Types of Savings Account: Banks do not open only one type of savings account, but there are many types of options.
Types of Savings Account: The easiest way to keep your money safe is by opening a savings account with a bank and depositing it. In this, money is also safe and can be withdrawn at the time of need and interest is also available on the deposited money. Although banks do not open only one type of savings account, but there are many types of options. In such a situation, it is important to know about all these. Generally, there are many options of savings account available in all banks. Here all types of savings accounts opened in the country’s largest bank SBI and their features are being told. This type of account is also opened in other banks.
SEBI Order: Ban on new schemes of mutual funds till June, big decision of SEBI in the interest of investors
Basic Savings Bank Deposit Account
- It can be opened by any individual through valid KYC documents.
- RuPay debit card is issued in this type of account.
- Minimum balance is zero and there is no limit on maximum balance.
- This account can be opened in any branch of the bank.
- Check book is not available in this.
Basic Savings Bank Deposit Small Account
- Any individual above the age of 18 years can open this account even without KYC documents.
- After filing KYC documents, it can be converted into regular savings accounts.
- In this Rupay Basic Debit Card is issued.
- Maximum 50 thousand rupees can be maintained in this account.
- There is no minimum balance requirement.
Tax Loss Harvesting: This is how you can save tax on earnings from shares, understand the complete calculation by example
savings bank account
- There is no minimum balance requirement and no maximum balance requirement.
- Nomination facility is also available.
- 25 check leaves are available in a year at no extra cost.
- There is no need to maintain an average monthly balance.
- Mobile Banking, SMS Alerts and Internet Banking facility are available.
- Get passbook.
savings account for kids
- This account is opened for children and has daily limits so that children spend money wisely.
- Minimum balance zero and maximum Rs.10 lakhs.
- In this, a check book of 10 pages is available but the guardian is issued in the name of the child.
- Debit card with photo is available in which there is a withdrawal limit of Rs 5 thousand.
- Mobile banking facilities are available and you can do transactions up to Rs 2,000 per day.
- Internet banking facility with daily transaction limit of Rs.5000.
Crypto Investing Tips: Before investing in crypto, keep these five things in mind, how much to keep in the portfolio, experts gave this advice
Savings Plus Account
- This savings account is linked to the Multi Option Deposit Scheme (MODS).
- In this, the amount exceeding the prescribed limit in the savings bank account is automatically transferred in multiples of Rs 1 thousand, but after the minimum amount of Rs 35,000 in the savings bank account, money is transferred in MOD.
- You can take loan against MOD deposit.
- Internet Banking, Mobile Banking, SMS Alerts facility is available.
- There is no minimum balance limit.
- The deposit period is 1-5 years.
- 25 pages of annual check for free.
Motor Accidents Claim Account (MACT)
- This account is opened for the compensation amount and interest as decided by the Tribunal/Court to the victims of Motor Accident.
- In this, check book, ATM debit card and internet banking facility is available only after the approval of the court.
- Nomination facility for individuals only.
Resident Foreign Currency Domestic Account
- This account is opened for keeping foreign currency and money is kept in US Dollar, British Pound and Euro.
- This is a current account without interest.
- Check book or ATM card is not given.
- You have to keep a minimum of 500 US Dollars, 250 British Pounds and 500 Euros in this account.
- Account money can be returned without charge.
insta plus video kyc savings account
- This account can be opened only through Aadhaar number and PAN.
- Rupay Classic Card.
- It is mandatory to add the nominee.
- There is no need to visit the bank branch to open this account but video KYIC has to be completed.
- Check book is not available. However, you can issue a check book by visiting the home branch.
- Passbook will be available only on request.
(Source: SBI)
Other types of savings accounts are opened
Apart from the types given above, banks also offer the option of many types of savings accounts. For example, ‘Savings Account for Women’ has been designed according to the needs of women and offers benefits on shopping etc. Apart from this, the ‘Savings Account for Senior Citizens’ offers facilities as per old age requirements such as insurance benefits and FD at preferential rates. Whereas in ‘Family Savings Account’, all the members of the family can take the benefits of the savings account from the same savings account. The salary account is usually opened by banks on the request of big corporations and companies but it is handled by the workers themselves.
,