A savings account is a basic deposit account that is held with the bank. Such savings accounts can also exist with other financial institutions. These accounts provide principal security, a decent interest rate and also a super rate of liquidity. Savings accounts are considered to be one of the most liquid investments. Savings accounts are hence the ideal way that you can keep some ready cash either for emergency or for being used for daily purpose.
How far are they lucrative for banks?
Savings accounts forms to be the bread and butter for the national commercial banks. It is the key business of most of the commercial banks of the country. Hence opening a savings account is one of the easiest things that you can do. All that you need to do is fill up a form and they give certain documents. It is advisable that you do compare the benefits and the services and perks of different banks at the time of opening a savings account. This is how you can ensure that you get the best deal.
Which is the Best savings account for me?
The following are some of the aspects that can ensure that you are getting the best savings account for yourself.
- The rate of interest that you can get on the account is important. Look for the highest.
- Look for a branch that is nearby to your place so that you can do all your banking work with ease and convenience.
- Look for the least minimum balance maintenance. This will make things easier for you.
- Customer service is yet again a very important factor.
It is advised that you must look up more than two or three options so that you can get the best deal possible.
Name the different savings accounts possible
Some of the common forms of savings accounts are
- Joint account – This is a type of account that can be operated by one or more holders. You can have four people in such types of joint account.
- Woman’s Savings Account – such accounts can be opened by a woman alone. Such accounts also have added perks.
- Senior Citizens’ Savings Accounts – As the name suggests these are the accounts that can be opened and operated by people who are above the age of 60. These accounts also have added benefits and special perks.
- Minor Accounts – Such accounts are often created and operated by the parents. The children or the minors are the second holders of such accounts. Such accounts helps children understand about banking operations at a young age.
- Salary Account – This is a special type of avenges account where the clause of maintaining a minimum balance is waived off. Against this a fixed sum of salary is deposited to this account every month.
Documents that are required to Open a savings account
The basic documents required to open a savings account are
- Address proof
- Pan card
A savings account is the basic amenity that is required by people in the current times. You can easily use your debit card and can do all forms of shopping. You can have more than one savings account.