To Study On Saving Account in India

PROJECT REPORT
ON
TO STUDY ON SAVING ACCOUNT IN INDIA
IN PARTIAL FULFILLMENT OF THE DEGREE
BACHELOR OF COMMERCE
(BANKING & INSURANCE)
UNDER THE FACULTY OF COMMERCE
By
Miss. Shruti Ravindra Fawre
TYBBI
Roll No.02
UNDER THE GUIDENCE OF
Dr. RUPESH DRUVANSHI
Anand Vishwa Gurukul Senior Night College
Raghunath Nagar, Next to Mittal Park,
Wagle Estate, Thane (W) – 400604
April 2023
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PROJECT REPORT
ON
TO STUDY ON SAVING ACCOUNT IN INDIA
IN PARTIAL FULFILLMENT OF THE DEGREE
BACHELOR OF COMMERCE
(BANKING & INSURANCE)
UNDER THE FACULTY OF COMMERCE
By
Miss. Shruti Ravindra Fawre
TYBBI
Roll No.02
UNDER THE GUIDENCE OF
Dr. RUPESH DRUVANSHI
Anand Vishwa Gurukul Senior Night College
Raghunath Nagar, Next to Mittal Park,
Wagle Estate, Thane (W) – 400604
April 2023
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Certificate
This is certify that Ms Shruti Ravindra Fawre has worked and duly completed her Project Work for the
degree of Bachelor of Banking and Insurance studies under the Faculty of Commerce and her project is
entitled “To Study on Saving Account in India” under my supervision.
I further certify that the entire work has been done by the learner under my guidance and that no part of it
has been submitted previously for any Degree or Diploma of any University.
It is her own work and facts reported by her personal findings and investigation.
Certified by
_______________ _____________________
Principle Co-ordinator
_________________ _____________________
Internal Examiner External Examiner
Place: Thane
Date of Submission:13 April 2023
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Declaration by Learner
I the undersigned Miss. Shruti Ravindra Fawre here by, declare that the work embodied in this project
work titled “To Study on Saving Account”, forms my own contribution to the research work carried out
under the guidance of Dr. Rupesh Dhruvanshi Sir is a result of my research work and has not been
previously submitted to any other University for any other Degree/Diploma to this or any other University.
Wherever reference has been made to previous works of others, it has been clearly indicated as such and
included in the bibliography.
I, here by further declare that all information of this document has been obtained and presented in
accordance with academic rules and ethical conduct.
Shruti Ravindra Fawre
Certified by
Dr. Rupesh Dhruvanshi
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Acknowledgment
To list who all have helped me is difficult because they are so numerous and the depth is so enormous.
I would like to acknowledge the following as being idealistic channels and fresh dimensions in the
completion of this project.
I take this opportunity to thank the University of Mumbai for giving me chance to do this project.
I would like to thank my Principal, Dr. Harshada Likhite Madam for providing the necessary facilities
required for completion of this project.
I take this opportunity to thank our Coordinator Dr. Rupesh Dhruvanshi Sir, for his moral support and
guidance.
I would also like to express my sincere gratitude towards my project guide Dr. Rupesh Dhruvanshi Sir
whose guidance and care made the project successful.
I would like to thank my College Library, for having provided various reference books and magazines
related to my project.
Lastly, I would like to thank each and every person who directly or indirectly helped me in the completion of
the project especially my Parents and Peers who supported me throughout my project.
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Index
Sr. No Particulars Page No
Introduction
1.1 Introduction
1.2 Definition
1.3 History of Saving Account
1.4 Characteristics of Saving Account
1.5 Advantages of Saving Account
1.6 Why do you need a Saving Account?
1.7 Who can open a Saving Account?
1.8 How to open a Saving Account?
1.9 Procedure to open a Saving Account
1.10 How to apply for Saving Account?
1.11 Eligibility and Documentation to open a Saving
1. Account
1.12 Are online Saving Account Safe?
1.13 Types of Saving Account
1.14 Saving Account Work
1.15 How to maximize earnings from Saving Account?
1.16 How to much to keep in your Saving Account
1.17 Top Saving Account Providers
1.18 Saving Account Interest Rates 2023
1.19 Cash Withdrawal limit and cash transaction limit for
Saving Account
1.20 Savings Account with the post office
1.21 Top banks in India for Saving Account
1.22 Charges for opening and using Saving Account for
top banks
Research Methodology
2.1 Introduction to Research
2.2 Objectives of the study
2.3 Selection of the problem
2. 2.4 Limitations of the study
2.5 Significance of the study
2.6 Data Collection
2.7 Research Universe
2.8 Sampling Method
2.9 Sample Size
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3. Review of Literature
4. Data Analysis, Interpretation and Presentation
Conclusion and Suggestion
5. 5.1 Findings
5.2 Conclusion
5.3 Suggestion
6. Bibliography and References

7. Appendix
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1.1 MEANING
A savings account is a bank account at a retail bank. Common features include a limited number of
withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be
overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were
sometimes called passbook savings account, and bank statements were not provided; however, currently
such transactions are commonly recorded electronically and accessible online.
People deposit funds in savings account for a variety of reasons, including a safe place to hold their
cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time.
Several countries require savings accounts to be protected by deposit insurance and some countries provide a
government guarantee for at least a portion of the account balance.
Having a savings account is a liquid investment, so you have the ease of using your funds any time for
transactions. A savings account also earns decent returns; IDFC FIRST Bank’s savings account, for instance,
earns up to 6.75% interest per annum.
1.1 DEFINITION
 The process of setting money aside for a future date instead of spending it.
 A savings accounts is different to a current account – when you put money into a savings account,
the intension is to leave it there until you need it for something specific i.e. holiday, car, house, wedding,
rainy day etc.
1.2 HISTORY OF SAVING ACCOUNT

In India savings based on a legislative framework of Government banks has a history of nearly 130
years. Some historians, trace the genesis of the savings movement to 1834, when the first savings bank was
established in Calcutta by the government. However, the government savings bank act was passed in 1873,
and it was in 1882 that the Post Office Bank of India came into existence. In 1886 The Government District
Savings Banks were merged with the Post Office Savings Bank (POSB). While under British Rule, the
Government of India had also set up “National Savings Central Bureau” with the objectives of promoting
thrift, containing inflationary trends in the economy caused by the Second World War, and mobilizing funds
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to finance the war. It is said, however that this drive did not gain momentum as the people were not
enthusiastic about funding an alien war effort.
After independence, in 1947, it was felt that more of an impetus has to be given to the savings
movement and the National Savings Organisation NSO (now NSI) was created in 1948. The words of the
then Prime Master Pandit Jawaharlal Nehru signify the crucial role envisaged for the national savings
movement in the context of domestic savings as a force for national development.
“I attach great importance to the movement of National Savings. It is important not only because we
want people to save and to apply these savings for our development plans, but also because it reaches a large
number of people. It is not enough merely to make appeals. There must be organization behind it also so as
to reach every village. Every person who participates in this campaign and adds to the savings not only helps
in the fulfilment of our Second Five Year Plan but also becomes in a sense a sharer in it. I wish this
campaign every success…”
Small savings were considered a priority concern of the Government. The Constitution of India,
adopted in 1949, lists the ‘Post Office Savings Bank’ in its Seventh Scheduled, Item No. 39. Utilizing the
Government Savings Certificates Act of 1959 and the Public Provident Fund Act of 1968, the Ministry of
Finance (MOF) framed numerous small savings plans under these acts.
The primary objectives of the small savings programme has been to promote the habit of thrift and
savings among citizens of the country. The emphasis, as the words “small savings” suggest, is to bring the
small depositor into the fold of the savings movement. The Post Office Savings Bank has been the main
vehicle for these plans across the length and breadth of India since its establishment 123 years ago. Post
Office Savings Banks were opened in 1882. Some of the small savings schemes i.e. Public Provident Fund
and Senior Citizen’s Savings Scheme are also operated through nationalized banks and 3 private banks i.e.
ICICI, HDFC and Axis Bank.
1.3 CHARACTERISTICS OF SAVING ACCOUNTS

1) Interest Rate:- Banks offer interest to depositors in exchange for keeping their funds with them. The
interest rate is the amount of money paid by the bank on the amount deposited by the user. The interest rate
offered by banks is determined by the amount deposited in the account and can be impacted by the Reserve
Bank of India’s (RBI) banking policies.
2) Minimum Balance Requirement:- Many banks require savings account holders to maintain a
minimum balance in their accounts. Some type of savings accounts, such as salary savings accounts or zero
balance accounts, may not have a minimum balance requirement. Failure to maintain the required minimum
balance may result in a penalty.
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3) Withdrawal Flexibility:- A savings account allows you to withdraw money at any time and from
any location. The bank sets the limits on how much money you can withdraw and how often you can make
withdrawals.
4) ATM Facility:- You can easily withdraw money from your savings account using an ATM card or
debit card at any ATM. Some banks may charge a small fee for using another bank’s ATM to withdraw
funds after a certain number of transactions. It is important to note the fees and restrictions on ATM usage
when using your savings account.
5) Debit Card:- Most savings accounts come with a debit card. Debit cards allow you to withdraw
money from ATMs and make payments online and in-person. To make a transaction, you need to enter you
credentials.
6) Passbook and Cheque Book Facility:- Most banks provide a passbook and a cheque book when
you open a savings account. The passbook records all your financial transactions and activities, while the
cheque book allows you to easily withdraw or deposit funds.
7) No Age Bar:- There is no age restriction on who can have a savings account. Different types of
savings accounts have their own eligibility requirements and benefits, suitable for people of all ages.
Children over the age of 10, senior citizens, and people with a salary can all open a savings account if they
meet the required criteria.
8) Internet Banking:- A savings account allows you to conduct banking transactions online. You can
use a bank’s mobile banking to perform various functions, such as sending and receiving money, paying
bills, investing in stocks, choosing insurance or other investment options, and ordering a cheque book. These
services can be accessed online, eliminating the need to physically visit a bank branch.
1.4 ADVANTAGES OF SAVING ACCOUNTS
1) Safety:- Money kept in a savings account at an FDIC-insured bank or an NCUSIF-insured credit
union is insured credit union is insured up to $250,000 per account owner, keeping your savings safe.
2) Growth:- Savings accounts are generally interest-bearing, meaning you will earn interest on the
money you save in the account.
3) Liquidity:- Though savings accounts provide a place to stash money that is separate from your daily
banking needs, they still let you make up to six withdrawals or transfers per statement cycle.
4) Organization:- Having savings in an account separate from your spending money makes it easier to
track savings progress, curb overspending and get a better view of your overall finances.
1.5 WHY DO YOU NEED A SAVINGS ACCOUNT?
A saving account is like a virtual locker that safeguards your money and pays a certain amount of
interest. As opposed to a Fixed Deposit (FD), you can use the money in your savings account whenever you
need. A savings account also has other uses.
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With your savings banks account, you make transactions, receive payments, pay your credit bills, and
make investments. You can also pay for utilities such as electricity bills, ration, mobile phone recharges, and
shopping. A savings account safeguards your money from theft and misplacement and reduces the stress that
comes with carrying too much cash.
1.7 WHO CAN OPEN A SAVINGS ACCOUNT?
Any Indian can open a savings account individually. Foreign nationals can also open a savings account,
although they must do it jointly with another Indian using an application from and some other KYC
documents. A Hindu Undivided Family (HUF) is also eligible to open a Savings Account.
While banks require Indian citizenship as a requirement for opening a savings bank account, certain
provisions exist for foreign nationals who stay in the country for a long term. These individuals must simply
provide the requisite KYC documents along with the application form.
A savings account can be your first step towards being financially responsible and increase your
possibilities of getting a loan. Your money would be safe with the bank, so you never have to worry about
thefts or misplacing it. All you need to do is carry a debit card instead of having to carry a lot of cash. You
can also grow your money as the bank gives you interest.
1.8 HOW TO OPEN A SAVINGS ACCOUNT?
Opening a savings account is simple. The first priority is making sure you find the best account to suit
your needs. Here are some tips for finding the right savings account:
1) Think About Your Savings Goals:- For example, you may want to build an emergency fund or save
for a vacation. Knowing your goal will help you decide which savings account is best for you.
2) Shop Around – At More Than Just Big Banks:- Online banks, credit unions and community banks
tend to offer more competitive interest rates than large retail institutions. And don’t forget to look at monthly
maintenance fees, minimum balance requirements and transaction fees.
3) Confirm The Amount Is Insured:- Check to make sure the account is insured by the FDIC if it’s a
bank or the NCUA if it’s a credit union.
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1.9 PROCEDURE TO OPEN A SAVINGS ACCOUNT
1.Choose How 2.Gather Your 3.Provide

