What Are Different Types of Savings Bank

Accounts?
By Suddhadeb Chakraborti
Article Word Count: 262 [View Summary] Comments (0)
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There are different types of Savings Bank Accounts. After providing the bank address proof,
photo identity proof a savings account is opened. There are different types of savings accounts.
They are as discussed below:

- Normal Savings Account: These accounts have no special features. They can be operated by
maintaining a minimum balance daily or an Average Balance per quarter.For Government Banks
the daily balance is 1000 rupees and for private ones the average balance per quarter is 5000
rupees.

- No Frills Account: These are mainly zero balance accounts meant for deprived classes of
society. But these accounts come with lot of rules and regulations. Axis Bank, H D F C and
Corporation bank are some institutions those offer No Frills Accounts.

- Salary Account: In these accounts employees' salaries are deposited and hence they are zero
balance. These accounts also come with overdraft facility that is calculated keeping the amount
of salary drawn in mind.

Pension Account: In these account, pension is deposited and hence it is also zero balance. Axis
Bank offers zero balance pension accounts.

Woman's Account: Institutions like Axis Bank, Corporation bank etc provide special account or
women keeping specific demands in mind.

Child Account: These are also zero balance in nature. They are structured in such a manner to
inculcate the habit of savings in growing children.

Conclusion: Today Savings Bank Accounts come with so many features like ATM, better
service, anywhere banking and even credit cards. H S B C bank offers free credit card to its
account holders subjected to terms and conditions.