alexa
 FREE Credit Score  Watch Our Videos

Download Financial Freedom App and Start your journey to become RICH

Search in Indianmoney's WealthPedia

Savings Bank Account

Learn to save with a savings bank account.
Just Leave a Missed Call on 022 6181 6111,
Our Money Doctor will reach you shortly !

Get the best advice on
Savings Bank Account

I have read and I agree to the Privacy Policy
 
Savings Bank Account
FAQ's Articles News Videos Education Calculator

Learn to Save, Spend, Invest & Borrow Wisely with our Youtube Channel

Rate us
  • ★
  • ★
  • ★
  • ★
  • ★
4.6 / 5 based on 332 User Reviews

The savings bank account teaches you the value of savings. It offers you features which are an incentive to save. Your savings bank account offers you a lot of facilities, besides just parking your money and earning 4-6% interest a year.

What is a savings bank account?

You invest your money in a savings bank account. The money you invest is safe. You also get interest on the money you deposit in your savings bank account. This interest varies from bank to bank. Most banks offer 4-6% interest a year.

  • Ask Money Doctor

    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

  • Ask IndianMoney.com Money Doctor
Why invest in a Savings Bank Account

You Save

The word "savings" in a savings bank account encourages you to save. You save your money for a rainy day.

 

Locker Discount

If you maintain a high balance in your savings bank account, you get a discount on locker fees on gold / valuables you store in the bank locker.

Free Insurance

Many banks offer you a free accident insurance plan, if you maintain a savings bank account with them.

 

Discount on Gold Coins

If you maintain a savings bank account with a high balance, you get discounts on the gold coins you purchase with the bank.

Eligibility for Savings Bank Account

If you are a resident of India, you can open a savings bank account. You can also open a savings bank account in the name of your minor child.

Features of a savings bank account

You get a locker discount

If you maintain an average quarterly balance of INR 50,000-INR1,00,000, your bank will give you a 10-25% discount for the locker fees on the gold or other valuables you deposit in your locker.

The insurance benefit

Some banks offer a free accident policy if you have a savings bank account with them. Your savings bank account is no longer a zero balance account with an ATM card.

You can buy gold coins from your bank

If you have a savings bank account with a sizeable amount say over INR 50,000-INR 1,00,000 maintained quarterly, you may get a 3-5% discount on the gold coins you purchase from your bank

Promotional offers and discounts

You have a lot of money lying in your saving bank account. You might be in for a pleasant surprise. You might just get a discount at your favorite eatery and on that awesome Doughnut they sell there.

How to Apply ?

You can apply for a savings bank account at your nearest bank branch. You have to fill the application form and submit the relevant documents.
You require proof of identity and address: passport/ driving license/ voter's identity card/ PAN card/ ration card/ recent utility bills/ credit card bill. This is necessary for the KYC (Know Your Customer), procedure.

 

Concepts & FAQ's Savings Bank Account

What is a Savings Bank Account?

As the name denotes, this account is perfect for parking your temporary savings. These accounts are one of the most popular deposits for individuals. These accounts provide lot of facility and flexibility for deposits and withdrawal of funds from the account. Most of the banks have rules for the maximum number of withdrawal within a particular period. At present the interest on these accounts is de-regulated by Reserve Bank of India.

This account gives the customer a nominal rate of interest and he can withdraw money as and when the need arises. The position of account is depicted in a small book known as 'Pass Book'. Such accounts should be treated as a temporary parking area because; the rate of interest is much less than Fixed Deposits.

The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earns moderate interest too. The rate of interest is decided and periodically reviewed by the Government of India. These Accounts can be opened in the name of an individual or in joint names of the depositors.

The minimum balance to be maintained in an ordinary savings bank account varies from bank to bank. It is less in case of public sector banks and comparatively higher in case of private banks. There are some banks which offer no frills account.

  • Ask Money Doctor

    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

  • Ask IndianMoney.com Money Doctor
Thinking of buying a Savings Bank Account ?

To be absolutely sure of WHAT TO LOOK OUT, talk to IndianMoney.com on the phone for FREE financial consultation.

Expert Financial Advisors from IndianMoney.com would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

Frequently Asked Questions

At what frequency will the interest be paid to me?

Interest earned on your savings account balance shall be credited to your account on a half yearly basis in the months of September and March (varies from institution to institution).

Do I need an introduction from an existing account holder?

The bank needs no introduction from an existing account holder if you are submitting proof of identity and address documents, as prescribed. However if you do not posses any of the address proof document, then an introduction from a bank account holder, having satisfactory relationship of more than six months, is required.

Can I use any branch across India to operate my account?

Yes, you can access and operate your account from any branch of the bank across India. You can electronically transfer funds from one account to another account in any branch across cities with certain charges as applicable.

Can I have savings bank account in different banks?

