SBI Saving Account Types - In today's time, most of the people definitely have their own bank account. With the help of which they can easily do all their work related to the bank. Most of the people have only Basic Savings Account. If you also want to know about Savings Accounts, then you are reading the right post, because in today's post we will tell you what are the different types of Savings Accounts?, What are the benefits of opening a savings account? etc.
What is Savings Account?
A savings account is a type of bank account that is opened by an individual or organization to keep the money deposited in the bank safe. The interest in this account is low but it is guaranteed that the amount deposited will never be lost.
Savings account is actually a savings account that is managed by a bank and money is deposited in it on a regular basis. It is used by people to save, to deposit part of their income, to deposit money for housing schemes or education schemes. Apart from this, cash withdrawal can also be done from this account.
To open a savings account, the applicant usually has to deposit a minimum deposit. The bank gives interest on the amount which is provided at regular intervals. Along with keeping the savings account money safe, the interest is usually lower, which is higher than other bank accounts.
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How many types of savings accounts are there? (SBI Saving Account Types
Savings accounts are mainly of 6 types. (6 types of savings accounts) These savings accounts are of different types according to the need i.e. different for working people, different for women, different for children Separate, separate for the elderly.
Types of Savings Accounts (6 Types of savings accounts in SBI)
1. Regular Savings Accounts
This account is opened by those people who are above 18 years of age and who have to earn interest on their deposits. This account can be opened by depositing the minimum amount fixed by the bank, which varies from bank to bank. But there is a requirement of maintaining a minimum balance in this type of account.
2. Salary Savings Accounts
This account is opened by those people who are above 18 years of age and who are employees of any government department or private companies recognized by the Government of India. Whenever the time comes to pay salary in such accounts, the bank withdraws money from the account of the companies and puts it in the account of the employees. There is no compulsion to keep any kind of minimum balance in such accounts. If the salary does not come in such accounts for 3 months, then it turns into a regular savings account.
3. Senior Citizens Savings Account
This account is just like a regular savings account. But Senior Citizens Savings Account offers higher interest as compared to the regular savings account. That's why senior citizens should open this account so that they can get more interest. Also, this account is linked to the savings schemes of senior citizens, so that the needs can be met by withdrawing money from the pension or retirement fund.
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4. Minors Savings Account
This account is opened by children as this account can be opened even below the age of 18 years. That's why most of the children open this type of account. This account is opened for children on parent-child basis. It is also called Tiny account. When the child turns 10 years old, he can operate his account on his own. And when the child turns 18, this account is converted into a regular savings account. There is no requirement of maintaining minimum balance in such accounts.
5. Zero Balance Savings Account
This account can also be opened in zero balance, interest is also available on the deposited amount. Since this account can be opened with zero balance, there is no need to maintain minimum balance. But in this, the limit of withdrawing money is very less. And on crossing this limit, the bank charges you. Hence this account is suitable for those who do very few transactions with the bank.
6. Women's Savings Account
These accounts are specially for women. By the way, it is just like a regular savings account. But in these, special features are given to women – such as giving loans to women at low interest, discount offers for some purchases, etc. In such accounts, the benefits of ongoing schemes for women are also given.
Is there a cash withdrawal limit in the savings account?
Yes, there is a cash withdrawal limit in the savings account. There may be a slight difference in this limit of every bank, but usually the limit of cash withdrawal from savings account is up to Rs 20,000 at a time.
Also, the cash withdrawal limit is changed by the bank regularly. Therefore, before withdrawing cash from the savings account, the limit should be inquired through the bank's website or customer care.
It is also important to note that a savings account is a savings account that is opened to keep funds safe. It should not be used for cash withdrawal. You should use cheques, debit cards, online transactions and other options issued by the bank to withdraw cash.
Are there any charges levied by the bank for cash withdrawal?
Yes, some charges are levied by the bank for cash withdrawal. Its amount may vary from bank to bank but usually the fee for cash withdrawal is less when you withdraw cash from your bank account.
Also, the amount of fee charged by the bank for cash withdrawal varies regularly. Before withdrawing cash from a savings account, one should inquire about the charges on the bank's website or through customer care.
If you make frequent cash withdrawals from your bank account, this may result in charges being deducted from your account. Therefore, you should be aware of this before making a cash withdrawal and you should avoid making cash withdrawals above the cash withdrawal limit.
How to apply for savings account?
You can follow the following steps to open a savings account:
- Choose a good bank: You should choose the bank that best suits your needs. You should also get information about the bank's rules, interest rates and charges.
- Fill the application form: You can fill the online application form for opening a savings account by visiting the bank's website. You can also fill the application form by visiting the bank branch.
- Documents required: You may need documents like your passport, pan card, aadhaar card etc.
- Deposit minimum amount in the bank account: To open a savings account, you have to deposit a minimum amount of deposit in the bank account. The amount of this amount may vary from bank to bank.
- Select Account: You have to select the savings account. You can also get detailed information from the bank's website or through customer care.
- Operate Bank Account: After opening a savings account, you can operate your bank account. You can deposit funds into this account as well as withdraw cash. Also, you can get regular updates about your bank account.
While opening a savings account, you must follow the terms and conditions of the bank. Apart from this, you should get all the related information from the bank's website or customer care.
Hope you have understood very well what is a savings account? (What is savings account), how many types of savings accounts are there? (Types of savings accounts)
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