Do you have a lot of money in your Bank Account and wondering what to do with it? You might be tempted to put it away and forget about it, but that is never a good idea because there are many ways to use the excess cash. Opening a Savings Account is one of those methods, but not any Savings Account. Look for one that caters specifically to your needs.
Most accounts are perfect for young people who are starting to earn, while others are better for old age who do not want to rely on dependents.
- Youth Savings Accounts
For enthusiastic youngsters, many banks offer a range of facilities under the umbrella of Youth Savings Account. Those between the age group of 18 years to 25 years can open it and make the most. The eligibility criteria require you to be a country resident with valid documents to prove them. These accounts also require a minimum initial deposit, which differs from Zero-Balance Account, which requires no balance maintenance.
You need a minimum Average Monthly Balance set by the bank. The benefits offered are:
- Easy access to education Loans
- Special discounts and offers for online shopping
- Accidental hospitalisation and Death Insurance cover
- Guaranteed cashback on transactions
- Free Net, Phone, and Mobile Banking facilities
- Women Savings Accounts
For career-oriented females, many banks have facilities called Women Savings Accounts. To be eligible to make the most of these facilities, the first account holder should be a woman fulfilling all the criteria of a regular account. Depending on the bank, an initial deposit and a minimum AMB are required for these accounts. Besides the benefits, these accounts give you a lower interest rate on Two-Wheeler Loans.
- Senior Citizen Savings Accounts
For older adults, banks have made the process of online Savings Account opening effortless. Some banks also have the unique option of a Senior Citizen Account to ensure the facilities suit your needs. The eligibility criteria are like that of a youth account, except that the age of the first account holder should be above 55 years. A minimum initial deposit and AMB are essential, depending on the bank.
The benefits offered for such accounts are like those provided for the categories mentioned above, except that they are tailored to senior citizens' needs.