Saving Account: Types, Interest rates, and eligibility criteria

Saving Account: Types, Interest rates, and eligibility criteria

A savings account is one bank account that needs the minimum investment to hold in the banks. There is an applicable interest rate on saving accounts. It is an interest-applicable account, but these bank accounts do not charge high-interest rates. It possesses reliability and safety, considered a good option for saving your money. Further, we will give you the information related to the savings account in detail.

How many types of saving accounts?

There are six types of saving accounts. Let us give you the complete information on each saving account, so you can easily choose the best saving account for yourself.

  1. Salary-based saving account: This savings account is opened up at the request of the companies. It consists of the bank that offers the terms, kinds, and preferential rates. This savings account will not have the requirement of a minimum balance. If the salary is not credited for three months, this account will be automatically converted into a regular account.
  2. Senior citizens saving accounts: this type of account works like a regular bank account that offers high-interest rates for senior citizens.
  3. Regular saving account: this savings account is open under the basic terms and conditions. This savings account does not appear to have regular deposits of the regular amounts. It is a safe medium to keep your money in a regular savings account.
  4. Zero balance saving account: this savings account combines the features of the savings account with the current account. But there are some restrictions to the withdrawal amount from this savings account. There are no penalties if the balance goes below the withdrawal amount limit.
  5. Minor saving account: A minor saving account is useful for educating children, allowing many facilities on the savings account. These types of saving accounts are open for children under the age of 10 years; that’s why the children supervises this account. After more than 10 years, the child is allowed to open their own savings account.
  6. Women saving accounts: This account contains special features to provide to the account holder. This saving account also allows discounts and low-interest rates on the loans and allowance on the discount charges.

What are the eligibility criteria for bank account opening online?

Consider the following criteria to become eligible under the process

  • The applicant should be an Indian resident or must be 18 years or above to be eligible for the savings account.
  • Foreign nationals are also eligible to open a savings account.
  • The minors have less than the age of 18 years open their savings account in the provision of their parents or guardian. 


This article brings information about the savings account types, interest rates, and eligibility criteria. You must like this information to open your savings account at the minimum investment. As per the analysis of the various types of accounts, you can easily find the best savings account.

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