Yes you can have savings bank account in different banks in your name.

What is APY and how is it used?

"APY" stands for "annual percentage yield." The annual percentage yield is the amount of interest earned in one year.

What are the services that are available through ATMs, Internet Banking, Phone Banking, and SMS Banking?

ATMs

  • Balance Enquiry

  • Statement Request

  • Cheque-book Request

  • Mini statements

  • Cheque and Cash Deposits

  • International usage

  • Make purchases at 51,000 merchant establishments in India and over 10 million worldwide

  • Fabulous discounts and great deals at various establishments

Internet Banking

  • Account Balance Enquiry

  • Transaction tracking and history

  • Cheque status inquiry

  • Funds transfer facilities to own account or third-parties

  • Cheque-book requests

  • Stop payment requests

  • FD renewal requests

Phone Banking

  • Available round the clock 24X7X365

  • Current Balance Inquiry

  • Last 5 transactions inquiry

  • Statement by fax, fax-back, fax to another number, fax to registered number

  • Statement by email

  • Cheque status enquiry

  • Cheque-book request

  • Balance as of a particular date

SMS Banking

  • Balance Enquiry

  • Details of last three transactions

  • Cheque payment status

  • Cheque-book request

  • Statement request

Get the Best Financial Advice on Savings Bank Account Leave a Missed Call @ 022-6181-6111
 

Savings Bank Account Articles

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
Read Article

Performance analysis of public sector banks in India

21 March 2020, Saturday    

Performance analysis of public sector banks in India The public sector banks are government-owned institutions where the GOI holds the majority of the stakes. They are an integral part of the country’s banking system. They work on behalf of the government in enacting government schemes and ....

RBI Public Sector Banks Banking Regulation Act Public Sector Banks Govt Stakes

What is the Government Yes Bank Rescue Plan?

17 March 2020, Tuesday    

What is the Government Yes Bank Rescue Plan? RBI has superseded the board of Yes Bank and taken charge of it. This is a very rare incident where the Government was forced to intervene because of management issues. Why did RBI take over Yes Bank management? Yes Bank was making losses in the ....

Yes Bank Yes Bank Management Yes Bank Rescue Plan SBI Saves Yes Bank Yes Bank Shareholders

The Increasing Importance of the Reserve Bank of India

01 February 2020, Saturday    

The Reserve Bank of India is the regulatory body and the central bank of the country. It regulates cash flow in the economy and facilitates trade and industries within and outside the country. The RBI was established in the year 1935 on 1st of April and was nationalised in 1949. The RBI is govern ....

Savings Bank Accounts Reserve Bank Of India

LOAD MORE
 

Savings Bank Account News

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
 
Home News
 

Bank deposit cover may be doubled to Rs 2 lakh

Friday, January 31, 2020, 12:34 PM

The government is discussing a proposal to double the insurance cover on bank deposits to Rs 2 lakh and an announcement to this effect may be made in the February 1 budget, said several people with knowledge of the matter. The move comes after the government and the RBI faced flak over their handling of the closure of Punjab & Maharashtra Co-operative Bank (PMC).
RBI Bank Account General Insurance Cover Bank Deposit

Bank KYC forms may seek details of clients' religion

Saturday, December 21, 2019, 12:10 PM

Soon, banks may introduce a new column in 'know your customer' (KYC) forms for their depositors and clients to mention their religion. This requirement has arisen in the wake of the recent changes made to Fema Act regulations, which extend the benefits of opening NRO accounts and holding property to select religious minorities, excluding Muslims.
KYC BANK Top Stories Trending Religion

NEFT, RTGS transfer charges to be waived for savings account: RBI

Wednesday, December 18, 2019, 11:55 AM

After making National Electronic Funds Transfer (NEFT) system 24x7, the Reserve Bank of India (RBI) has now instructed banks to make all online payments done through NEFT and RTGS free of cost for savings account holders. Several banks have already made it free while others have been asked to do so from next month.
RBI Top Stories Trending NEFT RTGS Saving Bank Account

LOAD MORE
 

Savings Bank Account Videos

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
 

Learn to Save, Spend, Invest & Borrow Wisely with our Youtube Channel

Home Videos
ಪ್ರತಿದಿನ ದುಡ್ಡು ಉಳಿಸೋದು ಹೇಗೆ - How to Save Money Daily

ಪ್ರತಿದಿನ ದುಡ್ಡು ಉಳಿಸೋದು ಹೇಗೆ - How to Save Money Daily

2 Months Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo
How To Save Money
Complete details on Pradhan Mantri Jan Dhan Yojana

