The Indian banking industry offers a wide range of programs tailored to the personal needs of the people in line with technological advancements. Savings Accounts Provided by Banks Many banks have introduced different schemes based on the age, income and gender of the customer. Also such accounts may vary from bank to bank, but their purpose may be the same.
• Senior Citizens Savings Bank Account
• Women’s Savings Account
• Normal savings account
• Free Basic Bank Account
• Student Savings Account
NRI related accounts
NRE Savings Account
NRO Savings Account
Senior Citizens Savings Bank Account:
As the name implies the Senior Citizens Savings Bank account is for those over 60 as required by the customer. It has various benefits, including a fixed interest rate (FD) fixed interest rate and lower fees.
Women’s Savings Account:
Many banks have designed a dedicated bank account for women’s economic needs, investment and livelihood needs. Some banks offer higher cash limits and larger cashback offers.
Normal Savings Account:
Anyone can open a normal savings account. An average minimum deposit per quarter is required. Failure to do so will result in a fine. Ordinary savings account has features like account book, internet banking facility, telephone banking facility, check book and debit card.
Free Basic Bank Account:
Holders of these bank accounts are those who have a minimum deposit limit or no limit. The scheme was advised by the Reserve Bank to reach a wider population. Yet there are some restrictions on this scheme which vary from bank to bank.
Student Savings Account:
Only a few banks offer student savings account facility. There will be no minimum deposit or a very small amount will suffice.
NRI Related Accounts:
For expatriate Indians, there is a separate place in the Indian banking system for which banking services are provided. This includes savings account plans. Let’s see about them.
NRE Savings Account:
This account can be maintained in the form of rupee value. This account can be started in the names of two or more expatriate Indians.
NRO Savings Account:
Can be opened / deposited in NRO Savings Account in Rupee Value Form, Current Account, Savings Account, Series Account, Fixed Deposit Account. It can also be kept as a joint account with residents in India. Money can be transferred from another bank account to the NRO account and even those living in India can make payments to the NRO account of an expatriate Indian.