to Apply Identification Contact Details
4.Select a 5.Accept The

6.Submit Your
Single or Joint Terms and
Application
Account Coditions
7.Fund Your
New Account
1) Choose How to Apply:- Depending on the institution, you could apply online, by phone, in person
or even by mailing an application. If you apply online, the process can take 10 to 20 minutes.
2) Gather Your Identification:- For the application, you will likely need to provide your Social
Security number (or tax ID number) and information from a government-issued ID, such as a driver’s license
or passport number.
3) Provide Contact Details:- Along with your ID number, expect to enter your contact information,
including your first and last name, phone number and address – typically, you must be based in the United
States. You may also be asked for information including your email address and date of birth.
4) Select a Single or Joint Account:- Let the institution know if you will be opening the account by
yourself or with someone else. You’ll need the information from the previous steps for anyone else whose
name will be on the account.
5) Accept The Terms and Conditions:- This is where the bank asks you to confirm that you read
disclosure documentation describing fees, liabilities and how account interest is calculated. Ideally, you have
selected an account that earns high rates and has no or low monthly service charges. This is your chance to
double check.
6) Submit Your Application:- You may get an acknowledgement within minutes when you apply
online, but it can take between two and five business days for the bank to verify your information, open the
account and give you access.
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7) Fund Your New Account:- Many banks require a minimum initial deposit, often from $25 to $100,
but others have no minimum deposit requirement. Even if you don’t have to fund your account when you
first open it, you’re better off depositing money sooner rather than later. That way, you’ll be able to start
earning interest sooner.
1.10 HOW TO APLLY FOR SAVINGS ACCOUNT
With digitalization, banks have made it very easy for applicants to open a savings account online or
by visiting the bank branch at their convenience. One can opt for opening digital savings account online
or visit the bank to open special savings account such as a senior citizen’s account, minor savings
account, women’s savings account, etc.
1.10.1 Steps to Apply for Savings Account Online
1. Visit the bank’s website or download the mobile app
2. Select the type of account you want to open
3. Provide basic details such as name, date of birth, address, PAN, Aadhar number, etc.
4. Verify your KYC by providing documents or video KYC
5. After successful verification, your savings account will be fully operational
1.10.2 Steps to Apply for Savings Account Offline
2. Visit the bank’s branch
3. Fill the savings account opening form
4. Attach self-attested copies of your proof of address and identify
5. Deposit the required amount as per the account type
6. Your account will be opened and shall be fully functional after successful verification
1.11 ELIGIBILITY AND DOCUMENTATION TO OPEN A SAVINGS
ACCOUNT
In order to open savings account, applications have to fulfil certain requirements such as:
 The applicant should be a resident individual
 Foreigners residing in India can also open certain savings accounts
 Regular savings accounts need the applicant to be at least 18 years old whereas applicants below 18
years of age can open minor/kids savings accounts.
 A PAN card is mandatory to open a savings account
 Linking a savings account with an Aadhaar card makes the account eligible to receive government
subsidy benefits
 Photograph or live video may be required based on the type of account opened
 A number of other documents such as driving license, voter ID, ration card, etc. can be provided as
proof of identify and residence
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1.12 ARE ONLINE SAVINGS ACCOUNTS SAFE?
Online savings accounts are just as safe as savings accounts at traditional institutions. As long as the
institution offering a savings account is insured, your deposits are safe. Look for banks-both traditional
bricks-and-mortar banks and online banks – that are insured by the FDIC and credit unions insured by the
NCUA. Both insure savings accounts up to $250,000 per depositor, per insured bank or credit union and per
ownership category.
The biggest benefit of an online bank is that they typically can offer higher yields with minimal fees
because their overhead costs are much lower than brick-and mortar banks.
1.13 TYPES OF SAVINGS ACCOUNT
1.Regular Savings 2.Joint Accounts 3.Zero Balance 4.High Yield Savings

account Savings Accounts Accounts
5.Company Savings
8.Senior Citizen 7.Women's Savings 6.Student's Savings
Accounts/Salary
Savings Accounts Accounts Accounts
Accounts
10.Health Savings 11.Minor's Savings

9.NRI Accounts 12.3 in-1 Accounts
Accounts Accounts
14.Digital Savings 13.Privilege

