A Complete Guide to Different Types of Savings Accounts in India

Understanding the range of savings accounts in India helps you choose the right one for your financial goals-whether you’re a salaried professional, senior citizen, student, or NRI.

1. Regular or Traditional Savings Account
This is the most common type of savings account suitable for everyday banking needs. Typically requires a minimum monthly balance, provides ATM/debit card access, cheque book facility, and net banking.

2. Basic Savings Account with Zero Balance Requirement (BSBDA)
Designed to promote financial inclusion, this RBI-mandated account requires no minimum balance. There are usually limits on withdrawals and deposits per month. Opening another savings account in the same bank at the same time is not permitted.

3. Salary Accounts
Issued through employers, Salary Accounts typically require zero balance and offer additional benefits such as free checkbooks, debit cards, preferential loan offers, and higher ATM limits. They're tailored for regular, salaried individuals.

4. Senior Citizens’ Savings Account
For account holders aged 60+, these savings accounts offer higher interest rates, lower fees, priority services, and additional perks like health insurance or exclusive FD rates.

5. Women’s Savings Account
Tailored for female customers, these accounts often include lower minimum balance requirements, cashback offers, discounts on loans or lockers, and customised debit card privileges.

6. Children’s or Minor Savings Account
Opened by parents or guardians, these savings accounts for minors encourage financial literacy among minors. They usually come with deposit limits, no or low balance requirements, and parental oversight.

7. Family Savings Account
A single family-linked structure allowing multiple related members (spouse, children, parents) to manage accounts under one family ID. It often offers shared benefits like flexible balance requirements and reduced fees.

8. Digital Savings Account
Fully online accounts that can be opened instantly with Aadhaar or similar credentials, without visiting a branch. They offer no-paper KYC, digital onboarding, and access to mobile/internet banking at zero balance.

9. Premium or Privilege Savings Accounts
Targeted at high-net-worth individuals, these premium accounts include perks such as dedicated relationship managers, unlimited withdrawals, priority banking services, locker discounts, and premium interest rates.

10. NRI Savings Accounts (NRE / NRO / FCNR)

• NRE Account: A convenient way for NRIs to hold foreign income in Indian Rupees with full repatriability and tax-free interest.
• NRO (Non-Resident Ordinary): For income earned in India; subject to tax and repatriation limits.
• FCNR (Foreign Currency Non-Resident): Holds foreign currencies and interest is not taxable in India.

11. Specialized and Emerging Formats

• Health Savings Accounts: Designed to accumulate funds for medical emergencies; may offer dedicated withdrawal or reimbursement benefits.
• Joint Savings Accounts: Shared ownership among two or more individuals, ideal for couples or partners.
• Corporate or Business Savings Accounts: Used by businesses or employed individuals in corporate set-ups, often offering cash management and overdraft facilities.

How to Choose the Right Account?

Recent Trends and Updates

• RBI’s mandate ensures all banks provide BSBDA variants to support financial inclusion.

Final Thoughts

India offers a versatile range of savings accounts - each designed to meet different life stages, financial goals, and banking preferences. Whether you’re looking for a zero-balance account for basic needs, a digital-first experience, or premium services with added perks, choosing the right account can make all the difference.

At Utkarsh Small Finance Bank, we’re committed to helping you find the perfect fit. From Digital Savings Accounts that offer seamless online onboarding to Senior Citizens to Gen Nex Savings Account for financial independence - we have a solution for every need.

Want to explore our account offerings or compare features?

Open your Utkarsh Digital Savings Account now

Let’s make smarter saving simpler, together.