Unlock the Benefits of These 4 Savings Accounts

Savings accounts are the safest form of investing money. Though they offer low interest rates, you have access to cash all the time. Identifying the need of diverse customer groups, banks have come up with different types of savings accounts.

Regular Savings Account

It majorly provides solution for day-to-day banking needs. Every citizen of India, above the age of 18 years, can open this account. Below are some of the benefits of savings account.

• Withdraw cash from ATMs anywhere in India
• Select international debit card according to your needs
• Avail discounts and offers on using online banking services or debit card for shopping and dining
• Receive free passbook and personalized cheques
• Avail more facilities such as lockers, higher interest on money lying idle

Children’s Savings Account

Teach your child the value of money and start saving for their future from today. This account can be opened if your child is a minor. It offers banking and investment benefits for parents and children. Stated below are some of the advantages of this account-

• A child can have an international Debit card/ ATM in his name (only after parent’s permission) with a defined withdrawal and shopping limit.
• You can invest money in fixed deposits, and other investment instruments.
• The child receives a free education insurance cover.
• You can monitor the account and monthly balance through quarterly statements and email alerts.
• Other facilities include online banking, phone banking and mobile banking.

Women’s Savings Account

It caters to banking and investment needs of women. Banks offer different types of benefits such as-

• Higher cash withdrawal and shopping limit
• Personal Accident Death Cover and Accidental Hospitalization cover
• Zero Balance Facility
• A money multiplier facility that offers a higher interest rate on money lying idle

Senior citizen Savings Account

It focuses on providing investment and banking benefits to senior citizens by understanding their priorities. Anyone in the age group of 60 years and above can opt for this account (sole or joint). Here are some of the advantages of this account-

• International debit card with easy shopping facility and higher withdrawal limit
• Accidental hospitalization cover
• Special rates on fixed deposits and concessions on opening of new Demat account or online trading accounts
• First-serve facility on visiting banks for transactions
• Free online banking, phone banking and e-statement facility

Beyond these, banks may also include family savings group account, institutional savings account (for NGO, Trust, Association Society, etc.) and more. So, the next time you open a savings account, make sure you choose the right one.