This covid-19 pandemic has taught all of us about the importance of savings to pursue a financially secured life. It won’t be wrong to say that savings account has become important to promote healthy financial life. Considering the need of an hour, there are many banks and financial institutions offering best saving account deals to their users and best interest rates on savings accounts.
Basically, a savings account is an interest-bearing deposit account that is opened with a bank or financial institution. Accountholder receives a modest interest rate on saving account balance, which is calculated periodically. Savings account online is considered as safe and reliable option to park your hard-earned cash for both short-term and long-term needs.
Depending upon the needs and priorities, there are different types of saving account offered by the banks and financial institutions.
As the name suggests, a basic savings account is an account with basic features and can be opened with any financial institution. Basic savings accounts primarily serve the purpose of holding money, whereas the accountholder gets the computed interest on the savings account balance. The savings account interest rate varies from bank to bank. The only drawback of basic savings account is that they often have a minimum balance criteria, where banks levies penalty charges if the minimum balance criteria is not met.
An instant savings account is almost similar to that of a basic savings account. The key difference between instant savings account and basic savings account is that a person has to visit the bank branch physically to open the basic savings account, while an instant savings account can be opened online with absolutely zero hassle. A person is just required to upload his/her KYC documents to the bank’s website and the account is immediately activated as soon as the documents and other details are verified and authenticated.
There are many banks and financial institutions that offer special savings account for women customers. Such savings account comes with extra privileges to the women accountholders such as higher savings account interest rates, exclusive reward points, value-added benefits, discount on lockers, preferential rates on loans, and dedicated banking assistance. Some banks also provide additional privileges to women accountholders by levying certain fees and charges such as account handling fees, debit card annual charges, cheque book and passbook fees, and cheque collection charges.
Family savings account comes with a bundle of benefits and privileges to all the members. Family savings account online address diverse banking needs all through a common platform. This type of savings account offers higher interest rates, lowest minimum balance requirement, wealth management plans, private banking, add-on debit cards, and complementary family insurance plans.
Salaried savings accounts are primarily opened by employers or organization to credit the salary of their employees. Salaried savings account features all the benefits and privileges of basic savings account. Although, salaried savings account generally don’t have a minimum balance criteria, i.e. an accountholder is not required to maintain a minimum balance in their savings account.