Accounts Accounts
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1) Regular Savings Accounts:- Regular savings accounts are designed for people wanting to save money
every month to build up a savings pot. Because of this you can’t deposit a large lump sum. Instead you add
a small amount each month – usually between £10 and £300, but you may see some variations on this.
In return for monthly savings, regular savings accounts offer an inviting higher interest rate than
standard savings accounts,that is fixed for at least the first 12 months.
Most regular savings accounts are linked to current accounts, meaning you can only open one if you
already have or open a bank account with that bank or building society. Some accounts, however are open
to all and you can usually online.
The attractive rates on regular savers means banks will usually only allow customers to open one
regular saver account at a time. However, when one regular saver comes to an end you can usually start a
new one.
There’s nothing to stop you opening regular savers with different providers, if you can afford to save
more; however, it may mean you need to open more current accounts to get the best rates.
Some banks will let you skip one or two deposits a year, but most will penalise you with a reduced
interest rate if you miss your monthly payment. You may also have to save the same amount into your
account each month. Regular savings accounts usually have a limit on how much you can pay in each
month. Go over the limit and you may have interest docked from your account.
Most regular savings accounts don’t allow withdrawals. Access your money early and either your
interest rate will drop or some of your internet will be docked. Some accounts do allow one or two
withdrawals. Regular savings accounts typically last for 12 months. After that your bank will move your
money into a low-interest account.
If you want to build a savings post or are saving towards a short-term goal such as a holiday, a regular
savings account can really help. The framework of a regular savings account will also help you develop a
strong savings habit.
However, if you don’t think you’ll be able to save every month, you think you might want to access
your cash before the 12 months is up, or how much you can afford to save will fluctuated each month, an
instant access savings account will offer more flexibility.
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2) Joint Accounts:- A joint savings account is a bank account that has been operated by two or more
individuals or entities. Joint accounts are commonly opened by close relatives or by business partners in an
unincorporated business, but it can be used in other circumstances.
Ordinarily, anyone can deposit funds into a joint account, but when opening an account the joint
account holders may indicate to the financial institution whether a single account holder may make
withdrawals or whether the consent of other account holders is required.
A joint account is not the same as adding an authorised signatory or additional cardholder to an
account, that is, a person who is authorised by the account holder to effect transactions on the account.
Under this arrangement the primary account holder remains fully and solely liable for all transactions on
the account. Accounts by corporate entities are not, in themselves, joint accounts.
Normally, any person can deposit funds into a joint account, but withdrawals from the account must be
made according to the instructions given when opening the account.
The joint account holders may authorise particular named individuals to operate on the account. These
individuals must be natural persons, and cannot be described by title and any change of signatories must
be promptly advised to the financial institutions.
Any joint account holder can normally instruct the financial institution to put a freeze on the account,
though all account holders would normally be required to act jointly to unfreeze the account.
When opening a joint bank account, the account holders need instruct the financial institution how and
by whom the account is to be operated. They would decide the signatories on the account. For example,
withdrawals may require any account holder to sign a withdrawal or all parties to sign the withdrawal or
“any two account holders” to sign, or a particular account holder with any other account holder, or some
other instructions.
Many jurisdictions allow unincorporated business (such as partnerships) to open a joint bank account
under its business names, as distinct from the account being described by the full or partial names of the
joint account holders. Proof of registration of the business name may be required.
Normally, a credit card account cannot be opened jointly. In the case of joint loan accounts, the
account holders are jointly and severally liable for the outstanding debit balance of the account.
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3) Zero Balance Savings Accounts:- A zero-balance account is a savings account where the account holder
is free to operate the account without strings of maintaining a minimum balance.
This type of savings account is offered by banks to specific category of customers such as salary
account holders and on basis of Pradhan Mantri Jan Dhan Yojana (PMJDY) – a scheme from
Government of India with a mission of financial inclusion. Do inquire with the nearst banking branch to
ascertain your qualifiacation.
No condition of maintaining a minimum monthly average balance or quarterly average balance. Free
ATM/Debit card that can be used to transact worldwide. Free cheque book per year. A nominal fee is
levied in case you request for another cheque book. Complimentary passnbook is issued as part of the
welcome kit, at the time of opening the account. Access to internet banking and online transactions and
standard charges for payment transfers. Specific number of free transactions every month, subsequent
transactions are biled a nominal fee. Special privileges and offers for salary account holders based on the
category of company/institution.
Online zero balance accounts are savings account that individuals can open instantly online by
downloading the bank’s mobile banking app, video KYC or through the bank’s website. Individuals will
need PAN and Aadhaar card to open these accounts. In this process, banks verify the account by the OTP
that is sent to the customer’s registered mobile number in the Aadhaar database. The account opening
process is online and customers get the account number and other bank details instantly on their email id
and phone number. However, the account is valid for 12 months and customers need to complete the full
KYC process by visiting the nearest bank branch or booking an appointment online.
Some banks waive off the maintenance charge on the minimum average balance under certain
conditions such as booking a fixed deposit, recurring deposits, or by opting for a particular debit card.
Customers can open these accounts online.
RBL Bank’s digital account, ICICI Bank’s Insta Save FD Account, and Induslnd Online Savings
account are some accounts where banks have waived off the maintenance charges.
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4) High Yield Savings Accounts:- A high-yield savings account is a type of savings account that typically
pays 20 to 25 times the national average of a standard savings account. Traditionally, people have held a
savings account at the same bank where they hold their checking account, making transfers between the
two easy and quick. But with the advent of internet-only banks, as well as traditional banks that have
opened their doors to customers across the country using online account opening, the competition on
savings rates has skyrocketed, creating a new category of “high-yield savings accounts.”
If you’re lucky enough to have a competitive high-yield savings account available at your current
bank, opening the new account will be a breeze. It will likely be possible through your online banking
portal with little need to enter personal information since you will already be verified with the institution.
If you’re opening a savings account at an institution that is new to you, the process will be more
involved, though none of it will prove overly complicated. Almost all high-yield savings accounts can be
opened online, so you’ll want to set aside 15 minutes or so when you can fill in the electronic application
on your computer. You’ll also want to have your driver’s license, social security number, and primary
bank account information at hand to facilitate the application process.
Online banks are offering the highest rates. Still, you may be able to open a high-yield savings account
where you already bank.
A high-yield savings account should, of course, make up only a part of your overall financial portfolio.
Consider how you’ll best use the account to complement your other savings and investment strategies and
from there determine how much cash you think is prudent to keep liquid for your particular situation.
For instance, is the savings account meant to serve as an emergency fund? In that case, financial
experts typically recommend having three to six months’ worth of living expenses on hand.
Still others will open a high-yield savings account not for a specific purpose but simply to house
surplus cash that they sweep out of their checking account. Since checking interest rates are generally
minuscule or zero, moving extra funds into savings when you don’t need them to cover day-to-day
transactions can provide a monthly interest payment you wouldn’t otherwise earn.
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5) Company Savings Accounts/Salary Accounts:- Salary accounts are a type of special bank account
available to employees. It is convenient for the company to pay the employee a monthly income, and a
salary accounts simplifies employers while providing unique services and workplace perks to the
workforce. Furthermore, employees will easily access modern mobile banking and internet banking
services.
Hence it might not be wrong to say that a salary bank account is one of the first benefits recruited
company employees usually receive from their contractors. Employees must complete a request form,
which is then forwarded to the bank by the employer for the salary account to be opened. The employer
deposits the employee’s monthly salary into this bank account.
To create an account for employee salary payments, an institution must enter a deal with a bank.
Employers pay a lump sum to transfer employees’ salaries into their respective accounts each month. If
employees do not already have an account with the bank they operate, the boss will assist them in opening
one. As a result, anyone can open a salary account. However, the relationship between the company and
the bank is one of the requirements for opening salary accounts.
A salary account is usually a zero-balance account. It implies that you can open a salary account
without any minimum balance, and account holders don’t need to bother about maintaining their account
balance beyond a specific limit or damages. In addition, the zero-balance nature of a salary account offers
salaried employees more flexibility concerning how they handle their money.
Employees also get an ATM card facility which they can employ for money withdrawals at ATMs and
offline/online debit card payments. In addition, account holders also get personalized chequebooks for
lump-sums payments.
Account-holders can also effortlessly receive or send money globally with a salary account. It reduces
the demand for cash withdrawals or cheque deposits to make the fund transfer. In addition, some banks
and financial institutions also offer mobile and net banking services that allow account holders to handle
transactions from the convenience of their homes.
The account holders can readily invest their funds in government bonds, mutual funds, life insurance
products, and more through salary accounts. In addition, a Demat account can also connect to the salary
invoice for trading and stock investments.
Banks and financial institutions also present quick access to a wide spectrum of loans to salary account
holders. So whether you are looking for a car loan, personal loan, or home loan, maintaining the salary
account in the same bank or financial institution will make the documentation procedure more effortless
and faster. In addition, even the interest rate is usually more competitive for existing account holders.
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6) Student’s Savings Accounts:- A student savings account is a bank account designed specifically for teens
and college students. Student savings accounts often come with more flexible terms such as low minimum
balance requirements and some fees may be limited or waived.
A student savings account is designed to help teens and college students start saving money. Students
can begin earning interest on the money they save, and they can add their parents to be account.
These accounts usually come with limited fees but still have many of the same features as regular
savings accounts. College students may be able to set up a direct deposit for their student loans if there’s
money left over after their tuition and fees are paid for.
Opening a student savings account works a lot like establishing any other bank account: You either
visit the bank in person or apply for an account online. Make sure you have the necessary paperwork
before you get started-for instance, you’ll need at least two forms of ID. You could use your driver’s
license and social security card to verify your identity.
Most accounts will require you to deposit a minimum amount of money to open the account. This
minimum deposit could be anywhere from $25 to $100. This is one difference between a savings account
specifically designed for college students and a regular account: Some banks require much larger
minimum deposits to open a standard savings account.
From there, you’ll have to fill out the necessary paperwork to open the account. At the very least, the
bank will ask for your name, and social security or ID number. Once you fund the account with the
minimum deposit, your savings account will be active.
Make sure to find out if the bank charges any fees you need to know about. And you should find out if
there are any fee-free ATMs near your work or school.
Opening a savings account helps students learn how to save and manage their money. Many banks will
offer additional services for teens and college students, like help with budgeting or setting financial goals.
When teens and college students understand how to set financial goals, budget, and save for the things
they want, they gain the skills necessary to be financially independent adults.
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7) Women’s Savings Accounts:- There have been several schemes launched in our country to empower
women to become self-reliant and independent. You may have noticed that there are special convenience
offered to women such as separate seating arrangements in public transport, special coaches in trains,
reservation in jobs, exclusive scholarships, interest rate concession in education loan schemes and special
insurance schemes, etc.
When it comes to financial schemes undoubtedly, women are given certain advantages over men.
Moreover, it has become important and crucial that women are empowered to be financially independent
for sustenance. Realising the importance of women empowerment, most of the banks provide an
exclusive savings account to help them manage their own finance.
Loans and schemes specially tailored for women-owned enterprises. If you have not opened a savings
account for the women in your house, perhaps this reason can motivate you to open one for them. Higher
interest rate is the most common feature across the banks, savings account for women earn slightly higher
interest rate than a regular savings account. Each bank provides locker facility, wherein you can keep
your valuable safely. This service is offered to their customers for a certain amount of fee. Women
savings account holders get a special discount on locker rentals.
Women savings account holder is covered by insurance schemes such as accidental death, loss of
baggage, health and life insurance schemes. The coverage can be up to Rs,10 lakhs which depends from
the bank to bank. To claim the insurance scheme, the account holder must have done minimum
transactions or used the debit cards at least for once or at a point of sale machines.
Women savings account holders get exclusive debit cards that come with benefits such as reward
points and cashback. For using the debit card for shopping, the cardholder gets certain reward pints which
can be accumulated to redeem against various gift items from partnered outlets or at online shopping.
Each savings account will have to be maintained with a minimum average monthly balance. It could
be higher and even go up to Rs.10,000 for individuals living in metros. But women savings account
holders get lower or no average monthly balance on their account. Also, a minimum amount should be
deposited while opening the account, which could vary from bank to bank. Some banks offer zero balance
facility to children of this type of account holder.
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8) Senior Citizen Savings Accounts:- A Senior Citizen’s Saving Scheme (SCSS) is a government-backed
retirement benefits programme. Senior citizens resident in India can invest a lump sum in the scheme,
individually or jointly, and get access to regular income along with tax benefits. It is a post office savings
scheme. Senior citizens can open an SCSS account to get the benefits of the SCSS. They can open an
account in a Post Office branch or an authorized bank.
SCSS is a government-backed scheme. Hence, the invested amount is secure and there is guarantee of
returns upon its maturity. Individuals who open an SCSS account get an interest on the principal
deposited amount at the rate fixed by the government. They will receive a quarterly interest against their
deposited amount. Interest payment will be credited to an individual’s account on the first date of April,
July, October and January.
An individual can deposit the money in cash when the amount is below Rs.1 lakh. When the deposit
amount is above Rs.1 lakh, an individual should make the payment in cheque. The maturity period of
SCSS is 5 years. However, individuals can extend the maturity period for 3 more years by submitting an
application. The application for extension of maturity should be given in the 4th year.
Individuals can open more than one SCSS account. They may open another account either by
themselves or a joint account with their spouse. The minimum deposit is Rs.1,000 and the maximum is
Rs.30 lakh. The deposits can be made in the multiples of Rs.1,000.
An SCSS account can be transferred from a post office to a bank and vice-versa. Individuals can
withdraw the amount after one year of opening the account. There is no charge for premature closure of
the account within one year of opening it. However, a 1.5% charge will be deducted from the principal
amount if the account is closed after one year but within two years of opening it. A 1% charge will be
deducted from the principal amount if the account is closed after two years but within five years to
opening it.
The current interest rate applicable to SCSS is 8.2% p.a. This interest rate is applicable from 1st April
2023 until 30th June 2023. The interest will be paid on a quarterly basis.
You can open an SCSS account either at an authorised bank branch or at a post office branch. If the
bank allows, you can open the SCSS account online on the bank’s internet banking portal or mobile
banking app. There is no option to open the SCSS account online with the post office.
You can also download the SCSS application form from the India Post website. You need to fill the
form and submit it with the authorised post office along with the required documents and pay the deposit
to open the account.
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9) NRI Accounts:- An NRI Account refers to the accounts opened by an NRI or a Person of Indian
Origin(PIO) or Overseas Citizen of India(OCI), with a bank or FI authorized by the Reserve Bank of India,
to provide various banking services to NRIs. The full form of an NRI Account is a Non-Resident Indian
Account opened with banks or other financial institutions.
These NRI accounts can be opened by individuals who have been residing out of the geographical
territories of India for at least 120 days in a year and spent less than 365 days in India in four previous
years. It is because such individuals’ residential status would then change to an NRI, as per the Income
Tax Act 1961. However, if an individual leaves India with the purpose of employment in a different
nation, he/she shall be declared NRI immediately.
As per another condition, the individual must stay for less than 4 years out of 10 previous years in
India to classify as a non-resident Indian. This was a tweak introduced in the Union Budget 2020,
whereby the earlier classification considered 2 years instead of 4 and 182 days instead of 120 for the
purpose.
NRIs can open these accounts with their earnings either originating from within India or from their
country of residence, depending on the type of NRI account.
These are as follows:-
(a) Non-Resident Ordinary Savings Accounts (NRO):- NRO accounts are non-resident accounts
opened in India. NRIs open these accounts to manage the money they earn in India. Money can be
deposited in this account in Rupee or foreign currency. However, if the money is transferred in
foreign currency, it is subject to the exchange rate at the time of deposit. This means that if the
money is deposited in INR itself, there is no currency rate fluctuation risk. The interest earned on
an NRO account is subject to taxation in India.
(b) Non-Resident External Savings Accounts (NRE):- NRE accounts are non-resident accounts that
can be opened from outside India. NRIs usually use these accounts to repatriate money to their
families in India or store their foreign earnings to invest in the country. The deposits in these
accounts are usually in foreign currency. As a result, they are subject to risks based on currency
rate fluctuations. The interest earned on an NRE account is not taxable in India.
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10) Health Savings Accounts:- A health savings account (HSA) is tax-advantaged medical savings account
available to taxpayers in the United States who are enrolled in a high-deductible health plan(HDHP). The
funds contributed to an account are not subject to federal income tax at the time of deposit. Unlike a
flexible spending account(FSA), HAS funds roll over and accumulate year to year if they are not spent.
HSAs are owed by the individual, which differentiates them from company-owned Health
Reimbursement Arrangements (HRA) that are an alternate tax-deductible source of funds paired with
either high-deductible health plans or standard health plans.
HSA funds may be used to pay for qualified medical expenses at any time without federal tax liability
or penalty. Beginning in early 2011 over-the-counter medications could not be paid with an HSA without
a doctor’s prescription, although that requirement was lifted as of January 1, 2020. Withdrawals for non-
medical expenses are treated very similarly to those in an individual retirement account(IRA) in that they
may provide tax advantages if taken after retirement age, and they incur penalties if taken earlier. The
accounts are a component of consumer-driven health care.
Proponents of HSAs believe that they are an important reform that will help reduce the growth of
health care costs and increase the efficiency of the health care system. According to proponents, HSAs
encourage saving for future health care expenses, allow the patient to receive needed care without a
gatekeeper to determine what benefits are allowed, and make consumers more responsible for their own
health care choices through the required high-deductible health plan. Opponents observe that the structure
of HSAs complicates the decision of whether to obtain medical treatment, by setting it against tax liability
and retirement-saving goals. There is also debate about consumer satisfaction with these plans.
Deposits to a health savings accounts may be made by any policyholder of an HAS-eligible high-
deductible health plan, by the employer, or any other person. If an employer makes deposits to such a
plan on behalf of its employees, all employees must be treated equally, which is known as the non-
discrimination rules. If contributions are made by a Section 125 plan, non-discrimination rules do not
apply. Employers may treat full-time and part-time employees differently, and employers may treat
individual and family participants differently; the treatment of employees who are not enrolled in a HSA-
eligible high deductible plan is not considered for non-discrimination purposes. As of 2007, employers
may contribute more for non-highly compensated employees than highly compensated employees.
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11) Minor’s Savings Accounts:- Having a Savings Bank Account is one of the primary things that people
choose to save their hard-earned money. That’s why over 80% of our population has a Savings Bank
Account. A lot of parents like to save for themselves and also for their children with these accounts. But
what if an individual wants to make his or her child learn the importance of money management skills in
the early years? Well, for such purposes, you can open a Savings Account for minors who are below 18
years of age. Several banks offer Savings Account, especially for minors.
Your child can earn the interest on money in his or her account alongside keeping the money safe. A
savings account for minors will ensure that you don’t have to wait until your child reaches the age of
maturity (18 years of age) to open a savings account. This account is specifically made for minors and
also offers a wide range of benefits like Debit Card, Cheque Book. A child can understand the basic
functioning of a savings bank account at an early age which will benefit in the future.
Before knowing about the top savings account for Minors in India, it is important to have a brief
knowledge of them. Banks usually offer two kinds of Minor Savings Accounts-One for children below 10
years of age and Another for children between 10 to 18 years of age. The account for below 10 years of
age can only be operated jointly with a parent or guardian whereas the latter can be operated individually
by the child itself.
However, there is one thing that you need to remember that a minor savings account becomes
operative as soon as the child becomes an adult i.e. 18 years old. After completing the simple paperwork,
the account will be converted into a regular savings account and parents can no longer operate the
account. Several top banks offer exclusive Savings Account for Minors, such as State Bank of India
(SBI), HDFC Bank, ICICI Bank, Kotak Bank, Union Bank of India, IDFC First Bank, etc.
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12) 3 in-1 Accounts:- A 3-in-1 account is a combination of bank account, trading account and Demat
account. It allows you to hold securities (Demat Account), purchase and sell them(Trading Account) and
keep your money safe(Savings Account). In a 3-in-1 account, the Demat account must be linked to one of
the two central depositories, CDSL (Central Securities Depositories Ltd) or NSDL(National Securities
Depositories Ltd). Brokerage firms that are also part of a banking group provide three-in-one Demat
accounts.
A 3-in-1 trading account is quite convenient and easy to use. It enables investors to perform every
necessary financial action through a single account. It also lets them access multiple accounts and track
all their transactions from one place. The market regulator, SEBI (Security Exchange Board of India), has
introduced regulations regarding 3-in-1 Demat accounts to ensure the safety of investors’ assests.
Moreover, the National Securities Depository Limited (NSDL) or the Central Depository Services
Limited (CDSL) are responsible for governing these accounts. This guarantees the security and safety of
all your investments and trades on 3-in-1 accounts. With the help of auto-generated reports, real-time
statements and portfolio balance, you will also be able to remain updated about your investments.
3-in-1 Demat accounts enable you to invest in various financial assets. Besides being able to store
stocks, bonds, government securities, mutual funds and ETFs (Exchange Traded Funds), you can consider
investing in commodities and currencies. Moreover, you can access normal banking services, purchase or
pay for insurance, file taxes or invest in NPS. When you have single Demat account or a 2-in-1 account,
you need to transfer the required amount from our account to your trading account for investment-related
transactions. You might be required to pay fees to the bank or broker for carrying out the transfer. With 3-
in-1 accounts, many of these transfer charges are discounted or waived. Furthermore, the waiting time is
greatly reduced as you have only one client. The entire procedure can be completed via quick and easy
steps.
You can access the 3-in-1 account on multiple devices, including desktops and laptops. Some
brokerage service providers even offer customer support services via call. This makes it easier to carry
out your financial activities from anywhere and at any time at your convenience.
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13) Privilege Accounts:- A privileged account is considered to be any account that provides access and
privileges beyond those of non-privileged accounts. A privileged user is any user currently leveraging
privileged access, such as through a privileged account. Because of their elevated capabilities and access,
privileged users/privileged accounts pose considerably larger risks than non-privileged accounts/non-
privileged users.
An account means of communication for establishing a connection between a user and an
organisational resource, likely a computer or a network server. The accounts are responsible for the
authentication of user and determining whether user has the permission to access the resource. An
account generally requires a username, password and any information related to the user for
authentication process.
A privileged account refers to an account that has been entitled with administrative or specialized
access across one or many systems on an enterprise network depending on the permission levels entitled
to the user. A privileged account can be a named account or a generic account such as an administrator, a
root account, router ‘en’ account or a database ownership account such as ‘sa’ and is needed by IT users
for managing the functioning of a platform in an organisation. They are responsible to carry out daily
tasks as well as activities in a Break-Glass scenario.
The most important privileged accounts in your environment are admin accounts with unrestricted
access to virtually any and every asset. These are typically domain administrator accounts and are the
highest value to a treat actor. Organizations should strive to minimize the number of domain
administrator accounts, who has access to them, and place all of them under privileged access
management.
This represents a broad category that includes accounts with a range of different entitlements.
Privileged user account access can broad or granular and can also change over time. These accounts may
also provide vendor access.
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14) Digital Savings Accounts:- A digital savings account or online savings account is a type of savings
account and differs from a regular savings account. An online savings account is a new generation
savings account. You can instantly from your smartphone or computer.
With a digital savings account, you can forget about visiting the bank branch or filing up paper forms.
Customers can open digital savings accounts online by opening the bank’s site or by downloading the
mobile banking app. All you need to do is fill in your personal details and carry out the Aadhaar OTP
verification. You can open the digital bank account within minutes and start transacting instantly.
Digital savings account holders get a free virtual debit card after the account is opened. Individuals can
access their virtual debit from the mobile banking app. It is an online version of a normal physical debit
card. You can use the virtual debit card to shop online and pay your utility bills.
Virtual debit cards are safer than physical debit card as there is no risk of someone stealing your debit
card. You can also opt for a physical debit card that will allow you to withdraw cash and swipe your card
at PoS. physical debit cards are not the default options for most digital bank accounts. Customers have to
request the physical through their mobile banking app, net banking or by calling customer care.
Customers who don’t have any existing relationship with the bank can open digital savings accounts. It
means individuals who hold a savings account or have taken a loan in the past, may not be able to open
online savings account. On the other hand, there are no such restrictions on a regular savings account.
Individuals above 18 years of age living in India can open an online savings account. Minors and NRIs
can’t open these accounts. Customers have to visit their nearest bank branch to open students/kids savings
accounts or NRI account.
Individuals opening digital accounts should complete the full KYC process within 12 months after
account opening. Failing to do so can lead to account freeze. Account holders can simply complete the
KYC process by booking an appointment or visiting the nearest bank branch. The biometric
authentication process makes it possible to complete the KYC process within seconds.
After the full KYC process, people can transact and spend with no restrictions. In a limited KYC
account where the full KYC process is not completed, individuals can’t have more than Rs.1 lakh at any
point. Also, banks cap the total transactions including spends and deposits at Rs.2 lakh.
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1.14 SAVINGS ACCOUNTS WORK
Savings and other deposit accounts are important sources of funds that financial institutions use for
loans. For the reason, you can find savings accounts at virtually every bank or credit union, whether they are
traditional brick-and-mortar institutions or operate exclusively online. In addition, you can find savings
accounts at some investment and brokerage firms.
Savings account interest rates vary. With the expectation of promotions promising a fixed rate until a
certain date, banks and credit unions might change their rates at any time. Typically, the more competitive
the rate, the more likely it is to fluctuate.
Changes in the federal funds rate can trigger institutions to adjust their deposit rates. Some institutions
offer high-yield0savings accounts, which may be worth investigating.
Some savings accounts require a minimum balance in order to avoid monthly fees or earn the highest
published rate, while others have no balance requirement. Know the rules of your particular account to
ensure you avoid diluting your earnings with fees.
Money can be transferred in or out of your savings account online, at a branch or ATM, by electronic
transfer, or direct deposit. Transfers can usually be arranged by phone, as well.
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Some banks limit withdrawals to six per month after the Federal Reserve set that limit only to
withdraw it in April 2020. Exceed six withdrawals, and a bank might impose a fee, close your account, or
convert it to a checking account. The amount that can be withdrawn is limited only to how much is in the
account.
Just as with the interest earned on a money market, certificates of deposit, or checking account, the
interest earned on savings accounts is taxable income. The financial institution where you hold your account
will send a 1099-INT form at tax time whenever you earn more than $10 in interest income. The tax you’ll
pay will depend on your marginal tax.
1.15 HOW TO MAXIMIZE EARNINS FROM A SAVINGS ACCOUNT?

