If you’re just getting started in personal finance, a savings account is the first and most important financial product you’ll need. Commercial banks, cooperative banks, and post offices all have savings accounts. A Savings Account is one of the first financial items that most people open under their name. However, there isn’t just one kind of Savings Account to choose from. To keep your money safe, you can choose from a variety of accounts.
Nationlearns outlines the various forms of savings accounts available.
1.Basic Savings Account: A basic savings account is a straightforward account that you can open with a bank or other financial institution. Its sole aim is to store your money in a safe location. In return, you can get credit on the balance you have invested. The interest rate ranges from one bank to the next. Basic Savings Accounts frequently have a minimum balance threshold, and you must ensure that your account balance does not slip below that amount.
2.Instant Savings Account: A Basic Savings Account and an Instant Savings Account are the same. The only distinction is that, unlike a normal savings account, an Instant Savings Account can be accessed easily online with only a few taps. For example, you can open an Insta Save Account with ICICI Bank using just your Aadhaar number. It also has a host of other features, such as a 12-month fixed deposit and banking facilities available 24 hours a day, seven days a week via an app.
3.Privilege Savings Accounts: Privilege Savings Accounts come with several perks, including unrestricted cash deposits, discounts on bank lockers, priority service at privilege banking zones, and a dedicated banker to help account holders with their questions and needs. ICICI Bank provides a variety of Privilege Savings Accounts, each with its own set of benefits.
4.Savings Accounts for women: Women’s Savings Accounts are available from several major banks. These Savings Accounts also have attractive discounts on skill-building programs and classes that help women become self-sufficient. Savings Accounts for women, including Privilege Bank Accounts, provide account holders with special value-added perks such as locker discounts, dedicated banking aid, and discounted loan rates, among other items.
5. Family Savings Accounts: Family Savings Accounts are accounts that enable all members of your family to meet their various banking needs on a single forum. It has several advantages over a traditional Individual Savings Account, including lower minimum balance thresholds, expanded banking rights, and superior perks such as Wealth Management and Private Banking. All of this and more is available to account holders through ICICI Bank’s Family Banking division.
6. 3-in-1 Accounts: These plans are ideal for customers who want to trade in the stocks because they combine the advantages of three accounts into one. With this product, you can open a Trading Account, a Demat Account, and a Regular Bank Account. With the popularity of retail trading in the region, many of the country’s leading banks and financial institutions now deliver 3-in-1 accounts as a service.
7. Salaried Accounts: Salaried Savings Accounts are items designed specifically for salaried workers. They now usually have all of the standard benefits of every other simple Savings Account. Aside from that, Salaried Accounts frequently have no minimum balance requirement. This ensures that account holders are not required to maintain a minimum balance in their accounts at all times.
8. NRE/NRO Accounts: These are the pages that have been curated for Non-Resident Indians (NRIs). A Non-Resident External (NRE) Account is a bank account in India that is opened in the name of a non-Indian. NRE Accounts may be used to store funds raised in other countries. An account opened in the name of an NRI is known as a Non-Resident Ordinary (NRO) Account. This account is mainly intended to assist NRIs in storing funds earned in India. NRIs will open bank accounts with most of the country’s major banks.
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