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Yes Bank is a public sector bank which was founded in 2004 and gradually became the fifth largest private sector banks in India. It is a commercial bank, headquartered in Mumbai, India.
Yes bank provides a variety of products and services in order to cater to the personal banking, business banking, and corporate banking. It has more than 600 branches and 2000 ATMs across the nation. It has also prospered in digital banking by offering a number of online and mobile services through their website and app, along with their digital payment.
Yes bank also offers a variety of savings account options to cater different needs of every customer. They also have a customisable option that allows customers to get a savings account with the benefits and features they desire.
A savings account is a deposit account held at a bank you have your account in and keep your money, earn interest on it and access it wherever required. It is the most basic type of banking instrument used by an individual. Almost every bank offers this facility that has a retail banking division whether it is a public sector bank or a public bank. However, banks can limit the number of withdrawals you can make from a savings account each month and they may also charge fees unless you maintain a certain average monthly balance in the account. And mostly, banks do not provide cheques with the savings account.
|Some Relevant Links|
|Yes Bank Credit Card Customer Care Number||Click Here|
|Link Aadhaar With Yes Bank Account||Click Here|
|Yes Bank IFSC Code||Click Here|
Interest Rates on Yes Bank Savings Bank Deposits
|Particulars||Rate of Interest|
|Savings Deposit up to Rs. 1 Lakh||5% P.A|
|Savings Deposit Between Rs. 1 Lakh and Rs. 1 Crore||6% P.A|
|Savings Deposits above Rs. 1 Crore||6.25% P.A|
Features and Benefits of Yes Bank
Yes bank has various features and it has its benefits. Keep reading to know some of the features and its benefits:
- Customers of Yes bank can enjoy the facilities of NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) payment facility via Internet banking.
- Customers can also get a debit card along with some exciting offers. The debit card is a card which deducts money directly from a consumer’s checking account to pay for a purchase they make. It also put an end with the need of carrying cash or physical cheques to make purchases.
- If you have a savings account in Yes bank, you can also enjoy unlimited access to ATMs of any bank throughout the country as it has more than 2000 ATMs across the nation.
- You can also avail higher return of up to 6% P.A on the savings account.
- You can also make use of free Demand Draft (DD) issuance through both net banking and branches.
- Use your Yes bank savings account and in order to pay your utility bills at ease
- Enjoy life insurance Purchase Protection Insurance and Card Lost Liability
- Select an account number of your choice
- With the advancement in technology, you can apply, maintain and track your saving account very easily
- Get access to mobile and SMS banking, through which you can perform necessary task from your convenient place and time
- Yes bank also provides doorstep banking services for the comfort of its customers
How To Open Yes Bank Savings Account
If you want to open a Yes bank savings account, you can follow the below-mentioned procedure:
- Acquire savings bank eligibility form in order to proceed further. You can get the form online as well.
- Fill out the form properly and submit it.
- Once submitted, the website automatically checks the eligibility of the applicant
- Generate Account Number of your choice and use it for all future communication after that.
- Keep your KYC (Know Your Customer) documents handy.
- Bank representative will contact you shortly.
Keep the Following Points in Mind Before Applying for Yes Bank Savings Account
- Your name and address should match with what is mentioned in KYC (Know Your Customer) account
- Mention your correct email ID and mobile phone number as this will be used for all future communication related to the application
- Your account will be activated on completion of KYC and other related formalities
- Also please note that this service is only available for existing Yes bank customers. And existing customers can visit the nearest branch to open an account
Types of Yes Bank Savings Account
There are different types of Yes Bank savings account such as Personal savings account, salary savings account, custom savings account etc. Let’s discuss these savings accounts in details:
Personal Savings Account
- Savings Exclusively
If you are a customer of Yes bank, you can enjoy high returns on your account balance along with doorstep services, debit card with unlimited access to ATMs in India, tax benefits on interest and more.
- Savings Advantage
You can also enjoy a high interest rate of 6% p.a. which is payable on your account balance, free demand draft (DD) issues, tax – free interest for up to Rs. 10,000 earned and a free silver debit card.
