Savings Bank Account: Do you know that there are many types of savings accounts as well. There is a separate saving account for working people, separate for the elderly, separate for women, and separate for children. Let us tell about them.
In today’s time, everyone has a bank account. Most of these people use savings bank accounts. But did you know that there are different types of savings accounts as well? There is a separate saving account for working people, separate for the elderly, separate for women, and separate for children. There are a total of 6 types of such savings accounts. Let us tell about them.
1. Salary Savings Account
Such accounts are units opened by banks on behalf of firms for or their staff. Banks pay interest for this kind of account. it’s wont to pay salaries to the workers. Whenever the time involves paying the remuneration, the bank withdraws the money from the company’s account and puts it within the account of the workers. there’s no minimum balance demand for this kind of account. If the remuneration isn’t received for 3 months, then it gets reborn into an everyday bank account.
2. Zero Balance Savings Account
This type of account has the characteristics of both savings and current accounts. There is a withdrawal limit, you cannot withdraw more than the mean limit. But you do not incur any penalty if the balance is less.
3. Regular Savings Account
It is opened on certain basic conditions. In this type of account, there is no regular deposit of a fixed amount, it is used as a safe house where you can keep your money only.
4. Women Savings Accounts
Such bank accounts are specially designed to keep women in mind. In which many different types of features are present. Women square measure offered low interest on loans, free charges on gap Demat accounts, and discounts on numerous forms of purchases.
5. Minor Savings Account
This is for kids, there is no minimum balance requirement. This savings account is meant for children’s education to meet their banking needs. This type of bank account is opened and operated only under the supervision of a legal guardian. When the kid turns eighteen, he’s reborn to a daily bank account.
6. Senior Citizen Savings Account
It works exactly like a regular savings account but offers a higher rate of interest to senior citizens than regular savings accounts. Therefore, senior citizens should open this account only because the interest in it is high. This checking account is additionally coupled to savings schemes of senior voters, from that cash is withdrawn from pension funds or retirement accounts and desires.
