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Types of Savings Account

by Ryan Jospeh on Jan 10, 2018 Finance 681 Views

As of late banks offer people with different age groups and work domains with different types of savings accounts. Banks offer dedicated savings accounts to senior citizens, minors, women, salaried individuals, institutes, trusts and many more. Based on your eligibility and requirement following are the savings account you can open at any bank.

The common used saving account types include:

1.Regular/Basic Savings Account :

A regular savings account provides the minimum of facilities and basic rates. You need to ensure that you keep up the recommended minimum amount in your bank account so as not to cause additional charges.

2.Salary based savings account:

Salary account is also a type of savings account, this can only be opened by a salaried individual and most companies directly store the employee's monthly salary into this account. A key element of the salary account is that it is a zero balance savings account, for which there isn’t any necessity to maintain a minimum balance in the savings account. Though it is important to note that, salary, if not deposited for 2 to 3 months, will immediately turn the account into a regular savings account.

3.Savings Account for Senior citizens :

This kind of savings account solely cater to senior citizens. Those who have a savings account or ones who are interested in getting one are offered special benefits. Higher interest rate or waiver on minimum balance are few things included.

4.Joint Account:

A joint account is opened normally with any person who is related to you.More than one individual can operate this account and for the same, documents of both the applicants need to be produced.But cheques can be signed by either of the account holders in order to be cashed.

5.Savings account for children/minors:

This is another savings account offered by the bank for minors (i.e below 18 years of age).This joint account can be operated by one or more minors, In that case, one of the other joint account holders should be a parent or guardian.

6.Women's Savings Account:

As the name suggests, this type of savings account is provided specifically to women.With this type of account, women can easily apply for loans and other facilities at the most profitable rates.

Ryan Jospeh

Ryan Jospeh

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Currently working as a Marketing Manager

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