- Savings Value
You can get complete value for money with low minimum balance requirements. If you are a customer of Yes bank, you can get other benefits offered by Yes Bank.
- Savings Select
Get high returns of 6% p.a. with the benefits of a silver debit card with unlimited access, sweep-in facility, and more.
Salary Savings Account
- Smart Salary Platinum
Get access to exclusive privileges and enjoy best-in-class services with this account. There is no minimum balance required. The debit card issued with this account is an International Platinum debit card.
- Smart Salary Exclusive
Customers can avail zero balance requirements with interest rate of 6% p.a. on your account balance. And Yes bank offers the Domestic Gold debit card with this account.
- Smart Salary Advantage
Customers are not required to maintain a minimum balance, high-interest rates on the balance, and best – in – class services make this an attractive salary account. Yes bank also offers the Domestic Silver debit card with this account.
Custom Savings Account
- Customizable Savings Account
This kind of savings account gives the customer power to design their savings account. The customer can choose their own debit card, pricing options, account benefit packages and complimentary introductory offers. This savings account can be tailored to suit an individual’s lifestyle and banking preferences. The customer can also eliminate unnecessary account features and charges which are not required.
- Create Your Own Savings Account
Yes Bank offers you the option to create your own Savings Account online and enjoy features such as quarterly interest payout, unlimited ATM benefits, tax benefits, branch services and digital banking.
What is Yes Pay
Yes bank has launched a digital wallet known as “Yes Pay” through which a smartphone or social media user can transact seamlessly for payments and receipts. To avail this service both customer or non – the customer can avail this service and can register for this wallet and receive a free virtual online card that can be used to make online transactions such as mobile and DTH recharges, purchase gift vouchers and discount coupons and pay bills.
There are several benefits of “Yes Pay” which are as follows:
- You can transfer money to Yes Pay users or bank accounts
- You can also send request for money from your contact
- If you wish to split bills or expenses amongst your group you can do so
- For in-app purchase, you can contribute a specified amount regularly
- You can also recharge your phone or DTH through Yes Pay
- You can hop online at over 30,000 merchants with a single click
- Along with the purchase of mobile or tablet with Yes Pay, you can also purchase insurance in order to protect against expenses for handset damage, replacement or loss.
- You can also get attractive rewards points for transactions made through Yes Pay
- You can pay your bills and also
- You can download the latest songs across a variety of categories
To use “Yes pay”, you can download the mobile app and register for e–wallet. Through Facebook, you can easily access your Yes Pay wallet without registration. Enter your mobile phone number and enter OTP (One Time Password) which you have received on your phone. You will also have to set a 6 – digit pin as your login ID. Also, enter your personal details and your wallet will be created.
And to use it you can simply load money through your Yes Bank Account or any other bank account using internet banking or a debit card or through IMPS. Once you receive the money in your wallet, you can transfer funds and pay for a variety of purchases and bills by selecting the “Yes Pay” option at the time of checking out.
The Vijaya Bank is a public sector bank of India. The bank was established in the year 1931. The bank has its headquarters in Bangalore, Karnataka India. It is one of the nationalized banks in India. The bank has a wide network of 2031 branches and over 4000 customer touch points including 2001 ATMs. The bank offers a wide range of financial products and services to its customers through various channels. One of its services is the “Savings Account” which we will be talking about in this article.
How to Open a Vijaya Bank Savings Account
Vijaya Bank provides online as well as the offline mode to open an account. In online mode of application, the candidates can open the account online by visiting the bank’s website. Visit the bank’s website, click on the “Online SB Account Opening” Tab which is located on the right side of the page. Fill in the application form with required details. After filling the application form click on “Save and Continue” option. Then select your nearest bank branch and time slot and complete the account opening process.
In the offline mode of account opening, you can visit the nearest bank branch and apply for an account. Fill in the account opening form and submit it along with the mentioned documents to activate your Savings Account.
Types of Vijaya Bank Savings Account
The Vijaya Bank has different types of Bank’s Savings Account as per the requirement of the customers.
