Savings Account

You can start a savings account online or in a bank location. Identification, proof of address, and an initial deposit are usually required. You'll get an account number to access money after opening the account.

Proof of identity: Aadhaar card, PAN card, passport, voter ID, driving license, etc.
Proof of address: Aadhaar card, utility bills, rental agreement, bank statements, etc.
Two recent passport-sized photographs
Minimum initial deposit (amount varies depending on bank and account type)

The minimum balance varies by bank and savings account type. To avoid costs or earn a better interest rate, some accounts demand a minimum balance.

There are several types of savings accounts in India, each with its own features and benefits:
Regular Savings Account: This is the most basic type, offering easy access to your money and ATM withdrawals.
Salary Savings Account: Often offered by your employer's bank, these accounts may come with benefits like waived minimum balance requirements or higher interest rates.
Senior Citizen Savings Account: Tailored for individuals over 60, these accounts may offer higher interest rates and specific benefits like free checkbooks.
High-Yield Savings Account: These accounts offer higher interest rates than regular savings accounts, but may have restrictions on withdrawals or minimum balance requirements.
Digital Savings Account: Opened and operated online, these accounts offer convenience and may have fewer fees.

A saving plan organizes regular savings for financial goals like buying a house, supporting college, or building an emergency fund. Contributing a defined amount at regular periods helps people save and reach their goals.

Savings account interest is computed as an APR - Annual Percentage Rate and compounded daily, monthly, or annually. Future interest estimates may include both the principal and the accumulated interest.

Common charges include:
Minimum balance penalty: If your balance falls below the minimum requirement, you may be charged a fee.
ATM withdrawal fees: Charges for using ATMs outside your bank's network or exceeding a certain number of withdrawals per month.
Account maintenance fees: Some banks charge a monthly fee for maintaining your account.