Savings accounts are one of the most commonly used financial instruments by many. People use these accounts for various purposes. Banks offer different savings accounts to meet people’s different requirements.
The key to opening the right kind of savings account is knowing which meets the needs. check out this guide to know the difference between all kinds of savings accounts.
Savings Bank Accounts
Below are the types of savings accounts you can open -.
Basic Savings Account
A basic savings account is a type of zero-balance savings account that allows users to avail all sorts of basic banking services. By opening a basic savings account, customers get free RuPay cards, e-statements, free transfers with RTGS and NEFT, a high rate of interest on fixed deposits and many more benefits. They also get free replacement services on damaged cards.
Prime Savings Account
This kind of savings account comes with many great features and mainly helps carry out a wide variety of transactions. Some of the key features include wealth management solutions, insurance benefits, monthly e-statements, customised payable-at-par chequebooks, etc.
Prime Edge Savings Account
This type of savings account offers a high rate of interest along with a Titanium MasterCard with insurance benefits, and so on.
Free bill payment and tax payment facilities, high withdrawal and deposit limits, etc., are some of the other key features of prime edge savings accounts.
Advantage Savings Account
This savings account covers all the basics of a savings account and offers various added features.
Customers can choose their bank account number in an advanced savings account and avail free chequebooks, RTGS and NEFT facilities, demand drafts, discounts on safe deposit lockers, and many more.
Digital Savings Account
As the name suggests, a digital savings account is a type of savings account opened digitally under the same basic terms and conditions as a traditional savings account.
Digital savings account assures instant bank account opening online as banks require only an Aadhaar card no. and PAN no. to open this savings account. The customers are given a virtual debit card, which can be used to make online transactions and pay bills seamlessly.
It also has IMPS, RTGS, and NEFT facilities.
Rise Savings Account
In this type of savings bank account, you can pick an account number of your choice. Net and mobile banking become seamless with the Rise Savings Account customers get welcome benefits with their debit cards. Plus, there are various great features and high rates of interest on fixed deposits available to the account holder.
Senior Citizen Savings Account
A senior citizen savings account is very similar to a regular savings account, except that it offers higher interest rates and more banking facilities for senior citizens.
To open this savings bank account, a user must be at least 60 years old. Customers are given Titanium debit cards and other great facilities like seamless bill payments, on-call banking, etc.
Woman’s First Savings Account
Woman’s first savings accounts have extra features that are advantageous to female account holders. In these types of savings accounts, they are eligible for exclusive discounts on specific purchases, low loan interest rates, and many other benefits throughout the year.
Executive Savings Account
An executive savings account is a salary account that comes with various useful features for employed individuals. Customers get the option to pick between Visa Classic, Master Titanium, and Platinum Master debit cards. Monthly e-statements, RTGS and NEFT facilities, chequebooks, and other great facilities come with this type of savings bank account.
Each savings account is beneficial for a specific kind of customer. While choosing a savings account, check all the available options. Moreover, the bank you choose to open a savings account with also impacts the amount you will be saving.
If you want to save a significant amount of money quickly, compare your options and choose the bank that offers an attractive interest rate and other features that cater to your needs. Be sure to confirm whether your bank provides instant online bank account opening, since an online savings account streamlines the process of depositing, transferring, and withdrawing funds.