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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.

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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.

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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

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Savings Bank Account Articles

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Saturday, July 20, 2019, 4:07 PM

Union minister Nitin Gadkari on Saturday said that the banking sector was facing a lot of challenges on various fronts. Gadkari also listed ensuring transparency and giving returns on deposits as challenges before the banking sector. Speaking after inaugurating zonal office of Indian Bank, the Highways and Road Transport Minister said that people should also pay their dues to banks on time.

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Friday, July 19, 2019, 6:16 PM

Private sector Bandhan Bank has beat market expectation in reporting 46% jump in net profit at Rs 701 crore while it continued to explore newer pockets for deposit mobilization. A 36% higher net interest income helped the lender offset the impact of higher provisions on account of bad loans. Net interest margin remained higher at 10.45% for the first quarter.

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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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Banks offer different types of accounts like a savings bank account, current accounts, FD accounts, RD accounts and so on. These accounts are customized to suit the needs of different types of investors. Different types of bank accounts allow customers to meet financial goals and provide them with a means to carry out banking functions easily. Choosing the right type of bank account is important as it helps manage money easily. For example, a business entity must open a checking account for facilitating day-to-day transactions. A savings account will not give the required flexibility to conduct business transactions.

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Banks offer different types of accounts like a savings bank account, current accounts, FD accounts, RD accounts and so on. These accounts are customized to suit the needs of different types of investors. Different types of bank accounts allow customers to meet financial goals and provide them with a means to carry out banking functions easily. Choosing the right type of bank account is important as it helps manage money easily. For example, a business entity must open a checking account for facilitating day-to-day transactions. A savings account will not give the required flexibility to conduct business transactions.

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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

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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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