V Payroll Savings Account
This is a basic saving account that is exclusively for the salaried employees, such as working in the Government Firms, Private Companies, and Institutions. You can open at least 10 accounts, with each account holder earning above Rs 5000 per month. This is a zero-balance account with a concession of 50% on the Demand Draft, standing instructions and other remittances. The account holders can get an access to the Internet banking and Demat Facilities and will also receive a free Debit Card (if eligible). The account holders will also enjoy the withdrawals of up to Rs 20, 000 from ATMs.
V Genuth Savings Account
This savings account is mainly for your children. This is a zero-balance account and can be opened on the birth of a child. The first deposit will be as low as Rs 10. This is a single account holder. The guardians or the parents can operate the account till the child reaches the age of 18 years. The features of this account include free money transfers from the parent’s account to the children’s account, Internet Banking Facility, Cheque Books (for the children above 12 years). The holders will also receive a concession of 0.50% on the Education Loan Rates.
V Balika Savings Account
This is a zero-balance account that can be opened by a girl who is below 16 years of age. The girl must be:
- Scheduled Caste/ Scheduled Tribes students who have cleared Class VIII.
- She must be unmarried.
- Students of the Kasturba Gandhi Balika Vidyalaya and must have cleared Class VIII. Non-ST/SC Girl Students also qualify.
- Enrolled in Class IX in any Indian State or Union Territory school that is Government-run and run by the Local Bodies.
This is a term deposit account where the Government scheme incentive money will be deposited and the cumulative interest will be paid out as per the domestic term deposit rates. The deposits are maintained till the child reaches 10 years of age.
V Platinum Savings Account
This savings account offers the account holders a number of privileges along with many add-on benefits such as 100 free cheques leaves every year. A Debit card is also issued for free and there are no charges applied for opening a Demat Account. The additional benefits include free credit card with first-year charges and waived and accidental death insurance cover worth Rs 1 Lakhs. These benefits are subjected to the maintenance of the minimum balance.
Vijaya Saral Savings Account
This account is a single holder account and can be opened with a starting deposit of just Rs 10. There are no charges for non-maintenance of the account balance. The maximum withdrawal in a year is Rs 36. There are no folio charges for this account.
V Basic Small Savings Account
This savings account provides basic banking functions and activities. This account is for those who can comply with the Know Your Customer (KYC) Norms. The holders will not be charged with the Government issued cheques and can receive money through NEFT/RTGS Facility. This account is a zero-balance account and the initial deposit is Rs 10 and above. The Holders are eligible for a Ru Pay Debit Card or an ATM Card if in case they do not possess a PAN Card. If the account holder id having this account, the holders cannot operate with any other accounts with the bank.
V Basic Savings Bank Deposit- Small Account
This account is for the individuals who do not possess all the KYC Documents. The features and facilities are same to that of the V Basic Small Savings Account, but you will not be able to withdraw or transfer amounts above Rs 10, 000 in a month. The balance of the account will not be more than Rs 50, 000 at any stage and the total credits must be below Rs 1 Lakh per financial year.
Minimum Balance Requirements of the Vijaya Bank Savings Account
The Vijaya Savings Account offers different minimum balance depending on the type of the account, targeted customers and geographical location. Below is the lists of the balance requirements for the Bank’s Savings Account:
Type of Savings Account
Minimum Balance Requirement
V Payroll Savings Account
V Genuth Savings Account
V Balika Savings Account
V Platinum Savings Account
Metro- Rs. 50, 000
Urban- Rs. 25, 000
Semi-Urban- Rs. 15, 000
Rural- Rs. 10, 000
Vijaya Saral Savings Account
V Basic Savings Bank Deposit Account
V Basic Savings Bank Deposit – Small Account
Rate of Interests Offered by the Vijaya Bank Savings Account
The Vijaya Bank provides a rate of interest of 4% per annum, unless specified.
Eligibility Criteria Required While Opening a Vijaya Bank Savings Account
The following list of the individuals are eligible to open a Vijaya Bank Savings Account:
- Individuals (Single and Joint Account Holder)
- Hindu Undivided Families (HUFs).