Although most major banks offer low interest rates on their savings accounts, many banks and credit
unions provide much higher returns. In particular, online banks offer some of the highest savings account
rates. Because they don’t have physical branches-or have very few-they spend less on overhead and can
often higher, more competitive rates as a result.
They key is to shop around starting with the bank where you hold your checking account. Even if that
institution doesn’t offer a competitive savings account rate, it will give you a frame of reference for how
much more you can earn by moving your savings elsewhere.
As you shop for the best rates, however, beware of account features that can curtail your earnings, or
even drain them. Some promotional savings accounts will only after the attractive rate they’re advertising for
a short period of time. Other will tap cap the balance that can earn the promotional rate, with dollar amounts
above that maximum earning a paltry rate. Even worse is a savings account with fees that cut into the
interest you earn each month.
1.16 HOW MUCH TO KEEP IN YOUR SAVINGS ACCOUNT?
The amount you keep in your savings account will depend on your goals for the funds, or your use of
the account. If you’ve set up the savings account to sweep excess funds from your checking account, your
balance is likely to vary regularly. In contrast, if you are building up to a savings goal, your balance will
likely start low and increase steadily over time.
If you’ve instead established your savings account as an emergency fund, financial advisors typically
recommend holding enough savings to cover at least three to six moths’ living expenses, giving you a
financial cushion in case you lose your job, face a medical issue, or encounter another money-draining
emergency fund in a simple savings account, while moving the rest of it to an account or instrument that
earns a higher return.
In any case, note that deposits at banks are covered by FDIC insurance and at credit unions, by NCUA
insurance. Both of these protect each individual account holder at the institution fail. For most consumers,
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this more than covers what they have on deposit. But if you are holding more than $20,000 in deposit
accounts, you’ll want to split your balance across more than one account holder or institution.
1.17 TOP SAVINGS ACCOUNT PROVIDERS
In India, banks are allowed to provide savings accounts to accountholders as per RBI’s mandate. Let
us find out about various top banking institutions that offer savings accounts to customers.
Public Sector Banks
These are nationalised banking institutions and cater to more than 50% of the market. The government
has a majority stake in these banks. The main objective of these banks to social welfare and thus offer
public-friendly services and products.
Private Sector Banks
Banks where a majority stake is held by private shareholders such as institutions. Individuals, groups
of persons, etc. are known as private sector banks. All regulations set forth by RBI are binding upon all
private sector banks as well.
Small Finance Banks
These banks provide basic banking services such as deposits and lending under the small finance bank
license. These banks cover those sections of the society that are not covered by the big public sector or
private sector banks and help in the financial inclusion of a large section of the society.
Payments Banks
These banks are conceptualised by the RBI to accept restricted deposits up to Rs. 2 lakh per customers.
These banks are not allowed to issue credit or loans. People can open savings or current accounts in these
banks.
Regional Rural Banks
These are government-owned scheduled commercial banks that operate on a regional level in various
states of India. These banks are meant to serve rural areas with basic banking services.
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1.18 SAVINGS ACCOUNT INTEREST RATES 2023
Banks decide the interest rates offered on savings accounts and update them from time to time.
Generally small finance banks provide the highest interest on savings accounts. Below listed are the
savings account interest rates from top banks in various categories:
 Top Savings Accounts by Public Sector Banks:
Top Savings Accounts by Public Sector Banks

Bank Name Highest Interest Rate Amount Requirements
Bank of India 2.90% Above Rs.1,00,000
Bank of Baroda 3.35% Rs.1,000 crores and above
Central Bank of India 2.90% Up to Rs.10,00,000
For Outstanding balance of

Canara Bank 3.55%
Rs.1,000 crore and above
Indian Bank 2.90% Rs.200 crore and above
Punjab National Bank 2.75% Rs.10 lakh and above
 Top Savings Accounts by Public Sector Banks:
Top Savings Accounts by Public Sector Banks
Bank of India 2.90% Above Rs.1,00,000
Bank of Baroda 3.35% Rs.1,000 crores and above
Central Bank of India 2.90% Up to Rs.10,00,000
For outstanding balance of

Canara Bank 3.55%
Rs.1,000 crore and above
Indian Bank 2.90% Rs.200 crore and above
Punjab National Bank 2.75% Rs.10 lakh and above
State Bank of India 2.70% Above Rs.1,00,000
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 Top Savings Accounts by Small Finance Banks:
Top Savings Accounts by Small Finance Banks

Balance from Rs.25 lakhs to

AU SFB 7.00%
less than Rs.1 crore
Above Rs.5 lakhs and up to

Equitas SFB 7.00%
Rs.2 crore
ESAF SFB 6.50% Above Rs.10 lakh
More than Rs.10 crore and

Jana SFB 7.50%
up to Rs.50 crore
Above Rs.50 lakh up to and

Suryoday SFB 7.00%
including Rs.2 crore
Above Rs.5 lakh up to Rs.1

Ujjivan SFB 7.00%
crore
Incremental Balance above

Utkarsh SFB 7.00%
Rs.25 lakh
 Top Savings Accounts by Payments Banks:
Top Savings Accounts by Payments Banks
Balance of Rs.1 lakh to

Airtel Payments Bank 6.00%
Rs.2 lakh
FINO Payments Bank 2.75% Balance up to Rs.2 lakh
Balance above Rs.1 lakh

