show the names of different types of bank account?
Answers
Step-by-step explanation:
This sort of an account is usually set up by the establishment the customer works for. The customer will receive his/her monthly earnings in this type a savings account and this sort of an account typically does not come with any minimum balance requirement. Customers can avail a number of facilities through the internet banking facility that comes with this account. If by chance no salary is credited to this account for a span of three months, the salary savings account will automatically be converted to a regular savings account with a minimum balance requirement.
Senior citizen savings account:
Specifically designed only for senior citizens, the senior citizens savings account comes with special privileges and higher interest rates for depositors. Senior citizens can facilitate the use of this account to link their pension funds and manage it using the savings account.
Types of senior citizen savings accounts offered top banks:
Listed below are some of the top senior citizens savings accounts offered by top banks in the country.
Banks Savings account name
HDFC Bank Senior Citizens Account
ICICI Bank Life Plus Senior Citizens Savings Account
Kotak Bank Grand- The Savings Programme for the 55+
Axis Bank Senior Privilege Savings Account
IDFC Bank Senior Citizen Savings Account
IDBI Bank Jubilee Plus (Senior Citizens) Account
Canara Bank Canara Jeevandhara
Children and minor savings account:
In a bid to encourage children to save for the future or to enable parents or guardians save for their child’s future, banks across the country offer specialised children and minor savings accounts. This type of a savings account does not come with a minimum balance requirement and shares similar features and facilities with a regular savings account.
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Children and minor savings accounts offered by top banks:
Listed below are children and minor accounts offered by different banks.
Bank Savings account name
HDFC Bank Kids Advantage Account
ICICI Bank Young Stars Savings Account Smart Star Savings Account
PNB PNB Junior SF Account PNB Vidyarthi SF Account
Axis Bank Future Stars Savings Account
IDBI Bank Power Kidz Account
Kotak Bank Junior- The Savings Account for Kds
IDBI Bank Power Kidz Account
IDFC Bank Minor Saving Account
Indian Bank IB Smart Kid SB Account
South Indian Bank Junior Savings
Canara Bank Canara Junior Saving Account
Andhra Bank AB Kiddy Bank AB Little Stars AB Teens
UCO Bank UCO Smart Kids Savings Bank Scheme
SBI Savings Bank Account For Minors Savings Account for Minors: Pehla Kadam and Pehli Udaan
Woman’s savings account
Catering specifically to women, banks around the country have rolled out a number of women’s savings accounts that allows them to avail high value loans at attractive interest rates for female entrepreneurs or for them to start a business. Apart from this, the women’s savings account comes with all the features and facilities of a regular savings account.
Types of woman’s savings accounts offered by top banks:
Charges Deducted amount
Non-maintenance of account Between Rs.150 - Rs.300
Cash transactions at own bank branch Free for first three transactions per month. Rs.150 per transactions after the first three free transactions.
ATM withdrawal from other bank Free for first 3-4 transactions. Rs.10-Rs.20 will be charged after the free transactions.
FAQs
1. Can you tell me who is eligible to open a savings account.
A savings account can be opened either by:
Any Indian resident
By parents or guardians on behalf of minors
Hindu Undivided Family (HUV)
2. Is it possible to add a nominee for my savings account?
Yes, individuals can make a nomination when opening the account. For this, the details of the nominee has to be submitted as well. The nominee can be either a family member, spouse, or a trusted member of the primary account holder.
3. Are there any tax deductions with regard to savings account?
Yes, the interest earned over the deposits are tax free upto Rs.10,000 under Section 80TTA.
4. Can Non-resident Indians open a savings account in India?
Yes, Non-residents can open a savings account. They have the choice of either opening a NRE (Non-resident external) savings account or a NRO (Non-resident ordinary account). For the NRE savings account, account holders can park their money earned abroad in the account. Whereas, in the case of the NRO savings account, NRIs can park the money they earn in India in the account.
5. Is it possible for a savings account to be inactive or dormant?
Yes, if the savings account holder has not made any transaction from or to the account for a period of two years, then the savings account is considered dormant or inactive. In this case, the account holder will have to contact the bank to activate the account, if he/she wishes.