- Minors (who are jointly held with a parent or a guardian)
- Minors above 12 years of age (have to furnish the proof of date of birth)
- Officers, Trusts, Associations, Clubs, Schools and Religious Institutions.
Documents Required for Vijaya Bank Savings Account Opening
The following documents have to be submitted for opening a Vijaya Bank Savings Account. The lists of the documents are mentioned below:
- Passport-Sized Photographs
- Proof of Residence
- Proof of Identity
Proof of Residence Documents
The applicants can provide any one of the documents towards the proof of residence:
- Bank Account Statement
- Utility Bills such as the Telephone Bills, Electricity Bills etc.
- Ration Card
- Letter from each applicant’s employer.
- Voter ID Card
Proof of Identity Documents
The applicant can submit any one of the following documents as the Proof of Identity Documents:
- Permanent Account Number (PAN)
- Valid Driving License
- Government issued Photo Identity Card.
- A Letter issued by a Public Authority or the Public Servant confirming the identity and the residence of the applicant subjected to the bank’s satisfaction.
For centuries and centuries, people have been saving money for their future. As future is uncertain, nobody lies what is in there for him/her in future. Saving money is a good habit and for decades, the savings account has been playing a major role in the Indian Banking.
Similarly, Kotak Mahindra is one such example. Today, in the article we are going to talk about the Kotak Mahindra’s Savings Account, its types and how to open the savings account online.
|Some Relevant Links|
|Kotak Mahindra Bank Credit Card Customer Care Number||Click Here|
|Link Aadhaar With Kotak Mahindra Bank Account||Click Here|
|Kotak Mahindra Bank IFSC Code||Click Here|
If you are able to put aside a little of your monthly income inconsistently, you will better off starting a savings account. Choosing a right kind of savings account in Kotak Mahindra can be a frugal option. A high-interest savings account can be an answer to generate sizeable yields with a marginal effort and little risk.
How to Open a Kotak Mahindra Bank Savings Account Online
To open a Kotak Mahindra Savings Bank Account Online you need to follow the following steps:
Visit the official website of Kotak Mahindra Bank- www.kotak.com
Now when you reach the homepage, go to the explore products section and select the savings account option.
Now enter the basic details and click next to go further
Then complete the Aadhaar verification and enter the personal details.
Set the PIN and at the end confirm the details.
The savings account of the Kotak Mahindra will then connect with the applicant to continue the further step. The users can also check the status through SMS alerts and e-mails.
Interest Rates on Kotak Mahindra Bank Savings Account
Rate of Interest
Savings Deposit Balance up to Rs 1 Lakh
5% per annum
Savings Deposits Between Rs 1 Lakh and Rs 1 Crore
6% per annum
Savings Deposit Between Rs 1 Crore and Rs 5 Crore
5.5% per annum
Types of Savings Account of Kotak Mahindra Bank
1. Platina Savings Account:
This account requires a Monthly Average Balance (AMB) of Rs 100, 000. In this account, you can earn up to 6% of interest per annum on the money remaining in your account. A larger debit card with a withdrawal limit of Rs 2 Lakhs limit per day is provided with the account.
2. Jifi Saver:
In this account, up to six percent of interest in available on your balance and you also get a complimentary JIFI Platinum Chip Debit Card for the initial year. The account holder will belong to the Jifi Loyalty Club and will receive assured rewards when you share or transfer funds.
3. Sanman Savings Account:
You must retain an average quarterly balance of Rs 2000 in a Jifi Saver Savings Account, which will fetch you a rate of interest of 6% on your balance.
4. Grand Savings Programme for the 55+:
With this type of savings account, you can avail up to 6% interest on the outstanding amount present in your account as well as a money back up to Rs 4500. Along with this, you are also provided with a premium service and a first aid card.
5. Ace Savings Account:
This account requires a Monthly Average Balance of Rs 50, 000 and you can make up to 6% of interest on the remaining sum in your account. This account provides a withdrawal limit of Rs 2 Lakhs via ATM.