India Post Payments Bank 2.25%
and up to Rs.2 lakh
NSDL Payments Bank Up to 5% On account balance
Paytm Payments Bank 2.5% On account balance
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1.19 Cash Withdrawal Limit And Cash Transaction Limit For SAVINGS ACCOUNTS
Mentioned below are the Cash Withdrawal Limits and Cash Transaction Limit of some well-known
banks in India:
Bank Name Cash Withdrawal Limit Cash Transaction Limit
RBL Bank Rs.50,000 to Rs.1.5 lakh Rs.10,000 to Rs.3 lakh
Yes Bank Rs.25,000 to Rs.1 lakh Rs.1 lakh to Rs.3 lakh
Kotak Mahindra Bank Rs.40,000 to Rs.2.5 lakh Rs.50,000 to Rs.4.5 lakh
Lakshmi Vilas Bank Rs.10,000 to Rs.1 lakh -
Induslnd Bank Rs. 50,000 to Rs.5 lakh Rs.50,000 to Rs.10 lakh
Bandhan Bank - -
HDFC Bank Rs.25,000 to Rs.1 lakh Rs.2.75 lakh to Rs.3.5 lakh
Axis Bank Rs.40,000 to Rs.3 lakh Rs.1 lakh to Rs.6 lakh
1.20 SAVINGS ACCOUNT WITH THE POST OFFICE

 A Post Office Saving Account is an account which can be opened at a post office.
 While a bank may not have branches in every city, post offices are generally present even in the most
remote of cities located in regions that are usually not easy to access.
 A Post Savings Account can be opened by an adult individual who is of Indian nationality.
 Minors above the age of 10 years can also open this account, or have a guardian open such an account
on their behalf.
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1.21 TOP BANKS IN INDIA FOR SAVINGS ACCOUNT
1) RBL Bank
RBL bank is considered among India’s most rapidly emerging scheduled commercial banks. It
provides the customers with a range of personalised savings
accounts, and the interest amount is paid half-yearly. Some RBL
Savings Accounts are Prime Savings Account, RBL Women’s
First Savings Account, RBL Seniors First Savings Account,
Digital Savings Account, Advantage Savings Account, Executive
Salary Account, and Prime Edge Savings Account.
Monthly Average Balance - While a few of these accounts do
not need any monthly average balance, those that do need it to
start from as minimum as INR 500 (Rural), INR 1000 (Semi-
Urban), and INR 2500 (Urban).
Account Opening Process –
 First, fill out the Savings Account eligibility form online and submit it with proper information.
 After being given the eligibility status, throughtfully apply for one of the various savings account
options presented by the interface.
 Once the instant e-approval is done via the portal, the Savings Account department gets in touch
immediately.
Channel of Access – Both Online and Offline
Reliability – RBL bank accounts have been consistently reliable regarding special services like
virtual debit cards. To ensure data privacy, they do have robust security techniques.
Rates of Interest (P.A) – RBL bank offers India’s highest savings account interest rates from 4.25%
p.a. to 6.50% p.a.
Additional Facilities –
 Some additional banking products by RBL include; personal loans, credit cards, IFSC codes, fixed
deposit rates, etc.
 RBL bank clients enjoy good insurance coverage and locker discounts.
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2) State Bank of India (SBI)
State Bank of India (SBI) customers can choose from various savings accounts. The advantages and
the other features of each sort of savings account differ from
each other. SBI facilitates you with different Savings Accounts
like Savings Plus Account, Resident Foreign Currency Domestic
Account, Savings Bank Account, Basic Savings Bank Deposit
Account, Savings Account for Minors, Basic Savings Bank
Deposit Small Account, and Motor Accidents Claim Account
(MACT).
Monthly Average Balance – As of 11th March 2020, SBI has fully removed the need to have a
monthly average balance to maintain savings bank accounts with them for all above-listed accounts.
 First, visit the official website of SBI and look for “Deposit Schemes” in the personal banking
section.
 You will get the savings bank account options there.
 Then choose “apply online” only after carefully understanding the rules and regulations.
 In the online application form, fill up the accurate details required.
 On submitting the form, you will receive a Temporary Customer Reference Number on the mobile
number you filled in.
 Your account will be opened after you visit the SBI branch closest to your convenience with the
required original documents within 30 days of applying online.
Reliability – The reliability of SBI accounts lies in their standards of safety. Your details remain safe
in sophisticated coded encryption that the designated SBI officials can decode.
Rates of Interest (P.A.) – The SBI’s interest rate on savings account for any of the options
mentioned above is 2.70% p.a.
 Personal Accident Insurance

 Kiosk, Mobile and Internet Banking Facilities
 Self Deposit Lockers
 Multi-city Cheques
 Debit Cards, ATM, Nominations Facilities
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3) HDFC Bank
HDFC bank savings accounts come with top financial features and
services to evaluate and select the program that meets all their
requirements. A relationship manager will be dedicated to the
customer. HDFC has a range of savings bank accounts, each with
easily accessible features and benefits. HDFC Bank offers its
customers Savings Accounts like Family Savings Group Account,
BSBDA Small Account, Savings Max Account, Senior Citizens
Account, Institutional Savings Account, Regular Savings Account, Kids Advantage Account, Basic
Savings Bank Deposit Account, and Women’s Savings Account.
Monthly Average Balance – While some savings accounts do not require any monthly average
balance (BSBDA). In constrast, other HDFC savings accounts must maintain if from INR 5000 (Kids
Advantage) to INR 25000 (Savings Max).
 On visiting the HDFC bank official website, click on “Accounts” in the “Select Product Type”
segment and then click on “Saving Account”.
 Choose to “Apply Online”, confirm whether or not you are already an HDFC client, and then
proceed with filling up the form and submitting the asked verification documents.
 The designated bank official will thoroughly verify your details with your KYC documents.
 Once done, a kit containing a Debit Card and other account-related documents will be given to
you.
Reliability – HDFC bank accounts are reliable as they are easily accessible from India. They are
widely spread over every part of the country.
Rates of Interest (P.A) – HDFC bank savings account interest rates range from 3.00% p.a. to 3.50%
p.a. for all savings accounts offered by the bank.
 Open just one savings account to benefit from facilities like investment, health, and more.
 Monthly account statements are emailed regularly.
 HDFC has the largest ATM base across India.
 Mobile and Internet Banking are made free of cost.
37
4) Kotak Mahindra Bank
Kotak Mahindra Bank’s savings accounts are popularly known

for their ability to provide several other alternatives. Clients can
pick from various financial services and assistance offered by the
bank. Kotak Mahindra Bank has different Savings Accounts like
Silk – The Savings Programme for Women, Nova Savings
Account, My Family Savings Account, Junior – The Savings
Account for Kids, Alpha Savings Account, Edge Savings
Account, Grand – Savings Programme for the 55+, Sanman
Savings Account, Classic Savings Account, Ace Savings Account, and Pro Savings Account.
Monthly Average Balance – The monthly average balance for the mentioned Kotak Mahindra
savings accounts starts from INR 5000 (Nova) and goes up to INR 50000 (Ace).
 Before you fill out the online application form, you must submit a set of documents to match the
bank’s eligibility criteria.
 Fill out every detail asked in the form.
 Next, you need to go to the nearest Kotak Mahindra Bank branch with the form and documents
submitted, along with your KYC documents.
Reliability - Kotak Mahindra Bank accounts are considered very secure for banking purposes as they
do not come with any risks of instabilities.
Rates of Interest (P.A.) – Kotak Mahindra Bank Savings Account interest rates range from 3.50%
p.a. to 4.00% p.a.
 This is a Risk-Free Investment because there is No Uncertainty.

 Credit and Debit Cards are issued at No Charge.
 Easy Payments of Utility Bills Online.
 Mobile and Internet Banking Facilities.
38
5) ICICI Bank
ICICI bank facilitates customers with various savings

accounts, depending on their needs. Among the top banks in
India, it enables you to hold an ICICI savings bank account
with very little money being invested. The Savings Banks
Accounts offered by ICICI Bank are Regular Savings
Accounts, Titanium Privilege Savings Accounts, Senior
Citizens Savings Accounts, Silver Savings Accounts, Young
Stars Accounts, Basic Savings Accounts, Pocket Savings Accounts, Gold Privilege Savings Accounts,
and Advantage Women’s Savings Account.
Monthly Average Balance – You would need to maintain a monthly average balance from INR
1000 to INR 10000, depending on geographical parameters.
 First, you must fill out the “Savings Account Eligibility” form online and the personal data
required. The automated system will approve your eligibility.
 You can now evaluate and apply for a savings account that meets your needs among the options
provided by the automated interface.
 You will receive an e-approval from the interface, and the ICICI savings account department will
contact you. E-mail and SMS-based status tracking are made available.
Reliability – The reliability of ICICI bank accounts can be noticed in their quick and timely
customer care and exclusive benefits.
Rates of Interest (P.A.) – ICICI savings account interest rates vary from 3.00% p.a. to 3.50% p.a.
 It comes with a range of customised services.

 Through the ICICI reward point schemes, clients get more than their interests.
 Huge branch base across India.
 Exclusive internet and mobile banking facilities.
39
6) Axis Bank
Axis bank provides customers with a wide range of savings account options, exclusive advantages,
and customised banking services. The various types of savings
account offered by Axis bank are Liberty Savings Account,
Easy Access Full Power Digital Account, ASAP Instant
Savings Account, Prime Full Power Digital Account, Prestige
Savings Account, Small Basic Savings Account, Inaam
Personal Account, Insurnace Agent Account, Pradhan Mantri
Jan-Dhan Yojana (PMJDY), Basic Savings Account, Easy Access Savings Account, Youth Savings
Account, Prime Savings Account, Senior Privilege Savings Account, Women’s Savings Account,
Future Stars Savings Account, and Pension Savings Account.
Monthly Average Balance - While some of the Axis bank savings accounts do not need any
monthly average balance, a few others have to be maintained with a minimum balance as less as INR
2500.
 Initially, visit the Axis bank website and go for the “Apply Online” option.
 Application forms asking for personal information opens up. Fill that very carefully before
attaching the required documents and submitting it.
 The designated bank official will verify the application data with your KYC documents.
 You get a welcoming set of passbook and other account-related documents on approval.
Reliability – The reliability of Axis bank accounts is seen in their ability to maintain loyal clients.
They offer fast and effective after-sales services.
Rates of Interest (P.A.) – Clients of Axis bank can earn a good interest rate of 3.00% p.a. to 3.75%
p.a., calculated daily and given out quarterly to the savings account holders.
 Clients can track their investments and deposits to plan them even better.
 It removes the minimum balance needed in some particular cases.
 Axis bank customers benefit from many other facilities and privileges alongside a good interest
rate on their savings accounts.
40
7) Yes Bank
To address clients’ differing requirements, Yes bank provides

various savings account alternatives. It also allows you to
customise your account according to your personal needs and
convenience. Yes Bank offers its customers various Savings
Accounts like YES GRACE Savings Account, Savings Value,
Digital Savings Account, My FIRST Yes, YES RESPECT
Savings Account, XLRATE and Customizable Savings Account.
Monthly Average Balance – To maintain any of the mentioned YES bank savings accounts, the
monthly average balance varies from NIL (XLRATE) to INR 5000 (YES RESPECT).
 First, you must fill out and submit the “Savings Account Eligibility” form on the bank’s official
website with the accurate personal information asked.
 The website approves your eligibility and presents you with a list of customised savings accounts
options to choose from.
 On selecting the savings account option you wanted to, the application status tracking is made
available through SMS and e-mail. Also, the savings accounts department will contact you by
themselves.
Reliability – Yes bank accounts’ reliability lies in their ability to set your money to good use for
your benefit, even if you do not have frequent activities in your account.
Rates of Interest (P.A.) – Yes, bank savings account interest rates, depending on the size of deposits
made, are split into three categories; 5.00%p.a., 6.00%p.a., and 6.25%p.a.
 Doorstep Banking Services.

