In today’s time, it is very important to have a bank account which is the best facility to keep our savings, savings account keeps our savings safe, and savings account also gives interest on that money. If you are going to open a bank account for the first time, then in this article we will know in detail what is a savings account, what is the process of opening it, what are its benefits and important information related to it.
What is a savings account?
Savings account is a type of bank account which is for salaried persons in which you can deposit a part of your earnings and you can get interest on it from the bank. Its purpose is to make people develop the habit of saving and keep their money safe.
Types of Savings Account
1. Regular saving Account
This is a regular savings account which is designed to save our money and also gives interest on that deposited money. This is a common and simple way to accumulate our money and is usually provided by banks and financial institutions. This account is designed for daily transactions and savings.
2. Zero balance Account
This is a type of Jan Dhan account in which no balance needs to be maintained and no charges are levied on it, no matter how much money is kept. Jan Dhan account falls in this category.
3. Salary account
Not everyone can open a salary account. It is opened by the company. If you work in a private company or government job, then you have this account in which you get your salary.
4. Senior citizen Account
This account is for those people whose age is more than 60 years. This account has all kinds of facilities and a special interest rate is available on the saved money.
5. Minor Account
This account is opened for children below 18 years of age. This account is opened under the supervision of parents.
Things to keep in mind while opening a savings account
- Availability of ATM and branch
- Account opening offers or benefits
- Net banking and mobile banking facilities
- Compare Interest Rates
- Find out the minimum balance
Facilities available in savings account
- Passbook
- Chequebook
- Debit Card (ATM)
- UPI and QR code
- NEFT/RTGS/IMPS facility
- SMS and Email alerts
- Automatic bill payment
Savings Account Interest Rates of Some Major Banks (2025)
| SBI BANK | 2.70% |
| HDFC BANK | 3.00% |
| ICICI BANK | 3.00% – 3.50% |
| AXIS BANK | 3.00% – 4.00% |
| KOTAK MAHINDRA BANK | 3.50% – 4.50% |
| IDFC FIRST BANK | 4.00% – 7.00% |
Note. The interest rate keeps changing from time to time. Check the bank’s website for latest information.
Conclusion
Savings account encourages you to save money and helps you keep your money safe. This account not only protects your earnings but also connects you to the world of digital transactions. Whether you are a student, a working person or a housewife – everyone should open a savings account.