6. Edge Savings Account:
This account requires an Average Quarterly Balance of Rs 10, 000, doing this will bring you a six percent of interest on your account balance every year.
7. Pro-Savings Account:
This account requires an average monthly balance of Rs 20, 000 and will provide you a six percent of interest in your account balance every year.
8. Classic Savings Account:
Requires an Average Monthly Balance of Rs 10, 000 and will provide you returns at six percent.
9. Nova Savings Account:
This account accumulates cash at the rate of six percent interest by maintaining an Average Monthly Balance of Rs 5000 in your account.
10. Silk- The Savings Programme for Women:
In this account, you will receive attractive rewards like free movie tickets when you spend using Kotak Silk Debit Card. You will also get rebates on the Locker Rentals, 50% waiver in Best Compliments Cards issuance charges and more.
11. Junior- The Savings Accounts for Kids:
For the kids above the age 10 are provided with a personalized Junior Debit Card and ID Card.
12. JIFI Neo Savings Account:
The Kotak Mahindra JIFI Neo Account is an essential savings account which consists of a lot of features. Through this account you receive, a 6% interest on your account balance, along with that you also get a Classic Debit Card which is available for a nominal fee of only Rs 199 per year. The debit card offers a purchasing limit of Rs 1, 50,000 along with a daily ATM cash withdrawal limit of Rs 25, 000. Provides cashless banking by making quick and secure online fund transfers via NEFT, RTGS or IMPS. You can also carry out one cash deposit ad one cash withdrawal transaction per month from your home branch, free of charge.
13. JIFI Pro Savings Account:
Through JIFI Pro Savings Account you can enjoy both Digital and Branch Banking. There are many other benefits that the account offers. Some of these include the chance of earning 6% of interest on the account deposits and the facility to carry out secure online fund transfers via NEFT, RTGS and IMPS free of charge. The account holders receive a Platinum International Chip Debit Card which offers a high daily transaction limit of Rs 2 Lakh and a daily ATM Withdrawal Limit of Rs 50, 000. The other benefits offered from this account are the Loyalty Rewards on the cash transactions, free 5 cash – pickups and delivery per month, charge free cash withdrawals from any Kotak Mahindra Bank anywhere in India and much more. Banking and the option to earn to earn higher interest by converting Saving Account Balance to Term Deposit with Kotak ActivMoney.
14. Ace Savings Account:
The Kotak Mahindra Ace Savings Account offers a wide number of benefits. It also offers access to many premium services which are linked exclusively to the account. You can earn interest up to 6% and can enjoy cashless shopping with Platinum International Chip Debit Card which carries a daily transaction and an ATM withdrawal limit up to Rs 2 Lakhs. This account provides several facilities such as Net Banking, Mobile Banking, Phone Banking, Home Banking, and Cash Withdrawals at Non-Kotak ATMs, demand draft facility, and electronic fund transfer via NEFT/RTGS/IMPS, outstation cheque collection, and multicity cheque books. The Account Holders will receive a 15% discount on Locker Rent and 25% discount on issuance of gift cards.
15. My Family Savings Account:
My Family Savings Account is a unique savings account which offers many benefits. It also offers an interest rate of 6% on account balances along with the mobile banking services and electronic fund transfer via NEFT, RTGS and IMPS. The Account Holders enjoy an additional 25% discount on the issuance charges of the Travel Card and a 15% discount on the Locker Rent. The Bank also provides a dedicated relationship manager with My Family Savings Account.
16. Alpha Savings Account:
The Alpha Savings Account is a unique account which combines the benefit of both Insurance as well as Investment with channels such as the Mutual Funds, Recurring Deposits or NPS. This account is specially designed for an age limit between 18 years to 54 years, the savings account not only provides savings but also provides investment simultaneously. Under this account, the holders earn an interest up to 6% on their account balance and other benefits such as savings on debit card transactions with up to Rs 4, 500 cashback per year. It also provides a chance to invest on different investment programs such as SIP, RD, and NPS. The insurance aspect of this program includes a life cover of Rs 20 Lakhs for your family with a nominal monthly premium of Rs 300.
