How Many Types of Savings Accounts
Savings Accounts: Nowadays it is Very Common For Everyone To Have An Account In A Bank. Almost Everyone Has A Savings Account. They Cannot Be Used For Any Purpose. There are Many Types Of Bank Savings Accounts. Anyone Can Open These Savings Accounts Following The Rules. How Many Types Of Bank Savings Accounts Are There In This Order? Now Let Us Know The Complete Details.
Different Types Of Bank Savings Accounts
Savings Accounts: It is Well Known That The Money Saved Today Is Useful For Tomorrow’s Needs. Adults Make It A Habit From Childhood To Save Some Of The Money We Earn. The Main Purpose of Savings Accounts is To Save A Lot From The Money We Have And Save It For Future needs. these accounts can be opened by Anyone Who Is Eligible. In Today’s Time, You Have To Have A Bank Account To Do Any Kind Of Financial Transactions. A Bank Account Is Almost Always A Savings Account. Everyone Knows That Going To The Bank, Submitting Required Documents And Photos And Opening An Account. We Open A Savings Account And Keep A Lot Of New Money In It To Use For Future Needs. However, Many People Do Not Know That There Are Many Different Types Of Savings Accounts. Everyone Knows The Same Simple Savings Account. If You Open An Account And Deposit Money, You Can Withdraw It From The Bank or ATM When Needed. Bank Will Provide Debit Card For It. But, There Are Many Different Types Of Regular Savings Account. Banks Offer Various Types Of Accounts Like Salary Savings Account, Family Savings Account, Minor’s Savings Account, Zero Balance Savings Account. Banks have designed each account for each purpose. There Are Minor Differences Between Them. Knowing Complete Details Like Savings Accounts And Their Uses. There Are Minor Differences Between Them. Knowing Complete Details Like Savings Accounts And Their Uses. There Are Minor Differences Between Them. Knowing Complete Details Like Savings Accounts And Their Uses.
Family savings account
Usually A Bank Account Is Taken personally. idduru is seen taking joint Accounts Together. But The Entire Family Can Open A Savings Account in The Bank. All Family Members Can Operate This Account. Bank Regulations On This Account Are Same As Regular Savings Account. A Minimum Balance Should Be Maintained in This Too. Banks Pay Interest On The Amount Deposited. By Taking A Family Savings Account, Anyone in The Family Can Operate It And Ensure Uninterrupted Financial Transactions.
Salary Savings Account
Companies Open These Salary Savings Accounts For Their Employees. The Companies Deposit The Monthly Salaries Of The Employees In These Accounts. There is No Requirement To Maintain Any Minimum Balance In These Salary Savings Accounts. All Those Working In Government And Private Companies Have These Salary Accounts In Various Banks. Organizations deposit salaries to employees Through Them. It Is Mandatory For Employees To Have These Accounts.
Zero Balance Savings Accounts
Zero Balance Savings Account Can Also Be Opened In Banks. These Accounts Also Work Like Regular Savings Accounts. However, It Does Not Require A Minimum Reserve Balance. On The Other Hand, There Are Some Restrictions For Withdrawing Money From This Account. It is Not Possible To Deposit Money in These Accounts Even Beyond The Limit. These Zero Balance Accounts Are Generally Useful For Handling Very Small Amounts Of Transactions.
Also Read – Zero Balance Account Open Online Bank List
Family savings account
Usually A Bank Account Is Taken Personally. Idduru is Seen Taking Joint Accounts Together. But The Entire Family Can Open A Savings Account In The Bank. All Family Members Can Operate This Account. Bank Regulations On This Account Are Same As Regular Savings Account. A Minimum Balance Should Be Maintained in This Too. Banks Pay Interest On The Amount Deposited. By Taking A Family Savings Account, Anyone In The Family Can Operate It And Ensure Uninterrupted Financial Transactions.
Minor’s Savings Account
Generally, Only People Above 10 Years Of Age Are Allowed To Have A Savings Account In The Bank. Children Under 10 Years Of Age Can Also Take A Minor’s Savings Account. However, Banks Allow Parents Or Guardians Of Children Under 10 Years Of Age To Maintain These Savings Accounts. Children Above 10 Years Of Age Can Operate Their Own Account. After The Children Turn 18, Banks Convert This Account Into A Regular Savings Account. Until Then It will Continue In The Presence Of Parents And Guardians.
Women’s Savings Account
The Bank Has Special Women’s Savings Accounts Available For Women. They Work With Some Special Features. These Accounts Come With Various Discounts On Certain Purchases. Banks Provide Low Interest Rate Loans. No Charges Are Levied On Demat Account. However, These Features On Women’s Savings Accounts Vary From Bank To Bank. Each Bank Offers Different Features And Offers For Women To Open Accounts.
Also Read – How To Do Financial Planning For Working Women?
