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Basic Eligibility Criteria

Good Credit Score

Above 23 Years of Age

Valid Bank Account

Resident of India

Self-Employed or Salaried Professional

Aadhar Card , Voter ID / Driving License and PAN Card

Bank Statements for The Last Three Months

Salary Slips for The Last Three Months

Saving Account

Savings Account is the most basic type of banking product / instrument frequently used by people to deposit money in a secure and secure manner. Savings accounts are opened by both public and private banks and financial institutions. It's being regarded as the safest manner to save the hard-earned cash and receive interest on that cash. Interest gained is calculated on a quarterly basis in almost all types of savings accounts. Anyone can deposit their funds through cash deposit / check, internet transfers such as IMPS, NEFT, RTGS or UPI.

Depending on distinct criteria such as age, requirements, transaction track, there are a range of savings account alternatives available from distinct banks and financial institutions. As rivalry is high, almost all banks have advantages and appealing characteristics connected to the account. The kinds of savings accounts that are frequently seen in India are as follows:

Basic Savings Account

Basic Savings Account or Regular Savings Account is usually provided with fundamental or minimum characteristics and provides fundamental interest rates for the quantity you deposit in your savings account. We advise you to keep the fundamental limit / minimum quantity in your account so as to prevent any penalties or deductions.

Zero Balance Savings Account

As the name indicates, Zero Balance Savings Account is free to maintain an account without a minimum cap or balance. All you need to do is submit your KYC information along with your ADHAAR information to open the Zero Balance Account readily. You can also open it by merely applying to online.

Salary Account

If you are an employee, you are qualified to open this type of wage account. Companies can readily transfer your monthly wage straight to your wage account. Also, the best characteristic of this account is the automatic zero balance savings account, which does not meet the minimum balance criteria cap. If you have left your work and your wage is no longer included in your savings account, the wage account itself will be converted into a fundamental savings account and you either have to keep the minimum limit or near your account.

Fixed Deposit

Fixed Deposit (FD) is a financial instrument provided by banks or NBFCs that provides investors with a higher rate of interest than a regular savings account until the due date. It may or may not involve the establishment of a separate account.

Eligibility Criteria

You are an Indian citizen, NRI or a foreign national living in the country as defined in the Constitution Your minimum age should be 18 years.

You've got to be an adult with a savings account. However, parents / guardians will open a savings account for their children / minors for future savings.

Right Choice for opening Saving Account
  • Interest Rate: The basic / minimum interest rate provided by most banks is 3.5 per cent, but most banks today offer elevated interest rates of up to 7 per cent, depending on your savings account management / maintenance.
  • Minimum Balance: the maintenance of the minimum balance is a characteristic of the periodic savings account and the infringement creates deductions and penalties. So, if you are unable to keep it, it is better for you to open a zero-balance savings account to close any range of payment of additional fees.
  • Features & Deals: Features such as net banking and mobile banking now come readily with opening any kind of savings account, whether it's a Regular / Basic Savings Account, Salary Account or Zero Balance Savings Acc.
Frequently Asked Questions

Opening Saving Account through Post Office

Yes, a savings account can be opened in the post office. Following is the method to open it:

Readily in any branch of the Indian Post Office: the fee for opening the savings account is Rs. 20, which you must pay at the moment of opening the account.

You need to keep a minimum of Rs. 500 in your savings account.

If your savings account is without a checkbook facility, the minimum balance to be maintained is Rs. 50.

The sum you save in your savings account can be transmitted easily to any post office across the country.

You can open your 10-year-old child / minor savings account by being a co-borrower / parent / guardian.

Individual or joint accounts may also be opened.

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