Through this article, we got to know the different types of the savings account of Kotak Mahindra Bank. So, therefore, before you choose to open a savings account, choose wisely.
The IndusInd is a Mumbai- based Bank. This bank was established in the year 1994. The bank offers commercial, transactional and electronic products and services. The IndusInd Bank is one of the new generation private banks of India. The bank has its headquarters in Mumbai, India.
The bank has a wide network of 1200 branches and 1885 number of ATMs across India. It also has its representative offices in Dubai, London and Abu Dhabi.
The bank offers a number of products and services to its customers, out of which, savings account is widely used. In this article, we will be providing you complete details regarding the IndusInd Bank Savings Account.
|Some Relevant Links|
|IndusInd Bank Credit Card Customer Care Number||Click Here|
|Link Aadhaar With IndusInd Bank||Click Here|
|Check IndusInd Bank IFSC Code||Click Here|
How to Open a IndusInd Bank Savings Account
IndusInd Bank Savings Account opening is easy and hassle free. The IndusInd Bank offers both offline as well as online mode of applying for a savings account. If you want to open an account offline then you can visit the nearest bank branch and fill in the account opening form and submit to the bank officials with the mentioned KYC Documents. After the verification of the application form and the documents the bank officials will send a notification in your mobile account and within a few days the account will be activated.
In case of online mode, you can visit the official website of the bank and fill in the account opening form. One of the advantage of using the online application process is that, the documentation process will be done at your door-step which states that you don’t have to move anywhere. In other words, the bank comes to you.
Once, the account is activated, the users can check the status of their application through SMS as well as e-mails.
Savings Interest Rates Offered by the IndusInd Savings Account
The Interests Rates offered by the IndusInd Savings Account are as follows:
- For a daily balance up to Rs 1 Lakh it is 4% per annum.
- For a daily balance above Rs 1 Lakh and below Rs 10 Lakhs it is 5% per annum.
- For a daily balance above Rs 10 Lakhs it is 6% per annum.
Types of IndusInd Savings Account
The IndusInd Bank offers a wide range of savings account on the basis of the requirements of the people.
The types of Savings Account that the bank offers are:
Indus Exclusive Savings Account:
This savings account offers numerous lifestyle and privileges along with rewards and benefits to its customers. Thus, through this account you earn benefits and rewards with each purchase.
Indus Select Savings Account:
This is a premium savings account. The account provides Air Accident Insurance, Fire and Theft Insurance and other premium benefits.
Indus Maxima Savings Account:
This account comes with a number of benefits such as maximum number of withdrawals at ATMs of other banks, free debit cards and add-on accounts. Also offers free funds transfer through NEFT/RTGS.
Indus Privilege Savings Account:
This savings account can be opened by the minors. This special account offers facilities such as low minimum balance requirement, free Internet and Mobile Banking, round the year (at selected branches) etc.
Indus Privilege Active:
This is a transaction based account and has no minimum balance requirement. It also comes with a unique feature called as “My Account My Number” that allows you to choose your own bank account number.
Indus Diva Savings Account:
This is an ideal savings bank account number which is exclusively designed for the women of today. This account offers all the required facilities to meet the banking needs of a woman.
Indus Senior Savings Account:
This type of savings account offers a comfortable and convinient banking experience. This account is specially designed for the senior citizens of our country.
It comes with a unique benefit of leveraging Demat and savings account for e-trading through Kotak Securities.
Indus Young Saver:
It is a ideal savings account for the minors. This savings account offers the customers a zero- minimum balance account. The account can be opened with a minimum deposit of Rs 11.
Indus Classic Savings Account:
This savings account offers the customers the flexibility of managing their funds between their Savings account and Fixed Deposits without worrying of maintaining a minimum balance.
Indus Easy Savings Account:
This savings account is a zero balance account and offers an excellent banking feature to its customers.
Not only this, the IndusInd Bank also offers its customers a wide range of Corporate Salary Accounts as well.
