savings Account |
| PNB | PNB Junior SF Account |
| Axis Bank | Future Stars Savings Account |
| Kotak Bank | Junior – Savings Account for Kids |
| Canara Bank | Canara Junior Savings Account |
| SBI Bank | Pehla Kadam, Pehli Udaan Savings Account for Minor |
| Indian Bank | IB Smart Kid SB Savings |
| South Indian Bank | Juinor 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 Banks | Name of Woman Savings Account |
| HDFC Bank | Women’s Savings Account |
| Axis Bank | Women’s Savings Account |
| ICICI Bank | Advantage Woman Savings Account |
| Kotak Bank | Silk women’s Savings Account |
| IDBI Bank | SuperShakti Women Account |
| IDFC First Bank | First Power Savings Account |
| PNB | PNB Power Savings |
| South Indian Bank | Mahila Plus Savings Account |
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.
- Regular Savings Account
- Salary Savings Account
- Senior Citizens Savings Account
- Children Savings Account
- Women’s Saving Account
- NRI Savings Account
