There are total 6 types of savings accounts. There is a separate savings account for working people, separate for the elderly, separate for women, and separate for children. Let us know which savings account will be best for you.
Most of us use a Savings Bank Account, but have you ever wondered which savings account will be suitable for you because the savings accounts are also different according to the need. There is a separate savings account for working people, separate for the elderly, separate for women, and separate for children. In this way, in total there are 6 types of savings accounts. Let us understand one by one.
Regular savings account
It is opened on certain basic conditions. In this type of account, there is no regular deposit of any fixed amount, it is used like a safe house, where you can keep your money only. There is also a condition of minimum balance in this.
Salary Savings Account
Such accounts are opened by banks on behalf of companies for their employees. Banks offer interest for this type of account. It is used to pay salaries to the employees. Whenever the time comes to pay the salary, the bank withdraws the money from the company’s account and puts it in the account of the employees. There is no minimum balance condition for this type of account. If the salary is not received for three months, then it gets converted into a regular savings account.
Zero balance savings account
This type of account has the features of both savings and current accounts. There is a withdrawal limit in this, you cannot withdraw money more than the mean limit. But you do not incur any penalty if the balance is less.
Minors Savings Account
This is for children, there is no need for minimum balance in this. This savings account is meant to meet the banking needs of the children for their education. This type of bank account is opened and operated only under the supervision of a legal guardian. When the child turns 10 years old, he can operate his own account. When the child turns 18, it gets converted into a regular savings account.
Senior Citizens Savings Account
It works exactly like a regular savings account but offers higher interest rates to senior citizens as compared to regular ones. Therefore, senior citizens should open this account only because interest is more in it. This bank account is also linked to the savings schemes of senior citizens, from which funds are withdrawn from pension funds or retirement accounts and needs are met.
Mahila Savings Accounts
Such bank accounts are specially designed keeping in mind the women. In which there are many different types of features. Women are offered low interest on loans, free charges on opening Demat accounts, and discounts on various types of purchases.