Indus Comfort Exclusive:
This accounts comes with the benefits such as discounts on the lockers, reduces processing fee for loans, unlimited ATM Withdrawals in India as well as Abroad.
Indus Comfort Select:
This salary account offers lifestyle privileges, discounts on the lockers plus other benefits as well.
Indus Comfort Maxima:
This salary account offers the customers to earn an attractive interest of 6% per annum and other added benefits.
Indus Comfort Premium:
This is a corporate salary account which comes with a bulk of benefits. It offers a zero minimum deposit for opening the account. Also offers an attractive interest rate of 6% per annum.
Minimum Account Balance of IndusInd Bank Savings Account
The following savings account of the IndusInd Bank have the following minimum balance requirements:
Indus Maxima Savings Account and Indus Diva Savings Account:
The average quarterly balance requirement is Rs 25, 000 and a penalty of Rs 900 is charged if the account balance is less than Rs 12, 500. Rs 600 is charged if the account balance is more than Rs 12, 500 but less than Rs 18, 750. A penalty of Rs 300 is charged if the balance is more than Rs 18, 750 but less than Rs 25, 000.
Indus Senior Savings Account:
The average monthly balance requirement is Rs 10, 000 or a Fixed Deposit of Rs 2, 50, 000. A penalty of Rs 250 is charged if the account balance is above Rs 5000 but below Rs 10, 000 and a penalty of Rs 350 is charged if the balance is below Rs 5000.
Indus Classic Savings Account:
The minimum balance requirement in the “A” Category branch is Rs 10, 000 or a Fixed Deposit of Rs 50, 000. A minimum balance requirement of Rs 10, 000 or a Fixed Deposit of Rs 35, 000 is required in the “B” category branches. Rs 2500 or Fixed Deposit of Rs 25, 000 is the minimum balance requirement in the “C” Category Branch. For “C1” Category branches, the minimum balance requirement is Rs 1500 or Fixed Deposit of Rs 25, 000. The penalty charges ranges from Rs 250- Rs 350, depending on the available balance of the account.
Indus Privilege Account:
The minimum balance requirement is Rs 10, 000 in “A” Category branch and “B” Category Branches. For the “C” and “C1” Category Branches the minimum balance requirement is Rs 5000. The penalty charges ranges from Rs 250- Rs 350 depending on the available balance of the account.
Important Information on IndusInd Bank Savings Account:
- For Indus Senior Savings Account, the applicant must be an Indian resident and should be above 60 years of age. In case of the joint accounts, the first applicant must be a Senior Citizen.
- The Indus Easy Savings Account is a Basic Savings Bank Account (BSBDA). The applicants above 18 years can open this account. The BSBDA is a type of account that is introduced by the Reserve Bank of India. This features of this savings account is that: it requires minimum balance requirement and the submission of the KYC Documents is minimal.
- The Indus Diva Savings account offers 25% of standard locker free along with door-step banking facilities.
- If you are a NRI residing in India for more than 180 days then you can open a IndusInd Savings account. For this you need to provide your passport, visa and proof of residency in India.
Syndicate Bank is an Indian National Bank. The bank is one of the oldest banks in India. It was established in the year 1925 in Udipi. The bank has its headquarters in Manipal, Karnataka. The bank came into the spotlight in the year 1964. Currently, the bank has a wide network of around 3552 branches across India. The bank also has a vast ATM Network that covers almost every regions in India.
The bank has also opened up a school of banking to train the future finance professionals and equip them with the skills that are required to excel in the field of Finance.
The bank has also launched many savings accounts, with number of benefits and privileges and encourage the people to save their money. The bank has different schemes as per the requirement of the people.
In this article, we will be providing you the information about the Syndicate Bank’s Savings Account, its interest rate, types of savings account and its features are much more.
Syndicate Bank Savings Account Interest Rate
The bank offers an attractive rates on its savings accounts. The current rate is 4% per annum.
