Savings Account Types What Are The Different Types Of Savings Account Know Details Of If

Types Of Savings Account: Bank is an integral part of the life of common people. Almost every section of the country has at least one bank account these days. The Modi government at the Center had started the PM Jan Dhan Yojana (PM Jan Dhan Account) to make banks a part of the lives of common people. After this, people from poor and rural areas have also started using bank accounts. Common people open only savings accounts in most banks, but do you know that there are different types of savings accounts. There are different types of savings account options available for salaried individuals, children below 18 years of age, women etc. Let us know about these savings accounts. Along with this, we are also giving information about the eligibility of all-

1. Regular Savings Account

Usually, Regular Savings Account is opened in maximum quantity. There is no fixed limit for depositing and withdrawing money in this account. You can deposit and withdraw as much amount as you want. People usually use this account to save their money properly. All banks keep the condition of minimum balance on this account. If you do not maintain the balance in the account up to the prescribed limit, then the bank can also impose a penalty on you.

2. Zero Balance Savings Account

In Zero Balance Savings Account, account holders get the benefits of both current and savings accounts. You can withdraw money from this account as many times as you want. There is no limit to it. Along with this, even if you do not keep the minimum balance in the account, then you do not have to pay any kind of penalty.

3. Salary Savings Account

The company opens a savings account for its employees. The savings account in which salary comes every month, this account is called Salary Saving Account. There is no limit of minimum balance in this account also and different banks offer overdraft facility on this account. If the salary does not come in this account for three consecutive months, then it is later converted into a regular account.

4. Women’s Savings Account

As it is known from its name that the Women Savings Account has been specially created for women. This account has been created keeping in mind the needs of women. Loan on this account at low interest rate, discount on annual charge of demat account and many shopping discounts are also available.

5. Senior Citizens Savings Account

Senior Citizen Savings Account has been created only for senior citizens above 60 years. This account offers a higher rate of interest than the regular savings account. In such a situation, it can be more beneficial for senior citizens to open this account because they get more interest in it. Along with this, you can also link this account with the Senior Citizen Savings Scheme account.

6. Children’s Savings Account

There is also a special savings account for children (Minors Savings Account). In this also the limit of minimum balance is not fixed. This account has been designed to deal with the needs of the children like school fees etc. This account can be opened for children above 10 years of age under parental supervision. This account will be converted into regular savings account after the child completes 18 years of age.

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