Complete details on Pradhan Mantri Jan Dhan Yojana

2 Months Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   In this video, i will explain in detail about Pradhan Mantri Jan Dhan Yojana, how it came into existence, and what is the purpose of it?   Pradhan Mantri Jan Dhan Yojana account first started in the year 2014, launched by PM Narendra Modi. The purpose of this is to have a bank account for each and every citizen of India, you no need to have any minimum balance to open the account. The other benefits to open this account you will get rs 2 Lakh personal accidental coverage and in case if the person dies than the nominee/beneficiary will get rs 30000. To know the eligibility for Pradhan Mantri Jan Dhan Yojana, please watch this video till the end.
Pradhan Mantri Jan Dhan Yojana Eligibility For Pradhan Mantri Jan Dhan Yojana PMJDY Overdraft Facility
4 Rules Related to Your Money Will Change From August 1st

4 Rules Related to Your Money Will Change From August 1st

3 Months Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   From August 1st 2020 there is major changes in rules from government, so let us see what they are?   1) No mandatory on Comprehensive Insurance - Government removed mandatory on comprehensive insurance and made third-party insurance as mandatory.  2) PM Kisan Samman Nidhi - Good news for farmers, because eligibility low income farmers will get Rs 2000 directly into their bank account. 3) Minimum balance - If Anyone does not maintain minimum balance after lockdown, banks may fix penalty and the people may need to bear the extra cost. 4) RBL Bank Increases interest rates - If the people deposit more than Rs 1 lakh, the saving rate is 4.75% which is higher than normal savings bank account.   For more information please watch this video till the end.
Rules From August 1st 2020 New Rules From Government New Rules Of Money

LOAD MORE
 

Savings Bank Account Education

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
 
Home Education
 

What is IFSC code?

Monday, November 19, 2018, 10:52 AM

IFSC stands for Indian Financial System Code and is a unique 11 digit number, allotted by the Reserve Bank of India(RBI) to all banks and bank branches. You can find the IFSC code of your bank on the bank cheque book, Passbook and on the RBI website. It is very important to have the IFSC code for transferring funds using IMPS, NEFT and RTGS.
RBI David Goffin Gifts Received From The Employer Gifts Received From Others AI Disadvantages

How To Check Your Bank Balance Without Internet On Your Phone?

Sunday, August 26, 2018, 9:26 AM

Even though India is fast moving towards becoming a digital economy, not every Indian will have the internet facility on their mobile phones. Many citizens believe there should be an internet to conduct banking-activities. But, there are some basic bank-activities which can be done on your phone, without the internet. Click on full story to know how to check your Bank Balance Without Internet.
Bank Account Strike

Mobile Banking Safety Tips

Sunday, August 26, 2018, 12:07 AM

Transferring money from one bank account to another has become very easy through the mobile banking service. Mobile banking may be easy, but there are risks involved. Fraudsters have come up with unique techniques to steal money from your bank account. So, you have to be really careful while using mobile banking. Click on full story to know mobile banking safety tips.
West Godavari Nikah Halala

LOAD MORE
 

Calculator

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play

Related Articles

21 March 2020, Saturday

Performance analysis of public sector banks in India

  • Performance analysis of public sector banks in India The public sector banks are government-owned institutions where the GOI holds the majority of the stakes. They are an integral part of the country’s banking system. They work on behalf of the government in enacting government schemes and
17 March 2020, Tuesday

What is the Government Yes Bank Rescue Plan?

  • What is the Government Yes Bank Rescue Plan? RBI has superseded the board of Yes Bank and taken charge of it. This is a very rare incident where the Government was forced to intervene because of management issues. Why did RBI take over Yes Bank management? Yes Bank was making losses in the
01 February 2020, Saturday

The Increasing Importance of the Reserve Bank of India

  • The Reserve Bank of India is the regulatory body and the central bank of the country. It regulates cash flow in the economy and facilitates trade and industries within and outside the country. The RBI was established in the year 1935 on 1st of April and was nationalised in 1949. The RBI is govern

Most Read Articles

18 July 2012, Wednesday

How to Make Claim on a health Insurance Policy?

Formalities for a health insurance claim You can make a claim under a Health insurance policy in two ways: On a Cashless basis and A Reimbursement Claim On a Cashless basis: For a claim on cashless basis, your treatment must be only at a network hospital of the Third Party...

14 March 2014, Friday

ELSS - Utilizing the power of compounding

As the name suggests ELSS invests the whole corpus in equities. Proportions as high as 80-90% of equities are found in an ELSS Fund. It is a special kind of mutual fund that qualifies for tax benefits. Basically Equity Linked Savings Scheme is a mutual fund with a lock in period of three years and...

07 January 2014, Tuesday

Why One Must Never Neglect Estate Planning?

One of the most common reason for family feuds in India as in the rest of the World is faulty estate planning. Estate planning is a neglected topic in India mainly because of the emotions attached to it. A common reason people neglect to make a will or indulge in estate planning in their younger yea...

CIBIL Meter

Get FREE Credit Score now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.