Syndicate Bank’s Minimum Balance Requirements
Every type of Savings Account of the Syndicate Bank offers a different type of Minimum Balance Requirement. Let’s have a look:
Types of Savings Account
Average Monthly Balance Requirement
No Minimum Balance Requirement
Premium Savings Account
Rs 10, 000
Special Premium Savings Account
Rs 20, 000
How to Open a Syndicate Bank’s Savings Account
Well, opening a savings account in the syndicate bank is quite simple. The process is not breath taking. It can be completed in just few steps. You can open a savings account either by offline or online.
Opening your Savings Account Online
Opening a savings account online is a 3-step process. This service is available to the Indian Residents who are above the age of 18 years only. All you have to do is visit the official Syndicate Bank website and fill in the account opening form. Provide the essential details such as your e-mail address, mobile number and KYC Documents mentioned in the form. Then visit the nearest bank branch and submit the required documents. The bank officials will then verify the documents and application form and once, you are done you will be notified that your account is active.
Offline Procedure of Opening a Savings Account
If you are not comfortable with the offline procedure, then there is still an option to open your savings account offline. All you have to do is visit the nearest bank branch and collect the account filling application form. Fill in the required details and submit the application form along with the documents to the bank officials. The bank officials will then verify your application form and the documents and once the verification is successful, you will be notified that your account is active.
By having a savings account you can enjoy maximum number of benefits and privileges associated with the Syndicate Bank.
Types of Syndicate Savings Bank Account
SyndSamanya Savings Account
The SyndSamanya Savings Account is a zero balance account that allows the account holders to enjoy different benefits and privileges of the savings account. In this account, you don’t have to maintain a high balance. It is a fully, KYC Complaint Account, where the account holders can enjoy local cheque collection completely free of charge. The account holders for this savings account will also receive a cheque book if the minimum bank is stipulated by the bank is maintained.
Premium Savings Bank Account
The account holders of this account can enjoy a number of privileges and add-on benefits. These are available at the branches along with the e-banking facility. This account also offers the sweep-in and sweep-out facility that converts the excess balance in the account into a fixed deposit. The holders cab also be able to liquidate this deposit if they want to, free of cost. The excess balance will be swept out in multiples of Rs 1000 into a 180 day fixed deposit. Along with these benefits they will also receive interest rate at a prevailing interest rate.
Special Premium Savings Account
The account holders of this savings account will be able to enjoy the benefits of the savings account and a higher rate of interest of a fixed deposit. If your account balance has more Rs 20, 000 then it will be swept as a fixed deposit with a 1 year and a 1 day term. The Holders will receive attractive interests. You can also break the deposit, if you want the money urgently. You will not be charged with any penalty for it.
Eligibility Conditions for Opening a Savings Account
The following are the individuals or the entities who are eligible to open a savings account.
- Hindu Undivided Families (HUF)
- individuals above the age of 18.
- Trusts, associations and club
- Minors (joint account with a parent or a guardian). Minors will be able to operate the account on attaining the maturity.
These savings accounts can be handled either singly or jointly. But in case of minors, the accounts needs to be handled jointly either with a parent or a guardian.
Documents that are required to open a Syndicate Savings Bank Account
The documents that are required for opening a savings account in the Syndicate Bank are under the Know Your Customer (KYC Norms). These norms are introduced by the Reserve Bank of India to streamline the document collection process and thus make it easier for the banks to verify the details and the information provided by the account holders.
Below are the list of the documents that are required to submit while opening a savings account:
- passport sized photographs
- proof of identity
- proof of address/residence
Proof of Identity Documents
The documents that satisfy the identity proof are as follows:
- Valid passport
- Valid Driving License
- Government issued Photo ID Card
- Defence Card
- Aadhaar card
- Permanent Account Number (PAN Card)
- NREGA Card
Proof of Address Documents
Listed below are the documents that satisfy the address proof:
- Valid Passport
- Utility Bills such as Electricity bills, Telephone bills, Gas Connection Bills etc.
- bank account statement
- Driving license
- Aadhaar card
- Income Tax Statement
- Credit Card Statement
- Salary Slip