Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. It can thus be said that the convenience of keeping the money in a savings bank account and earning interest is also the simplest form of investment.
The India Post Payments Bank (IPPB) offers customers a facility to open savings accounts digitally using their IPPB mobile app. Post Office account holders can easily carry out basic banking transactions using their IPPB mobile app. IPPB Mobile App can be downloaded from the play store on Android phone or app store for iPhone. State Bank of India Savings Account Welcome Kit. Following approval of the bank, the customer will receive a savings account welcome kit. The kit will contain: SBI ATM debit card; The PIN will be sent in a separate post. SBI cheque book of 10 leaves. Pay-in slips; One will have to ensure that the welcome kit is sealed on arrival.
Features & Benefits of Savings Account
Even though there are so many options to save money, the charm of Savings Account is still noticeable. Zero balance savings account has also got so much attention for its advantage of having the privileges of a savings account without maintaining any minimum balance in it. The features and benefits of Savings Account are as follows
- Safe and secure way to save money
- You can earn interest up to 8% per annum
- There is no minimum balance requirement for zero balance accounts
- Any Indian resident with valid ID proof can open this account
- There are no restrictions on how many bank accounts you can have
- You get ATM withdrawal option and Netbanking
- You can open a joint account with your family member
- Debit card issued can be used for payments
What is the minimum balance for a Savings Account?
The minimum balance required to maintain a savings bank account is subject to change from one bank to another just like the rate of interest. There are mainly two types of savings account - regular savings account and zero balance savings account. Banks have a certain minimum balance limit which an account holder has to maintain else he/she has to pay the penalty.
However, with the changes in other banking products, a savings account has also seen a major shift from being minimum balance account to zero balance savings account. Many banks now offer zero balance savings account due to increased demand as compared to the age-old pattern of keeping thousands in the bank account to avoid penalties. The savings account interest rate on these accounts are also high which makes it even more appealing.
List of All Banks Savings Account Interest Rates and Minimum Balance 2021
|List of Savings Account Banks||Minimum Balance Required(INR)||Savings Account Interest Rates (p.a.)||Features|
|Axis Bank||0/10000/25000/100000||3.50% - 4.85%|
|Bank of Baroda||0/5/1000||2.75% - 3.00%|
|Bank of India||500/5000/10000/20000/100000||3.00% - 3.25%|
|Bandhan Bank||0/2000/5000/25000/100000||4.00% - 7.15%|
|Bank of Maharashtra||1000||2.75%|
|Central Bank of India||50||2.75% - 3.00%|
|Dena Bank||0||2.75% - 3.00%|
|Digibank||0||3.50% - 6.00%|
|Federal Bank||0||2.25% - 3.65%|
|HDFC Bank||2500/5000/10000/25000||3.00% - 3.50%|
|ICICI Bank||0/1000/2000/2500/5000/10000||3.00% - 3.50%|
|IDBI Bank||500/2500/5000||3.30% - 3.80%|
|IDFC Bank||25000||6.00% - 7.00%|
|Indian Overseas Bank||500-1000||3.25% - 3.50%|
|IndusInd Bank||0/10000/25000/2500000||4.00% - 6.00%|
|Jammu & Kashmir Bank||0/500/1000||3.00%|
|Karnataka Bank||0/500/1000/2000||3.00% - 5.00%|
|Kotak Mahindra Bank||0/2000/3000/5000/10000/20000||Upto 4.00%|
|Lakshmi Vilas Bank||1000/3000/5000||3.25% - 6.00%|
|Oriental Bank of Commerce||0/500/1000||3.50% - 3.75%|
|Punjab National Bank||500/1000/2000/50000||3.50% - 3.75%|
|Punjab and Sind Bank||500/1000||3.10% - 3.50%|
|South Indian Bank||0/2500/5000||2.35% - 5.00%|
|State Bank of India||0/1000/2000/25000||2.70%|
|UCO Bank||0/100/250/500/1000/1500||2.50% - 2.75%|
|Union Bank of India||0/20/100/250/500/1000||3.00%|
|United Bank of India||0/50/100/500||3.50% - 3.75%|
|Vijaya Bank||500/1000/2000||2.75% - 3.00%|
|YES Bank||0||Upto 6.00%|
How to Open a new Savings Account Online
The procedure for online savings account opening with zero balance is very simple through Wishfin. The portal allows paperless process with no upfront verification. There is instant approval facility available which makes account opening process the easiest thing ever. The details required to apply for online savings account are as follows:
- Full name
- Mobile number
- Email ID
Once the above details are provided, the applicants can compare different banks offering a savings account with zero balance and then apply for the bank as per the choice. The complete process just takes a few minutes.
India Post Savings Account
Savings Account Interest Calculator
Savings Account interest calculator can be used to calculate the estimated investment growth over time. It helps you set a goal and then save money accordingly. The calculation can be done by mentioning the annual interest, invested amount and time period. For a shorter time period, you need to invest more money and vice versa.
