What are the Different Types of Savings Accounts in India

If you’re looking to get started on your journey of personal finance, a Savings Account is the first and most fundamental financial product needed. A Savings Account can be opened with Commercial Banks, Co-operative Banks and Post Offices. For most people, a Savings Account is one of the first financial products they obtain in their name. But interestingly, there’s not just one kind of Savings Account that’s available. You can choose from different types of accounts to hold your money securely.

Let’s check out the different types of accounts for your savings.

1.Basic Savings Account

A Basic Savings Account is a simple type of account that you can open with a financial institution. It simply serves the purpose of holding your money in a secure space. In exchange for this, you get to earn interest on the amount deposited. The rate of interest varies from one bank to another. Basic Savings Accounts often have a minimum balance requirement and you need to take care that the balance in your account doesn’t fall below that limit.

2. Family Savings Accounts

Family Savings Accounts are types of accounts that enable all the members in your family to address their diverse banking needs through one common platform. It offers account holders a range of benefits over the regular, Individual Savings Account, such as lower minimum balance requirements, added banking privileges and superior benefits like Wealth Management and Private Banking. ICICI Bank’s Family Banking division offers account holders all this and more.

3. 3-in-1 Accounts

These accounts are perfect for investors looking to trade in the markets, because it offers the benefits of 3 accounts from 1 common point. You get to open a Trading Account, a Demat Account and a Regular Bank Account with this product. With the rising popularity of retail trading in the country, many leading banks and financial institutions offer 3-in-1 accounts as a part of their offerings. 

4. Salaried Accounts

Salaried Savings Accounts are exclusive products developed for salaried employees. Now, they generally feature all the regular advantages of any other basic Savings Account. Over and above this, Salaried Accounts often also offer the benefit of zero minimum balance requirement. This means that account holders need not ensure that there’s any minimum balance always remaining in the account. 

5. NRE/NRO Accounts

These are types of accounts curated for Non-Resident Indians (NRIs). A Non-Resident External (NRE) Account is a bank account opened in India in the name of a Non-Resident Indian. Funds earned in foreign countries can be parked in NRE Accounts. A Non-Resident Ordinary (NRO) Account is also an account opened in the name of an NRI. This account is primarily to help NRIs park the funds they earn in India. Most leading banks in the country offer bank accounts for NRIs.

How to find your Account Type?

You can find the type of Account you hold with ICICI Bank using any of the following ways:

• Check your passbook, where the account type is mentioned
• Use the iMobile app and navigate to the ‘Accounts’ section
• Request a Mini Statement at an ICICI Bank ATM to view your Account details
• Log into Internet Banking and check the ‘Account Summary’ section for your Account type.

These methods will give you quick access to your Account information.

Conclusion

There are many different types of Savings Accounts in India. And before you choose the kind of account you wish to open, analyse your requirements and select the kind of account that will best meet your needs. It also helps to read up the terms and conditions associated with the account, so you can make use of it optimally.

Terms and Conditions apply.

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