 Ability to have Account Number of your Choice.
 Pay the Utility Bills via this account.
 Debit Cards with Amazing Offers.
 Demand Drafts are made available via both branches and digital banking.
41
8) DCB Bank
DCB Bank is among India’s oldest and topmost scheduled

commercial banks, providing people with various savings account
options since the 1930s. the different types of DCB Bank Savings
Accounts are DCB Classic Savings Account, DCB Family Savings
Account, DCB Cashback Savings Account, DCB Elite Savings
Account, DCB Shubh-Labh Savings Account, DCB Privilege
Savings Account, and DCB Basic Savings Bank Deposit Account.
Monthly Average Balance – The monthly average balance for these savings accounts can be “NIL”,
INR 10000, INR 50000.
 First, you must complete the online Savings Account Eligibility form properly before submitting
it.
 After being made eligible, you may evaluate and select the best from the options presented by the
portal.
 Finally, the Savings Account department contacts you immediately a successful e-approval.
Reliability – DCB bank accounts are reliable due to their trustworthy personal benefits. They offer
you other financial services alongside attractive rates of interest.
Rates of Interest (P.A.) – DCB bank is yet another bank to offer the highest savings account interest
rates in India, up to 5.65%p.a.
 Very Professionally Managed.

 Large branch bases across the Indian states and UTs.
 Competitive rates of interest, ensuring more advantages to the clients.
42
9) Induslnd Bank
Induslnd bank provides them with a range of savings

accounts to effectively address the individual needs of
different clients. Indus Senior Savings Account, Indus Diva
Savings Account, Indus Privilege Savings Account, Indus
Young Saver, Indus Select Savings Account, Indus Easy
Savings Account, Indus Classic Savings Account, Indus Exclusive Savings Account, Indus Small
Account, and Indus Maxima Savings Account are some of the types of savings account offered.
Monthly Average Balance – The monthly average balance for these Indus savings accounts ranges
between INR 1500 to INR 10000.
Account Opening Access –
 To begin, fill up and submit the Savings Account Eligibility form online.
 Once declared eligible, understand, compare and choose the savings account that suits your
requirements from the given options.
 After you are done with the immediate e-approval, the savings accounts department of the bank
will update you about your application status through SMS and Emails.
Reliability – Induslnd bank accounts are reliable because your deposits here are comparatively much
safer than other banks. They are easy to maintain.
Rates of Interest (P.A.) – Induslnd bank savings account interest rates range from 4.00%p.a. to
6.00%p.a.
 Clients have access to online banking, mobile banking, and IVR help, among others.
 NRIs staying in India for 180 days or more can open an Induslnd saving account by presenting
legal passports and other legal paperwork.
43
10) Citi Bank
Citibank is among the most popular international banks,

working efficiently across India. It offers its customers various
exclusive savings accounts based on their standards. Citibank
offers Savings Accounts: Citigold Private Client, Citigold
Account, Citibank Junior Account, Expat Savings Account,
Global Banking, Citi Priority Account, Citibank Suvidha, and Citibank Basic Savings Bank Deposit
Account.
Monthly Average Balance – Almost all of the above-mentioned Citibank savings accounts do not
require any particular monthly average balance to start running successfully.
 On the homepage of the Citibank banking website, click on Banking and then select the savings
account you desire to hold.
 Go to “Open A Bank Account” and complete the online application form with accurate details.
 Agree with the terms and conditions and choose the “call me” option.
 Once you are proven eligible, you will get a call from an executive, and you will need to visit the
bank branch nearest to you with your KYC documents.
 The designated bank executive will approve your account and give you a welcome kit with all the
account-related paperwork.
Reliability – Citibank accounts have proven to be a smart and reliable choice for those who want to
enjoy all-around financial solutions.
Rates of Interest – Citibank Savings Accounts rates of interest fall between 2.50 percent p.a. to 4.00
percent p.a.
 Complimentary reward points, debit cards, and privilege.

 No charges for banking and internet services.
 Diversified clientele across the nation.
44
1.22 CHARGES FOR OPENING AND USING SAVINGS ACCOUNT FOR TOP
BANKS
A. HDFC Bank Savings Account: HDFC bank savings account offers a wide range of savings account
schemes that have unique features and privileges, that can be availed in a quick and convenient
manner.
 AMB Requirement Rs.10,000 for Metro and Urban
 AMB Requirement Rs.5,000 for Semi Urban
AMB Slabs Metro & Urban Semi Urban
Rs.7,500 to<Rs.10,000 Rs.150 NA
Rs.5,000 to<Rs.7,500 Rs.300 NA
Rs.2,500 to<Rs.5,000 Rs.450 Rs.150
Rs.0 to<Rs.2,500 Rs.600 Rs.300
B. Axis Bank Savings Account: Axis bank savings account offers a vast variety of savings accounts to
customers along with personalized services and attractive benefits.
Metro Urban Semi-urban Rural
Rs.10 for every

Rs.10 for every
Rs.100 shortfall in Rs.10 for every Rs.100 Rs.10 for every Rs.100
Rs.100 deficit or
required balance or deficit or Rs.500 deficit or Rs.300
Rs.250 (whichever
Rs.600 (whichever (whichever is lower) (whichever is lower)
is lower)
is lower)
C. Kotak Mahindra Bank Savings Account: The Kotak Mahindra bank savings account that is offered
by Kotak Mahindra Bank is very popular and comes with a variety of options.
Metro Urban Semi-Urban Rural
NA NA NA NA
45
D. SBI Bank Savings Account: The most attractive features are that the SBI Bank Savings Account
does not require a minimum balance and provides ATM/Debit Card, net banking and mobile banking
facilities.
Metro Urban Semi-Urban Rural
NA NA NA NA
E. Debit Card Transaction Charges: With your Debit Card, use ATMs all across India and swipe to
make purchases.
Annual Debit Card

Bank Cash Withdrawal
Maintenance charges
HDFC Bank Rs.150 Rs.20+taxes
Axis Bank Rs.200 Rs.20
Kotak Mahindra Bank NA NA
SBI NA Rs.17
46
Types of Research Method Descriptive Research
Research Universe Thane City
Sampling Method Random Sampling Method
Sample Size 46
Data Collection Methods Primary and Secondary
Primary Data Collection Methods Questionnaire and Respondents
Secondary Data Collection Methods Journals and Publications and Internet
To analyse and to interpret the data and pie

Data Analysis Technique
diagrams were used
47
2.1 INTRODUCTION TO RESEARCH
Research is done with the help of study, experiment, observation, analysis, comparison and
reasoning. The word ‘Research’ is composed of two word i.e. ‘Re’ and ‘Search’. Re means ‘again’ or
‘Repeat’ and ‘search’ means to find out. The research refers to search for knowledge a movement from
the known to the unknown and its scientific investigation.
Research is a careful investigation or inquiry specifically through a search for new facts in any
branch of knowledge. It is an original contribution to the existing knowledge making for its
advancement.
Research can simply be defined as a task of searching from available data to modify a certain result
or theory.
2.2 OBJECTIVES OF THE STUDY
1) The main objective of a savings account is to promote savings.

2) To encourage people to save money and collect their savings.
3) Savings account encourages savings habit among salary earns and others who have fixed returns.
4) It enables the depositor to earn income by way of saving bank interest.
5) A savings account is of continuing nature. There is no maximum period of holding.
2.3 SELECTION OF THE PROBLEM
The bank offers you an interest rate for storing your money, so the title “savings” account is actually a
misnomer. They are investing your funds in forms of loans among other things. They can’t however offer
you a high interest rate for a couple of reasons. The one we’ll focus on is liquidity. Liquidity is basically a
measure of how quickly you can turn your asset into money you can hold – the more liquid the easier it is.
Back in the day when people had a savings account, they had walk into the bank during business hours
and fill out some paperwork to remove money from their savings accounts. Because of this and other
factors, the bank knew they didn’t have to pay out your money as quickly so they were able to offer you a
better return in the form of a higher interest rate. They could hold your money in investments longer
because they knew you wouldn’t be asking for you money back that very moment. In today’s age of
technology however, we don’t even need to wait for the bank to open. We just pull out our smart phones,
transfer funds from our savings accounts to our checking accounts, then go to our nearest ATM and
remove the cash. The bank is never sure how long you’re keeping your money with them, so they aren’t
about to tie it up in investments in the event you decide to pull it out. Since this is the case they cannot
offer you a substantial interest rate. If you look at your bank statements you’ll see what I’m talking about.
So why do people save? For the most part, it’s easy, safe, and by default, it’s what most people know to
48
do it has become a normal routine handed down to us by older generations. The first step to smarter
investing and become a young and affluent individual is to know your money where it will grow. The
safety of your funds has a negative correlation to how much it will grow – the safer your investments, the
lower your ROI. Risk is give-and-take. There is a reward to taking risk, which is why the riskiest
investments will pay out the moist, however there also a possibility that you will lose more.
2.4 LIMITATIONS OF STUDY

1. Relatively lower rate of interest on the money deposited in the bank
2. The accountholder has to maintain the minimum balance in the account that can be used for
better returns in other investment instruments
3. Failure in maintaining a minimum balance or Monthly Average Balance (MAB) may incur a
penalty
4. A fee is charged on ATM withdrawal after exceeding the maximum number of free transaction
2.5 SIGNIFICANCE OF STUDY
1) Have you thought about investing in the stock market? Maybe you’re interested in buying investment
properties. Whatever your long-term financial goals are, you must have money to invest. That means
coming to the table with a significant amount of cash. Putting your extra money in a savings account is
a great way to accumulate the money you need for bigger investment opportunities while still earning a
small amount of interest on it while you wait for it to grow.
2) Too often, people rely on credit cards or personal loans to help them handle unexpected emergencies.
When you have savings set aside, you don’t have to use your credit cards and pay interest on the
purchase. Ideally, you want to have six months’ worth of your monthly income in a savings account.
This protects you financially should you lose your job or get sick. Don’t worry if this isn’t something
you don’t have right now. It takes time to build up savings, especially when you’re starting with zero
dollars saved. The important thing is that you start. Fortunately, man banks offer online savings
accounts, and you can easily open one online. This makes it more convenient to get started right away.
3) You might already have money saved in a 401 (k) plan or another savings program, but the funds set
aside in these plans aren’t easily accessible. Any professional in the personal banking service industry
will tell you it’s great to have retirement savings, but you also need everyday savings that’s accessible.
You need a savings account that you can withdraw money from if you need it immediately. Having a
savings account means you don’t have to pay penalty fees when withdrawing a large sum of money for
emergencies.
4) Many people only have one personal bank account, and that’s their primary checking. The issue with
not having a separate savings account is that your money isn’t earmarked for saving and spending. It’s
all in one big pot, so to speak, and too easy to spend without thinking twice about it. Having a savings
49
account attached to your checking account isn’t always a great idea, either if you’re prone to
transferring money from savings to checking on a whim. If you think you night struggle with this,
consider opening a savings account at a different bank. Some people even keep their savings accounts
very simple, with no debit card access. When they need to make a withdraw, they go to the bank to
complete the transaction. This inconvenience can help you save more money.
2.6 DATA COLLECTION
Data collection is the process of gathering and measuring information on variables of interest, in an
established systematic fashion that enables one to answer stated research questions and evaluate
outcomes.
Data was collected by using main two methods i.e. Primary Data and Secondary Data.
Collection of
Data
Secondary
Primary Data
Data
Journals and
Questionnaire Respondents Internet
Publications
50
1) Primary Data:-
Primary data is the data that is collected for the first time through personal experience or evidence,
particularly for research. It is also described as raw data or first-hand information. The data is mostly
collected through observations, physical testing, mailed questionnaires, surveys, personal interviews,
telephonic interviews, case studies, and focus groups, etc. I choose the questionnaire and respondents for our
research.
2) Secondary Data:-
Secondary data is a second-hand data that is already collected and recorded by some researches for their
purpose, and not for the current research problem. It is accessible in the form of data collected from different
sources such as government publications, censuses, internal records of the organisation, books, journal
articles, websites and reports, etc. I choose the journals, publications and websites for our research.
2.7 RESEARCH UNIVERSE

