Types of Savings Accounts
- Regular Savings Account – Standard account for everyday banking
- Zero Balance Account – No minimum balance requirement
- Salary Account – Employer-linked account
- High Interest Accounts – Premium rates for larger balances
- Women’s Savings Account – Special benefits for women
- Senior Citizens Savings Account – Higher interest for seniors
- Minor’s Savings Account – Guardian-operated accounts for children
- NRI Savings Account – For Non-Resident Indians
Key Milestone:
After RBI deregulated interest rates in 2011, Kotak Mahindra became the biggest disruptor in Savings Accounts category by providing interest rates as high as 7% (Equivalent to FD rates of most banks).
