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Savings Bank Account

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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.

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.

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

 

Savings Bank Account Articles

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Savings Account - Types, Features and Documents Required

27 June 2019, Thursday    

What is a Savings Bank Account? A savings bank account is the most basic banking facility offered by the banks. A savings account is used to keep surplus funds or deposit money that will not be used immediately. Savings account has a limit on the number of monthly transactions and earn a moderate ....

Which Type of Bank Account is Best For Your Money?

04 May 2019, Saturday    

Banks offer different types of accounts to serve different needs of customers. Depending on your financial goals, it is important to choose an account that allows you maximize your savings, minimize fees and manage money conveniently. Want to know more on Fixed Deposits? We at IndianMoney.co ....

Tips for Choosing a Savings Account when Interest Rates Increase

23 April 2019, Tuesday    

The savings account is primarily designed for the purpose of encouraging people to save money. It allows the account holder to deposit money as per their convenience and on the other hand provides interest on deposits. Asavings account is a financial instrument that can be used to maximise the earni ....

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Savings Bank Account News

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Banks' 2018-19 savings deposits up at Rs 39.72 lakh crore: RBI

Monday, September 16, 2019, 5:04 PM

Indian private and PSBs had aggregate savings deposits of Rs.39.72L-crore as on March 31, 2019, while foreign banks had a share of Rs.58,630 crore, according to RBI data published in the Handbook of Statistics on Indian Economy 2018- 19. The total savings deposits with commercial banks, including foreign ones, in 2018- 19 stood at Rs.40.31L-crore, up from Rs.36.55L-crore in 2017-18, the data showed.

SBI revises service charges for deposits and withdrawals from Oct 1

Thursday, September 12, 2019, 4:28 PM

The State Bank of India will revise service charges for deposits and withdrawal on October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways. On maintenance of average monthly balance (AMB), starting October 1, SBI has reduced the minimum average monthly balance requirement for urban centers from Rs 5,000 to Rs 3,000.
 

SBI to keep savings account interest rate unchanged

Friday, August 23, 2019, 11:39 AM

The country's largest lender, the SBI announced on Friday that it will not reduce interest rate on its savings accounts. At the same time though the bank stated that it will cut rates on FDs again with effect from August-26, 2019. However, according to SBI's press release issued today, it announced that it will not reduce interest rate on these accounts any more.

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Savings Bank Account Videos

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

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Bank interest rates - ಬಡ್ಡಿ ಇಳಿಕೆ ಲಾಭ; ಗ್ರಾಹಕನಿಗೆ ಸಿಕ್ಕಿದ್ದೆಷ್ಟು | Loans

Bank interest rates - ಬಡ್ಡಿ ಇಳಿಕೆ ಲಾಭ; ಗ್ರಾಹಕನಿಗೆ ಸಿಕ್ಕಿದ್ದೆಷ್ಟು | Loans

1 Month Ago

Bank interest rates - ಬಡ್ಡಿ ಇಳಿಕೆ ಲಾಭ; ಗ್ರಾಹಕನಿಗೆ ಸಿಕ್ಕಿದ್ದೆಷ್ಟು? Are home loan buyers benefiting from the rate cuts by the Reserve Bank of India? This video is around this subject. While the repo rate has been declined by approximately 0.75% during the first half of 2019, most home loan lenders have reduced the repo rate up to 0.30%. Some banks have made no changes in home loan interests. Should the Prime Minister of India be requested to pass on the benefit to home loan consumers? As rightly said by one of the experts from IndianMoney.com in this video, it is a simple subject and there is no need to bring such simple subjects to the notice of the PM. The RBI has control over all banks in India. The RBI should strictly adviser all banks to pass on the benefit to home loan buyers. The expert further says, ‘New home loan customers are likely to be benefited from the repo rate cuts but not the existing customers.’        

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Savings Bank Account Education

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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.

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.

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.

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