The research universe was Thane City. The responses were collected by the saving accountholder in
Thane city only.
2.8 SAMPLING METHOD
Simple random sampling is a sampling technique where every item in the population has an even
chance and likelihood of being selected in the sample. Here the selection of items completely depends
on chance or probability and therefore this sampling technique is also sometimes known as a method
of chances.
2.9 SAMPLE SIZE
The interview survey schedule has been designed after identifying the variables to be studied.
 For the purpose of getting the information about Saving Account.
 Preliminary survey was conducted covering 46 respondents.
 The variables identified by the researcher has been converted into some appropriate questions.
 The survey schedule was Administered by the researcher. The researcher has conducted the survey
among fifty plus accountholders giving questionnaire.
 Responses to the questions mentioned in the questionnaire. The survey has been conducted in the
group of Saving Accountholder.
51
1) Ronald g Ridker (1980): This paper reviews the history and assesses the results of a monetary
incentive scheme for family planning operating on three tea estates in South India since 1971. The
incentive involves deposits into a savings account payable upon retirement for those who have small
families.
2) William C Hsiao (1995): In the spring 1995 issue of Health Affaire Mark Pauly and John Goodman
outlined their proposal for medical savings accounts supplemented with tax credits to purchase
insurance and encourage cost effective consumer behaviour. This proposal has been widely debated,
both in Washington and across the nation.
3) Stefan Folster (2001): Many countries have reformed, or plan to reform, their pension system, often
replacing defined benefits with some sort of savings account. In recent years proposals have been
made to apply personal savings accounts also to other elements of social insurance, such as
unemployment insurance, social assistance or parental leave compensation. This paper evaluates the
consequences of replacing these systems with an insured social insurance savings accounts.
4) Rebecca M Vonderlack (2002): Microfinance both credit and savings has potential to improve the
well-being of poor women in developing countries. This paper explores practical ways to achieve that
potential.
5) Kevin Milligan (2003): Contributes to tax-preferred savings accounts are typically constrained by a
contribution limit. These limits influence contributions net only for tax payers currently constrained
by the limit, but also for those contributing less than the limit.
6) Lans Bovenberg and Peter Birch Sorensen (2004): in the modern welfare state a substantial part of
an individual’s tax bill is transferred back to the same individual tax payer in the form of social
transfers. This provides a rationale for financing part of social insurance through mandatory savings
accounts. We analyse the behavioural and welfare effects of compulsory savings accounts in an
interteporal model with uncertainty, involuntary employment, credit constraints and heterogeneous
agents.
7) Dahlia K. Remter and Sherry A. Glied (2006): Proponents of health savings accounts (HSAs)
contend that they will reduce medical expenditures. In practice, however, the effect of HSAs and the
high-deductible health plans that must accompany them, will depend on the actual provisions of those
plans and of the plans they replace.
52
8) Martin Feldstein and Daniel Altman (2007): We examine a system of Unemployment Saving
Accounts (UISAs) as an alternative to the traditional unemployment insurance system. Individuals are
required to save up to 4% of wages in special accounts and to draw unemployment compensation
from these accounts instead of taking state unemployment insurance benefits.
9) Stefan Flostar (2007): This paper present a simple model and a simulation to compare the lifetime
consequences of replacing a wide range of social insurance systems with savings account based social
insurance. The trend is to move from an entitlement based system to a system in which contributions
accumulate in some form of personal savings account.
10) Cynthia K. Sanders (2008): When describing reasons for remaining with or returning to an abusive
partner, many women mention economic dependence on their abuser. This article discusses
collaboration among domestic violence service providers in the St Louis, Missouri region created to
promote to economic development of low-income battered women The collaboration has culminated
in formalized economic service provisions including economic education and credit counselling;
women’s matched saving accounts; and economic advocacy and support services.
11) Jake Kendall (2010): This paper reviews the experimental evidence regarding the impact of
improved access to savings. While there are precious few pieces of evidence documenting the
development benefits of formal savings services for poor households, the few rigorous studies that
exist show savings accounts enhance the ability to save up for productivity enhancing investments and
weather unexpected bad times.
12) Felipe Kast and Dina Pomeranz (2014): Poverty is often characterized not only by low and
unstable income, but also by heavy debt burdens. We find that reducing barriers to saving through
access to free savings accounts decreases participants short-term debt by about 20%.
13) Julian C Jamison and Dean Karlan (2014): Evidence on the effectiveness of financial education
and formal savings account access is lacking, particularly for youth. The financial education
treatments increase financial literacy; the account-only treatment does not. Administrative data shows
the education plus account treatment increases bank savings relative to account-only.
14) Hana Dzmuranova Petr Teply (2016): Risk management is for banking products can be
challenging in general, but is even more risky in a global, low interest rate environment. This paper
deals with the risk management of savings accounts, a bank product defined as a non-maturing
account with embedded option that bears a relatively attractive rate of return. We focus on the interest
rate risk of savings accounts.
15) Simone Schaner (2017): Individuals across the world use high-transaction-cost savings devices even
when lower-cost technologies are available. High costs may help savers protect resources from the
53
demands of others. I investigate this hypothesis by randomly assigning ATM cards to 1,100 newly
opened bank accounts in rural Kenya. These cards reduced withdrawal fees by 50%.
16) Vincent Somvile and Lore Vandewalle (2018): Access to banks is rapidly increasing worldwide,
and allows account-based instead of cash transfers. In India, we allocate identical weekly payments
into a bank account or in cash. Savings in the account increase by 131% within 3 months, and the
effect is long lasting.
17) Florian Deuflhard and Dimitris Georgarakos (2019): Savings accounts are owned by most
households, but little is known about the performance of households’ investments. We create a unique
dataset by matching information on individual savings accounts from the DNB Household Survey
with market data on account-specific interest rates and characteristics. A one-standard deviation
increase in financial literacy is associated with a 12% increase compared to the median interest rate.
18) Pascline Dupas and Anthony Keats (2019): The welfare impact of expanding access to bank
accounts depends on whether accounts crowd out pre-existing financial relationships, or whether
private gains from accounts are shared within social networks. In this experiments, we provided free
bank accounts to a random subset of 885 households.
19) Shawn Cole and Peter Tufan (2022): This paper studies the adoption and impact of prize-linked
savings (PLS) accounts, which offer lottery-like payouts to individual account holders in lieu of
interest. Individuals who choose to use PLS increase their total savings on average by 1% of annual
income.
20) William Elliott and Haotian Zheng (2023): Children’s Savings Accounts (CSAs) are emerging as
an important intervention for shapping these expectations but have remained under-studied among
rural populations.
54
CHAPTER NO. 4
DATA ANALYSIS,
INTERPRETATION AND
PRESENTATION
1. Gender
Table No. 1
Gender Percentage
Male 39%
Female 61%
 Interpretation
From the above result it comes to know that there is 39% of male and 61% of female. It is seen that
most of the respondents were of females.
55
2. Age
Table No. 2
Age Percentage
18-20 48%
21-25 26%
26-30 4%
Above 30 22%
 Interpretation
From the above pie chart it is seen that there is 48% of 18-20 years age group, 26% of 21-25 years
age group, 4% of 26-30 years age group and 22% of above 30 years age group. I found that most of the
respondents were in their 18-20.
56
3. Education Qualification
Table No. 3
Education Qualification Percentage

SSC 15%
HSC 15%
Under Graduate 52%
Graduate 13%
Post Graduate 5%
 Interpretation
This pie chart shows the result of a survey on Education Qualification. From the above pie chart it is
seen that there is 15% of SSC, 15% of HSC, 52% of Under Graduate, 13% of Graduate and 5% of Post
Graduate. I found that most of the respondents were in under graduate.
57
4. Occupation
Table No. 4
Occupation Percentage
Student 70%
Employee 19%
Businessman 2%
Other 9%
Occupation
2%
9%
Student
19%
Employee
Businessman
Other
70%
 Interpretation
This pie chart shows the result of a survey on Occupation. From the above pie chart it is seen that
there is 70% of students, 19% of employees, 2% of businessman and 9% of others. I found that most of
the respondents are students and employees.
58
5. Are you aware of Saving Account?
Table No. 5
Responses Percentage
Yes 93%
No 7%
7%
Yes
No
93%
 Interpretation
From the about pie chart it comes to know that 93% of people are aware about savings account and
7% people are not aware about savings account.
59
6. Do you have family Saving Account?
Table No. 6
Yes 72%
No 28%
 Interpretation
In the above pie chart it is seen that 72% of people have family saving account and 28% of people do
not have family saving account.
60
7. In which bank do you have Saving Account?
Table No. 7
Banks Percentage
HDFC Bank 13%
ICICI Bank 18%
CANARA Bank 2%
Any other Government Bank 67%
13%
HDFC Bank
18% ICICI Bank
CANARA Bank
Any Government Bank
67%
2%
 Interpretation
From the above pie chart it comes to know that 13% of people have their saving account in HDFC
Bank, 18% of people have their saving account in ICICI Bank, 2% of people have their saving account
in Canara Bank and 67% of people have their saving account in Any Government Bank. Most of the
people have their saving account in Government Bank.
61
8. Security is an important factor in opening Saving Account?
Table No. 8
Strongly Agree 47.8%
Agree 39.1%
Neutral 13%
Disagree -
Strongly Disagree -
0% 0%
13%
Strongly Agree
Agree
48%
Neutral
Disagree
39% Strongly Disagree
 Interpretation
From the above pie chart it comes to know that 48% of peoples are strongly agree that security is
important for opening saving account, 39% of peoples are agree that security is important for opening
saving account and 13% of peoples are neutral that security is important for opening saving account.
62
9. Average minimum balance maintained in your Saving Account?
Table No. 9
Below 10,000 55%
Between 10,000-15,000 16%
15,000-20,000 9%
Above 20,000 20%
20%
Below 10,000
Between 10,000-15,000
9%
15,000-20,000
55%
Above 20,000
16%
 Interpretation
From the above pie chart it comes know that 55% of people have average minimum balance
maintained below 10,000, 16% of people have average minimum balance maintained between 10,000 to
15,000, 9% of people have average minimum balance maintained between 15,000 to 20,000 and 20% of
people have average minimum balance maintained above 20,000.
63
10. Are you satisfied with service provided your bank?
Table No. 10
Highly Satisfied 31%
Average 65%
Dissatisfied 2%
Highly Dissatisfied 2%
2% 2%
31%
Highly Satisfied
Average
Dissatisfied
Highly Dissatisfied
65%
 Interpretation
From the above pie chart it comes to know that 31% of peoples are highly satisfied with bank’s
services, 65% of peoples are average with bank’s services, 2% of peoples are dissatisfied with bank’s
services and 2% of peoples are highly dissatisfied with bank’s services.
64
11. Online banking facility is an important factor in opening Saving Account?
Table No. 11
Strongly Agree 33%
Agree 47%
Neutral 18%
Disagree 2%
Strongly Disagree -
2% 0%
18%
33% Strongly Agree

Agree
Neutral
Disagree
Strongly Disagree
47%
 Interpretation
From the above pie chart it comes to know that 33% of peoples are strongly agree that online banking
facility is important for opening saving account, 47% of peoples are average that online banking facility
is important for opening saving account, 18% of peoples are neutral that online banking facility is
important for opening saving account and 2% of peoples are disagree that online banking facility is
important for opening saving account.
65
12. Bank reputation is a factor in opening Savings Account?
Table No. 12
Strongly Agree 30%
Agree 52%
Neutral 11%
Disagree 7%
Strongly Disagree -
0%
7%
11%
30%
Strongly Agree
Agree
Neutral
Disagree
Strongly Disagree
52%
 Interpretation
From the above pie chart it comes to know that 30% of peoples strongly agree for bank reputation
factor, 52% of peoples are agree for bank reputation factor, 11% of peoples are neutral for bank
reputation factor and 7% of peoples are disagree for bank reputation factor.
66
13. Interest on deposit balance is an important factor in opening Savings Account?
Table No. 13
Strongly Agree 38%
Agree 46%
Neutral 9%
Disagree 7%
Strongly Disagree -
0%
7%
9%
38% Strongly Agree

