While Savings Accounts typically need you to maintain a minimum balance, some banks offer Savings Accounts with a zero minimum balance requirement.
You can apply for a Debit Card on your Savings Account to avail exciting offers, discounts, etc on online purchases and PoS transactions.
Earn interest on your Savings up to 7%.
Savings Account Details
- What is a Saving Account?
- Eligibility Factors
- Documents Required
- Account Verification process
- Rate of Interest
- Other Details
Banks usually offer an interest rate of 3.5% to 7% on Savings Accounts. This number depends on your bank, the type of Savings Account you’re holding with them, and its minimum balance requirements.
Credit score:650 or above with a good credit history
- Self-Employed professionals
Minimum Net Income (Monthly):
- ₹15,000(non-metro cities)
- ₹20,000( metro cities)
- Employed at current company for at least 6/12 months
- Proof of Identity: PAN Card / Voter ID / Aadhaar Card / Passport / Driving License
- Proof of Address: Aadhaar Card / Lease Documents / Property Purchase Agreement / Utility Bill / Passport / Driving License
- 2 passport size photographs.
- Start by selecting a bank whose Savings Account is best suited to your needs.
- Submit an online application for opening a Savings Account with them on Apnapaisa.com. Your application will be transferred by us to your preferred bank.
- Having received your Savings Account application, a representative from Apnapaisa.com will call you to verify its details. A pick-up for the documents required will then be subsequently arranged by us or your preferred bank at a place and time of your convenience.
- As soon as your documents are collected and successfully verified, your Savings Account application will be approved by the said bank.
- Sign the relevant documents and your Savings Account will be created.
- Zero Balance Savings Account:
Account holders holding a Zero Balance Savings Account are not required to maintain any minimum balance. These accounts usually come at a low rate of interest.
- Regular Savings Account:
This is the most common type of Savings Account. It comes with limited facilities and basic rates for service. The prescribed minimum balance for this type of Savings Account varies from one bank to another.
- Salary Account:
Salary Account is a type of Savings Account that can only be availed by a salaried individual. Companies directly deposit the employee's monthly salary into this account. For all practical purposes, a Salary Account functions like that of Zero Balance Savings Account. Meaning, one does not have to maintain a minimum balance. If a Salary Account is not credited with monthly salary for 2-3 months, it automatically gets converted into a Regular Savings Account.
Frequently Asked Questions