Saving money is essential for everyone, no matter what their financial situation looks like. Especially during emergencies, it is pretty common for people to rely on their savings, for which opening a savings account is integral. Reputable financial institutions like Axis Bank offers Axis ASAP savings account. It is a new-age digital savings account that you can open online and get online access to all of Axis Bank’s 250+ services.
Today, savings accounts help plan for short-term needs, such as an emergency fund or long-term goals like making a down payment for a home. Savings Account comes with the facility of internet banking, thereby allowing account holders to initiate a fund transfer, check their balance, request for a cheque book, and get a detailed description of the monetary transactions of their account.
A savings account also allows the customers to enroll in the Public Provident Fund (PPF). There are no restrictions or barriers to the total number of withdrawals and deposits a customer can make.
Types of Savings Accounts
Today, banks across the country are offering specialised savings accounts to cater to their individual customer needs. The different types of savings accounts have been mentioned below:
- Regular Savings Account
- Salary Savings Account
- Senior Citizen Savings Account
- Children or Minor Savings Account
- Woman’s Savings Account
Regular Savings Account
It is a primary type of savings account, customers can easily earn interest over their deposits, and this account comes with a minimum balance requirement. Customers can make deposits and withdrawals. It is a perfect choice for your day-to-day banking needs. Like your regular savings account, you can easily open an Axis ASAP savings account simply by registering your Aadhar, PAN and other basic details.
Salary Savings Account
Ths salary savings account is usually meant for people who are employed. The customer will receive his/her monthly salary in this type of savings account. Salary Savings account does not come with any minimum balance requirement. Customers can avail of several facilities, such as the internet banking facility that comes with this type of account.
Suppose, by any chance, your salary is not credited to this account for 3 months. In that case, the salary savings account will automatically be converted to a regular savings account with a minimum balance requirement.
Senior Citizen Savings Account
This account is specially designed for senior citizens. The senior citizen savings account comes with special privileges and higher interest rates for the depositors. Senior citizens can use this account, link it to their pension funds, and manage it properly using the savings account. Furthermore, account holders get insurance benefits and preferential rates on fixed deposits.
Children and Minor Savings Account
This account is meant to encourage children to save for the future or enable parents or guardians to save for their child’s bright future. Banks across the country offer special savings accounts for children and minors. It does not come with a minimum balance requirement, and the facilities and features are similar to that of a regular savings account.
Women’s Savings Account
It is a special type of savings account that caters to women. Banks around the country have rolled out several women savings accounts that allow them to avail high-value loans at attractive interest rates. This account is an ideal choice for female entrepreneurs who are planning to start a business. Similar to a regular savings account, you can customise the account according to your needs. A minimum balance is needed, and the account holders can get shopping related benefits.
Start Your Banking Journey with Axis ASAP Savings Account
These are some of the different types of savings account that you need to know about. However, suppose you are opening a savings account for the first time. In that case, you can consider the option of opening your savings account with one of India’s most trusted and reputable banks, such as Axis Bank. They allow you to open instant savings account online, in four simple steps.
The Axis ASAP Savings Account offers secure transactions via debit card, UPI, NEFT, IMPS and RTGS post account activation.
Begin your digital banking journey with the Axis ASAP Savings Account today!