Savings account
A bank account for keeping your own money safe, earning a little interest, and making payments.
A savings account is the everyday home for your money. It is safe, easy to reach and pays a little interest, which makes it right for money you will need soon. That low interest is also why it is the wrong place for money meant to grow over many years. Most regular savings accounts ask for a minimum balance, so read the bank’s schedule of charges before you open one.
Questions people ask
What is a savings account?
A savings account is a bank account for your own money. It keeps the money safe, pays a small amount of interest, and lets you pay and receive money by UPI, cards, cheques and transfers. It is the account most people use every day.
Is money in a savings account safe?
Bank deposits, including savings accounts, are insured by the Deposit Insurance and Credit Guarantee Corporation up to 5 lakh rupees per depositor per bank, counting principal and interest together. Check the current cover limit on dicgc.org.in.
Do all savings accounts need a minimum balance?
Most regular ones do, usually as a monthly average. A Basic Savings Bank Deposit Account needs no minimum balance at all under RBI rules, and a salary account is often exempt while your salary keeps coming in.
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