Different Types of Savings Accounts In India | HDFC Bank (2024)

FAQs

What are the 4 types of bank accounts in India? ›

NRI Account Meaning:

An NRI Account refers to the accounts opened by a Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) with a bank or financial institution which is authorised by the Reserve Bank of India (RBI), to provide various services.

IDFC FIRST Bank offers interest rate up to 7% on balances more than Rs 10lac to less than Rs 5 crore. The new rates are effective from July 1, 2023.

Which bank is the safest bank in India? SBI, or the State Bank of India, is amongst the safest banks in India. The Reserve Bank of India regulates the bank and is the most significant public sector bank.

Why Trust Us? As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

What is better than a savings account in India? ›

Fixed deposit is a versatile instrument that allows you to choose different tenure. You can choose from 12 months to 60 months and ensure that your FD are flexible and provide liquidity. The interest on FD can go higher, depending on the type of fixed deposit, duration, and the financial institution.

Zero Balance or Basic Savings Account

This is similar to the regular Savings Account, but unlike that account, you are not required to maintain any minimum balance for this account. It does, however, come with an ATM/Debit Card for your daily transactions.

The seven percent savings rule provides a simple yet powerful guideline—save seven percent of your gross income before any taxes or other deductions come out of your paycheck. Saving at this level can help you make continuous progress towards your financial goals through the inevitable ups and downs of life.

Millionaires Don't Keep Much in Their Traditional Savings Accounts. “My millionaire clients keep very little of their net worth in a traditional savings account.

The four basic types are checking account, savings account, certificate of deposit and money market account. Each kind of account serves a different purpose. For instance, a checking account is geared toward covering everyday expenses, while a savings account is designed to help achieve short-term financial goals.

Category IV: applies to all organizations with at least $100 billion in total consolidated assets that do not apply to categories I-III. FRB goes beyond EGRRCPA - The proposal goes beyond EGRRCPA by tailoring standards for firms between $250-700 billion (EGRRCPA only indicated a change for $100 to $250 billion).

Each account has a specific purpose to help you budget and hold yourself accountable. The method is composed of five bank accounts: two checking accounts (one for your bills and the other for your lifestyle expenses) and three savings accounts (for your emergency fund, long-term goals, and short-term goals).