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Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. It can thus be said that the convenience of keeping the money in a savings bank account and earning interest is also the simplest form of investment.
Features & Benefits of Savings Account
Even though there are so many options to save money, the charm of Savings Account is still noticeable. Zero balance savings account has also got so much attention for its advantage of having the privileges of a savings account without maintaining any minimum balance in it. The features and benefits of Savings Account are as follows
- Safe and secure way to save money
- You can earn interest up to 8% per annum
- There is no minimum balance requirement for zero balance accounts
- Any Indian resident with valid ID proof can open this account
- There are no restrictions on how many bank accounts you can have
- You get ATM withdrawal option and Netbanking
- You can open a joint account with your family member
- Debit card issued can be used for payments
What is the minimum balance for a Savings Account?
The minimum balance required to maintain a savings bank account is subject to change from one bank to another just like the rate of interest. There are mainly two types of savings account – regular savings account and zero balance savings account. Banks have a certain minimum balance limit which an account holder has to maintain else he/she has to pay the penalty.
However, with the changes in other banking products, a savings account has also seen a major shift from being minimum balance account to zero balance savings account. Many banks now offer zero balance savings account due to increased demand as compared to the age-old pattern of keeping thousands in the bank account to avoid penalties. The savings account interest rate on these accounts are also high which makes it even more appealing.
List Of Banks And Their Link Apply Bank Account Online:
Bank of Baroda
Central Bank of India
Oriental Bank of Commerce (Merged With PNB)
State Bank of India
Union Bank of India
Andhra Bank (Merged With Union Bank)
Bank of Maharashtra
Indian Overseas Bank
Punjab & Sindh Bank
United Bank of India
Bank of India
Punjab National Bank