Saving is the first step toward financial freedom, but choosing the right account makes all the difference. With multiple types of savings accounts available, it is easy to get confused. Here is a clear guide to help you understand your options—and how you can pair them with other safe investments like Fixed Deposits (FDs) for better returns.
Types of savings accounts in India
Banks in India offer a variety of savings accounts tailored to different customer needs. Here’s a breakdown of the most common ones:
1. Regular savings account
The most common account type, suitable for day-to-day savings.
- Easy access: Withdraw money anytime via ATMs, debit cards, or net banking.
- Minimum balance requirement: Usually mandatory; failure to maintain it attracts penalties.
- Lower interest rates: Compared to other saving options, returns are modest.
If you want higher growth on your idle funds, you can move a portion into a Bajaj Finance FD, which offers returns of up to 7.30% p.a., much higher than savings account rates. Open FD.
2. Salary account
Designed specifically for salaried employees, often created in partnership between companies and banks.
- No minimum balance requirement: Many salary accounts waive this condition.
- Additional perks: Free debit cards, discounts, or special banking services.
Instead of letting your salary sit idle, set up a Bajaj Finance FD with flexible tenure (12–60 months) to grow your savings without effort. Check latest rates.
3. Women’s savings account
Aimed at empowering women with features such as:
- Better interest rates compared to regular savings accounts.
- Low or no minimum balance requirements.
- Special benefits like free ATM withdrawals or discounted loans.
4. Senior citizen savings account
For individuals above 60 years, these accounts offer:
- Higher interest rates than regular accounts.
- Relaxed minimum balance rules or complete waivers.
- Extra benefits like insurance, free cheque books, or healthcare discounts.
Senior citizens can further boost their income with a Bajaj Finance Senior Citizen FD, offering one of the highest FD rates in India—up to 7.30% p.a. Book an FD now!
