Types Of Savings Accounts And Their Differences

There are different types of savings accounts. Some are meant for specific individuals while others offer premium benefits. Check out some of the common types.

Regular savings account

This is a basic account which requires you to maintain a minimum average balance and offers all banking facilities.

Women’s savings account

This account is for women. It offers preferential interest rates and banking privileges like free locker rental, premium debit card, etc.

Senior citizen’s savings account

Meant for individuals aged 60 years and above, the account offers higher interest rates and lower average balance requirement.

Zero balance/salary account

This account is for salaried employees and is meant for easy salary credits. It does not require any minimum balance requirements. 

Minor’s savings account

Meant for children, this account can be opened by parents in the minor’s name. It helps in teaching children the basics of banking.

Assess your needs to find the right account. Choose IDFC FIRST Bank’s range of savings accounts and earn interest up to 7% p.a. with monthly credits.