The Types of Savings Accounts and Their Benefits

Whether you are interested in safely storing your savings or desirous of watching your wealth grow via a bank interest, a savings account is designed to satisfy you from every front. While just about any savings account could fulfill your basic requirements, getting one that suits your specific needs could overall enrich your life. Experience a new kind of freedom with different kinds of savings accounts including zero balance savings accounts.

Read on to know the savings accounts that we offer and also learn about their specific benefits.

Five types of savings accounts

Different savings accounts have been tailor-maid to suit the diverse needs of different people. Let’s take a look at some of them:

1.Traditional Savings Account

 A traditional Savings account is generally what people opt for when they think about saving their funds in a bank. They are usually easy to open and even accessible online, they allow you to earn interest and offer flexibility in conducting transactions. They require you to maintain a minimum balance, however allow you to make withdrawals without any fee.

2.Corporate Salary Account

 A Corporate Savings Account is usually preferred by companies to credit their employees’ salaries. In such cases it also operates as a zero balance account. However, in case a salary deposit is not made for three consecutive months, it becomes a normal savings account, requiring you to maintain a minimum balance.

3.Zero Balance Savings Account

 With a basic savings or zero balance savings account you can enjoy all the benefits of a traditional savings account without any minimum balance requirement. You can use all services such as online banking, debit cards, e-statements etc without any fees or services. However, you cannot open multiple zero balance savings accounts with the same bank.

4.NRI Account

As the name suggests it is a savings account for NRI’s or non-Resident Indians who are abroad for jobs, vacations or education. It offers various suitable services such as, best exchange rates, high rate of interest, easy fund transfer, tax exemption, etc.

5.Specialty Savings Account

 These include savings accounts that have a special purpose. Such as, a minor's savings account, a health savings account, students savings account etc. In minors’ savings accounts, guardians operate the account on behalf of the kids, In health savings accounts you can avail benefits such as accident insurance, and in students savings account you can enjoy special offers for students studying in premium institutions.

Back To You

Choosing the right savings account depends on your financial goals and needs. Hence, it is important to do your research on the types of savings accounts offered by your bank before you choose to apply for one.