Agree
Neutral
Disagree
Strongly Disagree
46%
 Interpretation
From the above pie chart it comes to know that 38% of peoples are strongly agree for interest on
deposit balance factor is important, 46% of peoples are agree for interest on deposit balance factor is
important, 9% of peoples are neutral for interest on deposit balance factor is important and 7% of
peoples are disagree for interest on deposit balance factor is important.
67
14. For which facility you looking for
Table No. 14
Facility Percentage
Core Banking 25%
Door to Door 7%
ATM Facility Transaction 34%
24 Hrs Facility 34%
25%
34%
Core Banking
Door to Door
ATM Facility Transaction
7%
24 Hrs Facility
34%
 Interpretation
From the above pie chart it comes to know that 25% of peoples are looking for core banking facility,
7% of peoples are looking for door to door facility, 34% of peoples are looking for ATM facility
transaction and 34% of peoples are looking for 24 Hrs facility.
68
5.1 Findings
 A savings account is an interest-bearing deposit account held at a bank or other financial institutions.
 Though these accounts typically pay a modest interest rate, their safety and reliability make them a
great option for parking cash you want available for short-term needs.
 Many peoples are aware about savings account.
 Majority of the respondents whether in public sector banks or in private sector banks have savings
account with banks.
 Many females are known about savings account compare to males.
 Many peoples using family savings account.
 Majority of respondents are using Government Banks for savings account compare to HDFC Bank,
ICICI Bank, Canara Bank.
 Security is an important factor in opening savings account.
 Many peoples are satisfied with bank’s services.
 Peoples are more satisfied from the private sector banks due to their better services provided by them
in terms of speedy transactions, fully computerised facilities, good investment advisory services, better
approach to customer relationship manager.
 Online banking facility is an important factor in opening saving account.
 The facility that was availed by most of the people in public sector banks was that of ATM/Debit
Cards. The least availed facility was that of Demat account and foreign transfer of funds.
 The facility that was availed by most of the people in private sector banks was that of Internet/Phone
banking by ATM/Debit Card.
 Today’s generation are most using online banking transactions like g-pay, paytm, phonepe, debit card,
credit card, etc.
 Many respondents have average minimum balance maintained below 10,000.
 Bank reputation is an important factor in opening savings account.
 As well as interest on deposit balance is an important factor in opening savings account.
 Many peoples looking for ATM facility transaction and 24 Hrs facility.
 In future, number savings accounts have high.
69
5.2 Conclusion
 Savings bank account are meant to promote the habit of saving among the citizens while allowing
them to use their funds when required.
 Saving accounts are liquid bank accounts that allow you to invest funds and earn interest.
 Savings accounts earn a lot of profit for the banks and financial institutions and also makes the
customers happy.
 The main advantage of saving account is its high liquidity and safety.
 These accounts are easy to open and offer a decent interest income.
 On the top of the saving bank account earn moderate interest rate too.
 You can open a savings account online or visit a bank to do the same.
 Saving account made easy for account holder to travel cashless as he has option to withdraw cash from
any branch of same bank or any ATM.
 Today, people are a lot more adventurous and bolder with their money and investments as they use
their money on different ventures to earn better profits.
 But, even with all this, a savings account remains a safe place to save money and secure financial
security per se.
 The banks raise funds from the deposited money and lend loans to other customers.
 Remember that your interest income my attract taxes.
 Consult with your advisor to choose the most suitable savings account.
70
5.3 Suggestions
 To make people aware about the benefit of becoming Bank’s Sales Executive, following activities of
advertisement should be done through (1) Print Media (2) Hoarding and Banners (3) Stalls in Trade
Fares (4) Distribution of leaflets containing details information.
 The bank should provide life time valid ATM card to all its customers.
 Minimum balance for savings account should be reduced from Rs.5,000 to Rs.10,000, so that people
who are not financially strong enough can maintain their account properly.
 The company should provide a pass book to all its products.
 Make people understand about the various benefits of its products.
 Company should organize the program in the society, so that people will be aware about the company
and different products of the bank.
71
CHAPTER 6:
BIBLIOGRAPHY AND REFERENCES
Bibliography
1. Ronald G Ridker (1980) “Population and Development, 31-46”.

2. William C Hsiao (1995) “Health Affairs 14 (2), 260-266”.
3. Stefan Floster (2001) “Public Finance and Management 1 (4), 420-448”.
4. Rebecca M Vonderlack, Mark Schreiner (2002) “Development in Practices 12 (5), 602-612”.
5. Kevin Milligan (2003) “Journal of Public Economics”.
6. A Lans Bovenberg, Peter Birch Sorensen (2004) “International Tax and Public Finance 11, 507-529”.
7. Dahlia k Remler, Sherry A Glied (2006) “Health Affairs 25 (4), 1070-1078”.
8. Martin Fledstein, Deniel Altman (2007) “Tax Policy and The Economy 21, 35-63”.
9. Stefan Floster (2007) “Economic Record”.
10. Cynthia K Sanders (2008) “Journal of Community Practices 14 (3), 47-68”.
11. Jake Kendall (2010) “A penny saved: How do saving accounts help the poor?”
12. Felipe Kast, Dina Pomeranz (2014) “National Bureau of Econimic Research”.
13. Julian C Jamsion and Dean Karlan (2014) “National Bureau of Economic Research”.
14. Han Dzmuranova Petr Teply (2016) “Prague Economic Papers (5), 617-633”.
15. Simone Schaner (2017) “Journal of Human Resources 52 (4), 919-945”.
16. Vincent Somville and Lore Vandewalle (2018) “American Economic Journal applied economics 10
(3), 39-66”.
17. Florian Deuflhard and Dimitris Georgarakos (2019) “Journal of the European Economic Association
17 (1), 131-164”.
18. Pascline Dupas and Anthony Keats (2019) “The Economic Journal 129 (617), 273-310”.
19. Shawn Cole and Peter Tufano (2022) “Management Science 68 (5), 3282-3308”.
20. William Ellioot, Haotian Zheng (2023) “Children’s savings accounts and rural children’s college
expectations 13 (1), 43-61”.
21. https://en.m.wikipedia.org/wiki/Savings_account
22. https://www-idfcfirstbank-com.cdn.ampproject.org/v/s/www.idfcfirstbank.com/finfirst-blogs/savings-
account/what-is-savings-
account/amp?amp_gsa=1&amp_js_v=a9&usqp=mq331AQIUAKwASCAAgM%3D#amp_tf=From%20
72
%251%24s&aoh=16787759618546&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%
3A%2F%2Fwww.idfcfirstbank.com%2Ffinfirst-blogs%2Fsavings-account%2Fwhat-is-savings-account
23.https://paytm.com/blog/savings-account/features-of-savings-account/
24.https://www.nerdwallet.com/article/banking/how-to-open-a-savings-account-step-by-step
25.https://fi.money/blogposts/what-are-the-different-types-of-saving-accounts
26.https://www.quora.com/What-are-the-objectives-of-a-savings-bank-account
27.https://www.linkedin.com/pulse/problem-savings-accounts-paolo-veneracion?trk=mp-reader-card
28.http://www.nsiindia.gov.in/InternalPage.aspx?Id_Pk=53#:~:text=Some%20historians%2C%20trace%20
the%20genesis,of%20India%20came%20into%20existence
29.https://forestarea.com/the-importance-of-opening-a-savings-account/
30.https://www.tandfonline.com/doi/abs/10.1080/0961452022000017614
31.https://www.paisabazaar.com/savings-account/
32.https://www.investopedia.com/terms/s/savingsaccount.asp
33.https://www.bankbazaar.com/savings-account.html#what_is_the_cas_9
34.https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=69da489be954cc2afbe538b4ef596de
3c3221d8b
35.https://www.newindianexpress.com/expressdeals/services/best-savings-accounts-with-highest-interest-
rates-in-india/301.html
73
CHAPTER 7:
APPENDIX
1. Name
2. Gender
(a) Male
(b) Female
(c) Other
3. Age
(a) 18-20
(b) 21-25
(c) 26-30
(d) Above 30
4. Education Qualification
(a) SSC
(b) HSC
(c) Under Graduate
(d) Graduate
(e) Post Graduate
5. Occupation
(a) Student
(b) Employee
(c) Businessman
(d) Other
6. Are you aware of Saving Account?
(a) Yes
(b) No
7. Do you have family Saving Account?
(a) Yes
(b) No
8. In which bank do you have Saving Account?
(a) HDFC Bank
74
(b) ICICI Bank
(c) CANARA Bank
(d) Any Other Government Bank
9. Security is an important factor in opening Saving Account?
(a) Strongly Agree
(b) Agree
(c) Neutral
(d) Disagree
(e) Strongly Disagree
10. Average minimum balance maintained in your Saving Account?
(a) Below 10,000
(b) Between 10,000-15,000
(c) 15,000-20,000
(d) Above 20,000
11. Are you satisfied with service provided your bank?
(a) Highly Satisfied
(b) Average
(c) Dissatisfied
(d) Highly Dissatisfied
12. Online banking facility is an important factor in opening saving account?
(a) Strongly Agree
(b) Agree
(c) Neutral
(d) Disagree
13. Bank reputation is a factor in opening savings account?
(a) Strongly Agree
(b) Agree
(c) Neutral
(d) Disagree
14. Interest on deposit balance is an important factor in opening savings accounts?
(a) Strongly agree
(b) Agree
(c) Neutral
75
(d) Disagree
15. For which facility you looking for
(a) Core Banking
(b) Door to Door
(c) ATM Facility Transaction
(d) 24 Hrs Facility
76

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PROJECT REPORT

TO STUDY ON SAVING ACCOUNT IN INDIA

IN PARTIAL FULFILLMENT OF THE DEGREE

(BANKING & INSURANCE)

UNDER THE FACULTY OF COMMERCE

Miss. Shruti Ravindra Fawre

UNDER THE GUIDENCE OF

Dr. RUPESH DRUVANSHI

Anand Vishwa Gurukul Senior Night College

Raghunath Nagar, Next to Mittal Park,

Wagle Estate, Thane (W) – 400604

TO STUDY ON SAVING ACCOUNT IN INDIA

IN PARTIAL FULFILLMENT OF THE DEGREE

(BANKING & INSURANCE)

UNDER THE FACULTY OF COMMERCE

Miss. Shruti Ravindra Fawre

UNDER THE GUIDENCE OF

Dr. RUPESH DRUVANSHI

Anand Vishwa Gurukul Senior Night College

Raghunath Nagar, Next to Mittal Park,

Wagle Estate, Thane (W) – 400604

Internal Examiner External Examiner

Date of Submission:13 April 2023

Shruti Ravindra Fawre

Dr. Rupesh Dhruvanshi

Sr. No Particulars Page No

6. Bibliography and References

1.2 HISTORY OF SAVING ACCOUNT

1.3 CHARACTERISTICS OF SAVING ACCOUNTS

1.7 WHO CAN OPEN A SAVINGS ACCOUNT?

1.8 HOW TO OPEN A SAVINGS ACCOUNT?

1.Choose How 2.Gather Your 3.Provide

4.Select a 5.Accept The

1.Regular Savings 2.Joint Accounts 3.Zero Balance 4.High Yield Savings

10.Health Savings 11.Minor's Savings

14.Digital Savings 13.Privilege

1.15 HOW TO MAXIMIZE EARNINS FROM A SAVINGS ACCOUNT?

1.16 HOW MUCH TO KEEP IN YOUR SAVINGS ACCOUNT?

1.17 TOP SAVINGS ACCOUNT PROVIDERS

 Top Savings Accounts by Public Sector Banks:

Top Savings Accounts by Public Sector Banks

Bank of India 2.90% Above Rs.1,00,000

Bank of Baroda 3.35% Rs.1,000 crores and above

Central Bank of India 2.90% Up to Rs.10,00,000

For Outstanding balance of

Indian Bank 2.90% Rs.200 crore and above

Punjab National Bank 2.75% Rs.10 lakh and above

 Top Savings Accounts by Public Sector Banks:

Top Savings Accounts by Public Sector Banks

Bank Name Highest Interest Rate Amount Requirements

Bank of India 2.90% Above Rs.1,00,000

Bank of Baroda 3.35% Rs.1,000 crores and above

Central Bank of India 2.90% Up to Rs.10,00,000

For outstanding balance of

Indian Bank 2.90% Rs.200 crore and above

Punjab National Bank 2.75% Rs.10 lakh and above

State Bank of India 2.70% Above Rs.1,00,000

Top Savings Accounts by Small Finance Banks

Balance from Rs.25 lakhs to

Above Rs.5 lakhs and up to

ESAF SFB 6.50% Above Rs.10 lakh

More than Rs.10 crore and

Above Rs.50 lakh up to and