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How many types of savings accounts are there? Which is the best option for you, understand here

Types of Saving Account: All people take the help of banks to save their money. Most of the people in the bank, whenever they go to open an account in the bank, they prefer to open a savings account the most. But, do you know that there are different types of Saving Account and which will be the best savings account for you in all those types.

It is worth noting that savings accounts are also according to the needs of all people. There are different types of savings accounts for working people, women, senior citizens and children. You get 6 types of savings account options (Six Options of Saving Account). So let us tell you about these savings accounts-

What is Regular Savings Account?
Regular Savings Account can be opened with some basic conditions. In this savings account, no fixed amount is made regular deposit. This account is like a safe house where you can deposit money according to your need. After that you can take it out whenever you want. To maintain this account, only you have to fulfill the condition of minimum balance.

What is Salary Savings Account?
Salary Saving Account is opened by companies for their employees. Banks offer rate of interest in this account. This interest rate is used to pay the salary to the employee. When the time comes to pay the salary, the company withdraws the money from this account and the money is transferred to the employee’s account. There is no minimum balance condition in this account. If there is no regular salary in this account, then it gets converted into a regular savings account.

What is Zero Balance Savings Account?
Zero Balance Saving Account has the features of both Savings Account and Current Account. There is a limit to withdraw money in this account. You cannot withdraw money beyond the limit. Even if the balance is low, you will not be liable for any penalty.

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What is Mahila Savings Account?
Women’s Savings Account is such a savings account which is specially designed for women only. There are some special features in this account. On taking loan on this account, loan is given to women at low interest rate. Along with this, free charge on opening a demat account and discount offers on many types of purchases are also available in this account.

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What is Senior Citizens Savings Account?
Senior Citizen Saving Account It works exactly like a regular savings account. It offers higher interest rate on normal account. Senior citizens get a higher rate of interest on this account. This account is also linked to savings schemes. Funds can be withdrawn from pension funds or retirement accounts in this account.

What is a Minors Savings Account?
Minor Savings Account can be opened for children below 10 years. There is no requirement of minimum balance in this account. Your needs can be met by saving this account. This account can be maintained by the parents of the child. After 10 years, this account can be operated by the child himself after 10 years. When the child turns 18, it gets converted into a regular savings account.

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