Looking To Open A Savings Account? Consider These 7 Types

What do you do with the balance money after paying all your bills? Do you seek to invest in market instruments such as mutual funds, the stock market, recurring funds, etc.? Ever considered the savings account option? It is the place where you can keep your hard-earned money safe and earn interests on the same. The rates are not very high, but they are better than nothing.

Applicants have different types of savings account to choose from. Each of them caters to the varied needs of the applicants. Let us learn about them in detail:

• Regular account: These have the most basic terms and conditions in place. Such accounts do not see regular deposits or withdrawals. Regular accounts are primarily safe as they remain untouched until necessary.

• Salary based account: Such accounts are opened on the directive of large companies. Banks offer an agreed rate and terms to the organisations. The bank withdraws the necessary amount from the company’s account and disburses them amongst the salary-based savings account of the employees. Most of the salary-based accounts do not have a minimum balance requirement. If no money gets credited to these accounts, they turn into standard accounts.

• Senior citizens account: They enjoy specific benefits and functions. Senior citizen accounts are like a regular However, interest rates are high and include exclusive banking privileges. You can even link this account to other senior citizen accounts such as retirement or pension funds.

• Children and minor account: They do not come with a minimum balance requirement. Children and minor savings account functions similar to a regular It is a way to educate the modern-day kids about banking facilities. The parents or local guardians open the account on behalf of the minors. Once the account holder turns 18 years, it turns into a standard account.

• Zero-balance account: Such accounts come with no clutches, i.e. no balance maintenance. There are limits on withdrawal but are not charged with any penalties if the account amount falls below the prescribed limit. Such accounts are offered to those belonging from the lower economic background. DBS DigiBank is ranked on top for its zero-balance savings account.

• Women’s account: Numerous banks offer savings account specifically designed for women. Women’s account comes with special benefits and features. Women receive unique discounts, low-interest rate, and waiver on Demat account charges. 

• Linked account: It is a term given to a Checking Account. Linked account, also called a Package account, allows you to move funds to demand account and keep the remaining in a savings Another benefit is applicants are eligible for free checking and lower service charges.

Today all banks have facilities in place to open these accounts digitally. Online savings account is quick, hassle-free, and convenient to use.