Any individual’s saving journey begins with them opening a savings account with a bank. Customers often prioritise a high-interest savings account since a high interest rate can help them grow their savings over time. IndusInd Bank’s online savings accountdoes exactly that, providing customers the access a range of financial services and personalised wealth management solutions while offering high interest rates. Customers who intend to open a savings account can benefit from knowing all the types of savings accounts and their applications before taking their first step towards financial independence.
Different types of savings accounts:
Any individual looking to enter the world of banking can choose from a wide variety of savings account to get started. Banks offer several savings account categories to cater to the individual needs of customers:
- A regular savings account helps you deposit your savings and earn interest on them:
Regular savings accounts are the most common category of savings accounts. They help customers deposit their savings and help them earn interest on these savings at a pre-determined interest rate. Customers must maintain a minimum account balance after they open a regular savings account.
- Customers can sign up for an instant savings account easily:
The only difference between a regular savings account and an instant savings account is the convenience with which a customer can open their bank account. IndusInd Bank offers instant savings accounts for which the customer can sign up in a few minutes through the bank’s mobile banking app. A customer can opt for an instant savings account from the comfort of their home instead of visiting a bank branch.
- Specialised savings accounts extend exclusive benefits to customers:
Banks offer specialised savings accounts that extend a range of exclusive benefits to customers such as unlimited cash withdrawals, discounts on bank locker facilities, etc.
- Women’s savings accounts are specifically designed for female customers:
A women’s savings account is a savings account designed especially for female customers. These savings accounts, too, require the account holder to maintain a minimum balance. Account holders receive specific benefits ranging across a variety of goods and services.
- Banks offer family savings accounts that cater to the banking needs of families:
Family savings accounts help all the members of a family access their banking services through one savings account. These accounts extend several benefits to families such as lower minimum balance requirements and additional banking privileges.
- 3-in-1 accounts help customers access their banking and investment requirements at once:
3-in-1 savings accounts act as a common point for customers who wish to access their Trading Account, Demat Account and bank account all at once. 3-in-1 accounts can help customers access their banking and investment needs through the same account.
- Zero minimum balance accounts help customers save a great deal:
Customers can opt for a zero minimum balance account to avoid the hassle of having to maintain a minimum account balance for their bank account. Banks generally offer debit and/or credit cards to customers via theirzero minimum balance accounts.
- Companies open salaried accounts on behalf of their employees:
Salaried accounts offer all the features offered by a regular savings account. They also often offer the zero minimum balance feature.
- NRIs open NRE/NRO Savings Accounts based on their financial need:
NRE and NRO accounts are two major categories of savings accounts for Non-Resident Indians (NRIs). Funds that an NRI earns in a foreign country can be deposited in an NRE Savings Account. NRO Accounts, on the other hand, are used by NRIs to deposit their funds that originate in India.
Customers must know the features of all major categories of savings accounts before signing up for one; since doing so can help them select the right account based on their requirements.