Difference between Savings and Current Account
Savings account and current account have some similarities as well as some differences. A current account, on one hand, is one of the important things to have for businessmen as it allows a higher number of transactions on a regular basis as compared to the savings account. There is no interest provided by a current account by most of the banks but the overdraft facility can be availed easily. The minimum account balance (MAB) required on a current account is also very high as compared to the savings account. For better understanding, have a look at some of the basic difference between savings and current account.
|Features||Savings Account||Current Account|
|Type of Account||Deposit Account||Daily Transactions|
|Minimum Account Balance (MAB)||0||Minimum INR 10,000|
|Interest Rate||Up to 7%||NIL|
|Free Transactions Allowed||Limited||Unlimited|
India Post Savings Account Login
Thus, savings account, especially online savings account, is suitable for anyone who wants to earn interest on their deposits. Current account, on the other hand, is preferred by the individuals and firms who require monetary transactions on a day-to-day basis. Also, the highest savings account interest rate can be earned on a zero balance account and not on a regular bank account.
Below are some of the queries frequently asked about a savings account.
How to check your Savings Account balance?
Jumba bet casino. You can check your Savings Account balance through ATM, NetBanking, SMS and Passbook.
DoP Internet Banking - Post Office Internet Banking
India Post also facilitates internet banking service through DoP internet banking. You can check your account balance or for any other banking services, you can login through its internet banking portal with the help of a username and password.
Tax Exemption on Savings Account
Under Income Tax Act 80TTA, interest up to INR 10,000 is exempt from tax. For senior citizens, the tax exemption on a savings account interest rate is up to INR 50,000 under Income Tax Act 80TTB.
The Department of Post has launched India Post Mobile Banking App for its savings account customers. This mobile banking facility will be available to all savings account customers of CBS (core banking solutions) post offices.
India Post Mobile Banking App
With the launch of this facility, using your post office savings account just became easier. You can download and install this app from the Google Play Store.
This app will help savings accounts customers to do transactions into their PPF accounts and other post office schemes online without physically visiting to post offices.
The department of Post launched the internet banking facility for its customers about a year ago. The Department announced this app launch via a circular on October 14, 2019. Click here to read the full circular.
Below are some details of how you can use the India Post Mobile Banking App.
Eligibility criteria for availing Mobile Banking facility
Open An Online Savings Account
The eligibility criteria for availing India Post Mobile Banking App are as follows:
- You should have a savings account in CBS post office.
- Single or Joint “B” account type customers allowed to avail this facility.
- You should have a valid login ID and Internet banking credentials. If internet banking is not enabled, mobile should be enabled after enabling the net banking option at the CIF level by the SOL.
- Joint “A”, Minor, Lunatic, Illiterate, branch office accounts are not allowed for availing this facility.
Pre-requisites for availing this facility
You need to fulfill certain pre-requisites to avail this facility. The pre-requisites are as follows:
- You should have a valid Email ID and PAN number.
- You should have a valid unique mobile number
- CIF ID should be updated with the correct first and last name, DOB, gender, father’s name, valid identity and address proof, correct present address, PAN number, mobile number and Mother’s Maiden name.
How to apply for India Post Mobile Banking App?
You need to apply for this facility at any CBS head/sub-post office but not in branch offices. You need to submit a duly-filled mobile/internet banking request form available with the post office.
The KYC of the account holder should be completed.
If you have opened a savings account after migration to CBS with proper KYC documents, then there is no need to complete KYC formalities.
If you have opened a savings account before migration of the post office to CBS, then you need to submit KYC documents along with service request form.
You can submit this request form only in the CBS post office where the savings bank account stands. Your mobile number should be unique and same mobile number should not be used for any other CIF.
Once this request form submitted, you can activate this facility after 24 hours. You can download and install India Post Mobile Banking App through Google play store.
The self-explanatory steps will guide you while performing the activation process. Your CIF ID will be your user ID and the transaction password will be the same which has been already set through internet banking.
For any complaint regarding this facility
You can either dial toll-free number 1800-425-2440 or send an email at [email protected] If you complain at any CBS post office, your complaint accepted and forwarded to the above email ID.
Facilities through India Post Mobile Banking App
You can avail the following facilities via this facility:
- Account balance and details – Saving, RD, LARD, PPF, Loan against PPF, TD, and NSC.
- Transaction history – Saving, RD, PPF, Loan against PPF, TD, and NSC.
- Get Mini statement – Saving and PPF accounts.
- You can transfer funds to own savings accounts and other user’s post office savings accounts.
- You can also transfer funds from your savings account to own/linked RD and own/linked LARD accounts.
- Funds transferred from your savings account to own/linked PPF (Subscription and Loan on PPF) accounts.
- Service request for RD account opening.
- You can also request for Time Deposit account opening.
- Service request for stopping cheque payment.
How to disable this facility?
If you want to disable this facility, then you need to approach your home branch post office. It will take 24 hours to disable this facility.
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With this mobile banking facility, using your post office savings account just became easier. India Post Mobile Banking App will help you to do transactions into your PPF account and other post office schemes online without physically going to the post office. You can also transfer funds you’re your savings account to own/linked PPF accounts online.
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