INDUSIND BANK SAVINGS ACCOUNT

Attractive rates of interest on alltypes of savings account
Amazing deals, discounts and offers,
Omnipresent banking with access to wide range of digital banking services
Choose the account number of your choice
Simple eligibility criteria
Minimum documentation required
Zero balance feature available for selected accounts

Key Features-

✓ Verification via PAN and Aadhaar
✓ KYC on a video call
✓ Minimum Balance required

Premium Insurance Policies

A Savings Account is one that is considered the most basic type of financial product that allows individuals to deposit cash in a comparatively safer and secure way and earn a modest amount of interest. These accounts are provided by both the private and the government banks and financial institutions. They are considered the safest ways to save the hard earned money and also collect interest over that amount. Almost in all types of Savings Account, the interest earned by the deposited money is calculated quarterly.

BASIC ELIGIBILITY CRITERIA

Citizenship of India

Government Approved ID proof

Minimum Age 18 years

TYPES OF SAVINGS ACCOUNT

Considering various criterias like age, requirements, transaction tracks, there is a range of savings account options available among different banks and financial institutions. Due to high competition in the market, almost all the banks offers certain benefits and attractive features along with their account. In India, the type of savings account commonly seen include-

Basic Saving Account

Basic or regular savings account is the one that usually has basic or minimum features. Also, these types of accounts offer basic interest rates for the amount deposited in your account. Our advice to you in this regard is to maintain a basic limit/ minimum amount in the account to avoid penalty or deduction charges.

Zero Balance Savings Account

In the Zero Balance Savings Account, you can maintain the account even without any minimum balance or limit. To open a Zero Balance Account easily, just by submitting your KYC details along with the Aadhaar Card.

Salary Account

You are eligible for opening this kind of account, if you’re a salaried individual. Through this account, the company can transfer your monthly salary directly into your salary account easily. Another prospect of this account is that it is automatically a zero balance savings account that means that it does not have any minimum balance criteria associated with it. If you’ve left your job and the salary you used to get isn’t coming into your savings account anymore, it automatically gets converted into a basic savings account in which you either have to maintain the minimum limit or close the account. Also, if you’ve changed your job, you can choose to either maintain the account if your company permits, close it if you prefer, or convert it into a regular or basic savings account.

BENEFITS OF SAVINGS ACCOUNT

Savings account is one of the most preferred bank accounts that people can invest in for saving their hard earned money. It encourages the concept of ‘Saving within the account’. There is a list of benefits that you can get by opening a savings account. 1. Competitive interest rates differ from bank to bank on an average rate of 3.5% - 7%. 2. Online transfer facility and transaction facilitated through RTGS, NEFT, IMPS, and more. 3. Smooth cash withdrawals through ATMs of specific banks through authorized debit cards. 4. Cheque books issued under your name with authorization to ensure security of funds. 5. Secured Account Number 6. Unlimited flexibility of making cash deposits ( Subject to new government regulations) 7. Directly linked to EMI, RD or loan transfer.

DOCUMENTS REQUIRED TO OPEN A SAVINGS ACCOUNT

ELIGIBILITY CRITERIA FOR OPENING SAVINGS ACCOUNT

Even though opening a savings account is a simple process, there still are some essentials that you must be well-informed about while completing its online application. This is known as eKYC that ensures a smooth experience for opening an account. The website provides an option for updating KYC during the online account application. The most important documents you’ll need are- Aadhaar- You’ll need to keep your Aadhaar Card handy as you will need it at the time of savings account online application. PAN- Your PAN (Permanent Account Number) is the most important primary financial identity that you need for any monetary service availed. This document is also considered an official ID proof. Except this, if you want to open a savings account in person, you will need the following documents- ID Proof- Your ID proof can be your Voter’s ID Card, Passport, Driving License, PAN, Aadhaar, etc. Local Address Proof- Local Address proof means that the address of where you live and where you want to open the savings account should match. The documents for this proof may include, Bank Statements, Telephone/ Electricity/ Water bills, rent agreements, etc.

To apply for opening a savings account, there is no such strict eligibility criteria in most of the banks as no income or occupational track need to be presented. The basic eligibility criteria includes- You should be a citizen of India, NRI or Foreign National staying within the country, as per the constitution’s specifications. You must be at least 18 years old to hold a savings account as attaining adulthood is a prerequisite for opening a savings account.