Overview

A savings account is a bank account that allows you to deposit money and earn interest on it. You can use a savings account to save for a specific purpose, like a vacation, an emergency fund, or a new car.

Here are some key features of a savings account:

• Interest:
  

  Savings accounts pay interest on the money you deposit, and the interest is compounded over time. However, the interest rate on a savings account is usually lower than other options like CDs or bonds.

• Withdrawals:
  

  You can withdraw money from a savings account whenever you need it. However, some savings accounts may limit how often you can withdraw funds.

• Minimum balance
  

  Most banks require you to maintain a minimum balance in your savings account. if you don't maintain the minimum balance, you may have to pay charges or fines.

• Safety:
  

  Savings accounts are considered a safe place to keep your money. In many countries, savings accounts are protected by deposit insurance.

• Accessibility:
  

  Savings accounts are liquid investments, which means you can easily access your money when you need it.

  To open a savings account, you'll usually need to be at least 18 years old and have a PAN card. You may also need to provide proof of identity and residence, such as a driving license, voter ID, or ration card.

Savings Account Eligibility Criteria

To open a savings account in India, you must meet the following eligibility criteria:

• Be a resident Indian or a foreign national residing in India for more than 180 days.
• Be at least 18 years old.
• Provide proof of identity, such as a passport, voter's ID, driving license, or Aadhaar card.
• Provide proof of address, such as a passport, voter's ID, driving license, Aadhaar card, utility bill, bank statement, or bank account passbook.
• Provide signature proof, such as a PAN card, driving license, or passport.
• Provide two recent passport-sized photographs.
• Depending on the type of account, you may need to provide additional documents, such as age proof for senior citizens or relevant documents to establish NRI status for NRIs.
• Minors under 18 years of age can open minor/kids savings accounts. If the minor is under 10 years old, a parent or legal guardian must operate the account. Minors aged 10 and above can operate the account independently with the guardian's consent.

Benefits:

Savings accounts can provide a number of benefits, including: