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Basic Things to know before you open a Savings bank account
Opening a saving bank account is a breeze these days with all the technological advancements. What many people do not know are the basic and responsibilities of a having a savings bank account. It is not enough to have a deposit tied to a bank account. Let us take a close look at the simple things to know before you get your very own account at your favourite bank.
There are different types of bank accounts to suit varied needs. So, one must know the exact features before deciding which one to opt for.
A basic savings account is a zero balance savings account and allows you to use the money, which you may get from remittance or government subsidies etc., in any way required. You earn interest on your account balance and that is how you make the money earn resulting in more savings. One can use multiple channels of banking to access and operate the account. Some like IDFC Bank allows quick transactions at any micro-ATM.
Next, there is a saving account with low minimum balance for resident individual and HUF. With just an average monthly balance of Rs. 100, you can be an account holder. Among the benefits, you will get a debit card and some banks offer goodies like online fraud cover and even a personal accident insurance cover on the debit card.
Do remember the basic savings accounts can have some limitations. There is usually a cap on how much money you can keep in such accounts. There are also some rules in terms of the quantity of withdrawal in the form of cash and transfers. With limited know your customer (KYC) credentials, foreign remittances cannot be credited. Do check the costs for chequebook, passbook, ATM usage for such basic accounts.
There are some customer category specific savings accounts like minor account and senior citizen account. These offer 3-4% per annum interest on the daily end of day balances and are paid quarterly. Also, one may have to do an initial pay-in or deposit an amount, say Rs 25,000, to open such accounts. A minor savings account can be opened for your child if their age is up to 18 years of age and the parent or guardian holds a savings account with the bank.
In case of a senior citizen's account, you can get free doorstep banking, preferential rates on fixed and recurring bank deposit, and free debit card for life etc. All you need is to be at least 60 years of age, a proof of identity and a proof of address. Once the balance in your senior citizen's account exceeds a certain threshold, say Rs 75,000, a portion of the amount can be automatically transferred to a bank deposit. Do not worry as the funds are still available to automatically sweep in if needed.
For the salaried, there is the salary account category. Made with the intention of delivering the maximum services, a salary account has no minimum balance requirement, offers unlimited free ATM transactions, no or discounted charges for any funds transfer through IMPS, RTGS and NEFT, and free general banking services etc. That apart, the salary savings account gives you interest at 4%, provides a universal debit card, facility to view and transact with both salary and reimbursement accounts together online and internet banking.
Armed with knowledge about different bank account types and their nitty gritties, now you can choose a good institution like IDFC Bank to open a savings bank account of your choice.