Savings Account: Meaning, Features, Advantages

Savings account is one of the most popular account that helps   people  in saving  money in a safe place and also earn a modest  rate of interest on it .These bank accounts usually require a minimum amount of balance to be kept in an account however this depends on the bank in which the account is being opened.

Features:

  1. Promotes savings  as there is no restrictions on the number and amount of deposits but in India one needs to have a permanent account number ( PAN) for any transaction above Rs 50,000.
  2. Provides an interest rate of generally 4-6% ( depends on the bank in which the account is being opened).
  3. Money can be withdrawn with the help of cheque, ATM card issued by the bank and also withdrawal slip of the respective bank. However the withdrawals are subjected to certain restrictions.
  4. A savings account generally comes with an ATM card , Online  Banking systems and also cheque books.
  5. Electronic Clearing System (ECS) helps to pay telephone bill, electricity bill etc

Documents Required

  1. Identity proof eg: Passport, PAN card, Voter ID card, Driving licence, Government ID card, Senior citizen ID card.
  2. Address proof eg: Passport,Telephone bill,Electricity bill, Bank Statement Certificate/ ID card issued by Post office
  3. Any other Identity proof or Address proof document can be submitted, subject to the Bank’s satisfaction.

Comparative Analysis of Savings Account for different banks 

Name of the Saving bank A/C alongwith the name of the bank Description  Quarterly Average Balance Quarterly rate of interest Other facilitiies Extras
 Basic Savings Bank A/C – AXIS BANK Basic savings  Account for meeting the basic banking requirment None 4% ATM card,Cheque book , SMS Alerts

 

 

Zero balance facility:no minimum balance required, Free 4 ATM  transaction per month
Prime Savings Account-AXIS BANK Provides enhanced access and higher transaction limit Metro- Rs 25,000 4% ATM, Mobile or Tele banking,cheque book, Interest rate can be increased by attaching the savings A/c, enhanced withdrawal limit and shopping transactions upto  Rs 50,000, 10 free transactions at other banks ATM
Future Star Savings Account-AXIS BANK A savings account for children to inculcate in them the habit of saving Rs 2500 in urban areas and Rs 1000 in rural areas. Not mentioned in the website Visa classic debit card for children above 12 years of age,Internet banking,cheque book Automated facility to transfer the money from the parent’s A/C to child’s A/C
Savings Max Account-HDFC BANK

 

A savings account with some special features catering special needs Rs. 25,000 4% ATM ,Phone banking, Mobile Banking,Net banking ,Bill Pay- to pay the common utility bill
  • Accidental hospitalisation cover – Rs. 1 lakh per annum
  • Daily cash allowance* at Rs.1,000 per day for maximum 15 days per year,Optional “MoneyMaximizer” (sweep- out) facility for conversion of the surplus money into high earning fixed deposits,4% discount on Gold Bars & 5% discount on Silver Bars on purchase.

 

Regular Savings account-HDFC BANK A saving A/C to meet the general banking requirements of the people Rs. 10,000 (Metro / Urban branches),Rs. 5, 000 (Semi-Urban / Rural branches) 4% ATM ,Phone banking, Mobile Banking, Net banking 
  • International Debit Card, Personalised cheques  for enhanced security, Bill pay facility to pay the different utility bills.

 

 

Ace Savings A/C- Kotak Mahindra Bank Suited for those who would like to avail maximum banking  and investments related benefits Rs 50,000 5.5% on balance upto Rs 1 lac and 6% over Rs 1 lac Overdraft facility, internet banking facility,mobile banking facility,ATM card facility,cheque book Free Gold debit card for first year, access to all Domestic Visa ATM’s,free Add-on and supplementary debit card,free outstation cheque collection,extended debit card limit of rs 1.75 lacs per day through ATM,free classic debit card,platinum debit card,free cash pick up delivery 10 calls per month
PRO Savings A/C-Kotak Mahindra bank Suited for those who would like to avail maximum banking  and investments related benefits Rs 20,000 5.5% on balance upto Rs 1 lac and 6% over Rs 1 lac Internet banking facility,mobile banking facility,overdraft facility, ATM card facility,cheque book Free Gold debit card for first year, access to all Domestic Visa ATM’s,free classic debit card, free cash pick up delivery 5 calls per month,Free NEFT through Net banking
EDGE Savings A/C-Kotak Mahindra bank Suited for those who would like to avail banking   benefits Rs 10,000 5.5% on balance upto Rs 1 lac and 6% over Rs 1 lac Internet banking facility,mobile banking facility,overdraft facility, ATM card facility,cheque book Free classic debit card for 1st year,free NEFT through Net banking
Savings Value-YES BANK Specifically designed to take care of the banking requirements of the people Rs 5,000 6% on balance upto Rs 1 lac and 7% over Rs 1 lac Internet banking facility,mobile banking facility,overdraft facility, ATM card facility,cheque book Free international debit card,personal  ACCIdent insurance
Savings Advantage-YES BANK Specifically designed to take care of the banking requirements of the people Rs 10,000 6% on balance upto Rs 1 lac and 7% over Rs 1 lac Internet banking facility,mobile banking facility,overdraft facility, ATM card facility,cheque book Free international debit card,personal  ACCIdent insurance
Savings Select-YES BANK Specifically designed to take care of the banking requirements of the people Rs 25,000 6% on balance upto Rs 1 lac and 7% over Rs 1 lac Internet banking facility,mobile banking facility,overdraft facility, ATM card facility,cheque book Free international debit card,personal  ACCIdent insurance
Savings Exclusive-YES BANK Specifically designed to take care of the banking                  requirements of the people Rs 1,00,000 6% on balance upto Rs 1 lac and 7% over Rs 1 lac Internet banking facility,mobile banking facility,overdraft facility, ATM card facility,cheque book Free international debit card,personal  ACCIdent insurance
Normal Savings Account-ICICI Bank Offers reliable banking experience Rs 10,000-Urban/Metro

Rs 5000-Semiurban

Rs 2000 Rural

 

4% Internet banking facility,mobile banking facility,, ATM card facility,cheque book Money Multiplier facility allows the bank  to shift the idle money to be invested in a Fixed deposit linked to the saving A/c
Silver Savings Account –ICICI BANK Entitles the customer to select privileges and offers Rs 10,000-Urban/Metro

Rs 5000-Semiurban

Rs 2000 Rural

 

4% Rs 10,000-Urban/Metro

Rs 5000-Semiurban

Rs 2000 Rural

 

International VISA Debit Card, Money Multiplier facility,nomination facility
Savings Account- SBI A bank Account satisfying all the banking requirement of the people No minimum balance requirement 4% Internet banking facility, mobile banking facility,, ATM card facility,cheque book Personal Accident Insurance of Rs. 4 lacs available at an annual Premium of Rs. 100/,multi city cheques available