Individuals always prefer a savings account because it offers safety and liquidity for funds. When you deposit funds into your bank savings account, it is like a down payment towards your financial goal. Banks in India offer various savings accounts to meet the varied needs of their clients. When opening a new account with a bank, it is vital to understand your requirements to select the best bank to open account in india.
Choose the Best Suited Savings Account
Depending on the bank, there can be many different savings accounts. The most commonly used savings accounts are as follows:
• Digital Savings Account
You can open digital savings accounts online without visiting the bank branch. The account opening process starts with your email ID and Aadhaar-linked mobile number. And it takes only 5-7 minutes of your time. This savings account comes with safe and secure banking services. You can make electricity, mobile, landline, gas, and other bill payments timely.
And monitor your bank account anywhere using the bank’s mobile application. Professionals prefer digital savings accounts for fast banking services.
• Salary Account
Your funds are safe and offer attractive interest rates in a salary account. To open the best salary account, you can look for a bank offering a zero-balance salary account. Banks may provide a debit card with a high withdrawal limit with your salary account. In accounts like this, you can get a cash withdrawal limit of Rs. 50,000 per day. Also, you can shop using your debit card for Rs. 1,00,000 a day.
• Basic Savings Account
You can open this account for basic banking services. It is a zero balance savings account. You will get a free Rupay Debit card when you open this account.
• Prime Savings Account
A prime savings account provides a Titanium MasterCard with enhanced daily limits. It also includes insurance benefits – the lost card liability/counterfeit, cash in transit, and personal accident cover. And you’ll benefit from Flexi-banking services with the personalised cheque book.
• Woman’s First Savings Account
Special savings accounts for women with numerous benefits, including a higher interest rate, an exclusive Debit card with enhanced limits, unlimited year-long discounts and more. It is a perfect account for the independent and modern woman who wants to spend and save both smartly. You will get access to digital platforms to transact online. Banks offer complimentary debit card insurance and a zero-balance kid’s account. And there will be a 10% discount on locker rent for the first year.
• Seniors’ First Savings Account
Senior citizens’ savings accounts bear higher interest rates. They can enjoy free doorstep banking services and can open online Fixed Deposits with an additional interest rate of 0.50%. Also, there is no penalty on the tax-saving FDs’ premature withdrawal for senior citizens. They can get a 25% discount on first-year locker rent. There will be free unlimited ATM transactions in India. And you can use the bank’s online BillPay service to pay electricity, telephone, LIC premium and other bill payments service.
• Non-Residential External (NRE) Account
Foreign nationals earning outside India can manage their income in India using an NRE savings Account. It is an account with full repatriation of funds. Also, you will earn tax-free interest. These accounts are offered to both Non-Resident Indians (NRI) and Persons of Indian Origin (PIO). It can be operated in Indian denominations and offered with a mandate facility using the Power of Attorney.
• Non-Resident Ordinary (NRO) Account
NRIs and PIOs earning in India can open an NRO account. The interest income is subject to Tax Deducted at Source (TDS) in India. Like NRE accounts, the mandate facility is available. It can increase your post-tax yields with the Double Taxation Avoidance Agreement (DTAA).
You can choose the best savings accounts in India from the above as per your requirements.
The Closing Statement
Banks in India facilitate individuals with different types of savings accounts. You can look at your requirements for banking services and open the right savings account with a bank. You are also allowed to open more than one savings account. You can consider different banks or stick to a single bank to open multiple savings accounts.