What Are Different Types of Savings Bank Accounts?

There are different types of Savings Bank Accounts. After providing the bank address proof, photo identity proof a savings account is opened. There are different types of savings accounts. They are as discussed below:

– Normal Savings Account: These accounts have no special features. They can be operated by maintaining a minimum balance daily or an Average Balance per quarter.For Government Banks the daily balance is 1000 rupees and for private ones the average balance per quarter is 5000 rupees.

– No Frills Account: These are mainly zero balance accounts meant for deprived classes of society. But these accounts come with lot of rules and regulations. Axis Bank, H D F C and Corporation bank are some institutions those offer No Frills Accounts.

– Salary Account: In these accounts employees’ salaries are deposited and hence they are zero balance. These accounts also come with overdraft facility that is calculated keeping the amount of salary drawn in mind.

Pension Account: In these account, pension is deposited and hence it is also zero balance. Axis Bank offers zero balance pension accounts.

Woman’s Account: Institutions like Axis Bank, Corporation bank etc provide special account or women keeping specific demands in mind.

Child Account: These are also zero balance in nature. They are structured in such a manner to inculcate the habit of savings in growing children.

Conclusion: Today Savings Bank Accounts come with so many features like ATM, better service, anywhere banking and even credit cards. H S B C bank offers free credit card to its account holders subjected to terms and conditions.

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