Savings account is basically a deposit account that an individual keeps with a bank or any financial institution that provides a moderate interest rate and principal security. This account is considered to have high liquidity so that one can withdraw the amount at any point of time.

Savings account can be availed from any commercial bank in the country. You can visit any branch of a commercial bank and request for a savings account, but you can opt for a much easier way, all you need to do is log on to CreditKaro.com and select savings account from the tabs on the home page, once you reach the product list page, choose the one that suits you the best from the options below.

NO. There are no age restrictions when it comes to opening an savings account.

According to RBI regulations, banks are liable to charge a penalty against non-maintenance of an operational savings account, this penalty also includes service tax and education cess at the applicable rates. Only a dormant account is free from any penalty.

Interest rates usually vary from bank to bank, but the range varies from 4% to 7% per annum.

The interest rate that you earn is calculated either on a daily basis or monthly and it is credited to your account on a half yearly basis.

Anyone above the age of 18 can open a joint account, the only significant difference here from a regular savings account is that two people can operate the account.

Yes. If you decide to open a savings and a fixed deposit account together, many banks provide the facility of no minimum balance maintenance and waivers on additional fees.

The minimum account balance in a savings account can vary from INR 0 to INR 25000 depending upon which bank you’ve chosen.

As per Reserve bank of India (RBI) guidelines an account becomes dormant when no transaction has been initiated by any means (cash withdrawal, issue of cheque, fund transfer, internet banking etc.) for two years at a stretch.