SAVINGS ACCOUNTS INFORMATION

Please see information on Savings Accounts below.

        

What is your way to save? Whether saving comes easily to you or whether you find it difficult, a savings account can promote saving money habits and help you to put something aside for later.

What is a Savings Account?

A savings account is a bank account that you can deposit money into, where it will earn interest over time. The purpose of doing this is to put money aside as a saving while allowing it to grow gradually.

Where Can I Open a Savings Account?

Most banks and post offices offer savings accounts so there are plenty to choose from. Use the Which Way To Pay India comparison page to have a look at some good savings accounts and to see which one would suit you best. Many accounts can be opened online, making it very easy to get your savings started!

Who Can Open a Savings Account?

All Indian residents can open a savings account in India, and you can also open one for your children. You may also open an individual or joint savings account.

HUFs (Hindu Undivided Families) that are not undertaking business and trading activity and organisations such as Trusts and Associations can also open savings accounts.

Will I Earn Interest?

Yes. A savings account is designed to earn interest on the money within it, so your savings account will have an interest rate which will be paid usually every half a year, but this depends on the bank. The interest rates vary according to banks, so include this in your comparison and search that way you can get the best for your money.

Types of Savings Accounts

Most banks have at least one or two types of savings accounts, and their names will vary according to the bank. Usually you can choose from a regular savings account with an interest rate of around 4% that changes according to the central bank interest rate.

The other options is usually a fixed deposit account, which means the interest rate on the account is fixed for a certain period of time and the funds within the account are 'locked away' for a set period as well. The amount you can deposit into the account may be fixed too.

With all the different types of savings accounts, it can seem confusing at first if you are searching for a suitable one. Therefore, it is essential to take your time and look at a variety of banks or post offices to see what options are available to you.

Can I Access the Funds?

On many savings accounts, you can access the funds within the account via ATM machine, credit cards or online. You may also be offered the option of telephone banking for the account, to help you transfer funds into it quickly.

On a fixed deposit or fixed term account, you may not be able to access the funds in the account for a certain period of time, until it has 'reached maturity'. In some cases you can access the account if you have an urgent need, but you may be charged a 'penalty fee' for this.

        


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