How To Open Savings Account 5 Things To Know

How To Open Savings Account 5 Things To Know

5 Things To Know About Savings Account

 

A savings account is one of the primary accounts that helps you to accumulate your funds simply by opening a new account and depositing your money to earn interest on the funds deposited in your savings account. Along with that it also helps to keep you money secure.

Are you eager to get most out of your savings account? Here are five essential things that you should not miss about a savings account.

 

  1. What is a Savings account?

As mentioned earlier, a savings account is a kind of deposit product that helps you to store your money safely and at the same time earn returns on your deposits.

 

Best banks for savings account: Below mentioned are some of the best banks to open a savings account. These commercial banks & small financial banks provide higher rates of interest on your savings accounts. Thus, to get attractive returns on your savings, you can consider opening a savings account in any one of these banks.

 

Banks Interest Rates
DBS Bank 3.50% – 5.00%
Kotak Bank 3.50% – 4.00%
HDFC Bank 3.00% – 3.50%
ICICI Bank 3.00% – 3.50%
Axis Bank 3.50% – 4.00%
Citibank 3.25% – 3.25%
Jana Small Finance Bank 4.00% – 7.25%
  1. What are zero balance savings accounts?

Zero balance savings accounts are similar to regular savings accounts except that there is no need to maintain a minimum deposit in your savings account and is thus best suited for customers who are not much comfortable in keeping a regular balance in their savings account. Similar to regular savings accounts, zero balance savings accounts also provide the following features.

Below-mentioned are some of the popular banks through which you can open a zero balance savings account:

 

Bank Name with Zero Balance Account Minimum Rate Of Interest
811 Digital Bank Account – Kotak Bank 3.50%
ASAP Instant Savings Account – Axis Bank 7.10%
Smart Salary Advantage – Yes Bank 5.00%
Basic Savings Bank Deposit – SBI 2.70%

 

  1. Different Types of Savings account

Below mentioned are some of the popular types of savings account:

 

  1. Overdraft facility against savings account: The lesser-known fact about savings accounts is that you can also take overdraft facility against savings account.

 

  1. Opening of Savings Account Online: You can open a saving account both through online and offline modes. To open a savings account online, you must fulfil the eligibility criteria.

  

Here are some documents that you require to open a savings account:

To open a savings account you require to submit KYC documents which includes documents for identity proof & address proof and your recent passport size photograph.

 

For Identity Proof: 

 

For Address Proof : 

 

Conclusion: It is thus pretty evident that a savings account is one of the most accessible options to secure your savings and earn good returns. The best thing about a savings account is that you require minimum documents & eligibility criteria to open a savings account. Also, opening a savings account online can help you to save your time & access information about your account anytime & anywhere at the comfort of your house. It is easy to keep track of your funds and access or withdraw funds in case of any financial emergency.

  

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