Types of Bank Accounts
Last Updated : April 10, 2018, 1:02 p.m.
Banks generally offer two types of bank accounts – current and savings. The other types of accounts include salary account, pension account, among others which is subject to change from one bank to another. The minimum balance requirement and withdrawal facilities are also different depending on the type of account and the bank. In this article, we have given the list of top 10 banks in India and the types of bank accounts available at them.
Different Types of Bank Accounts
- Savings Account
- Current Account
- Salary Account
- Pension Account
- Recurring Deposit
- Fixed Deposit
Types of Bank Accounts at Top 10 Banks in India
Below are the most common types of bank accounts at leading banks of India.
| Banks | Savings Account | Current Account | Other Accounts |
|---|---|---|---|
| ICICI Bank | -Regular Savings Account -Silver Savings Account -Advantage Woman -Savings Account -Senior Citizens Savings Account -Gold Privilege Account -Titanium Privilege Account | -Regular Account -Premium Account -Trade Account | -Salary Account -Pension Account -3-in-1 Account -Exchange Earners’ -Foreign Currency Account (EEFC) |
| HDFC Bank | -SavingsMax Acount -Regular Savings Account -Women’s Savings Account -Kids Advantage Account -Senior Citizens Account -Family Savings Group Account -Bank’s Savings Bank Deposit Account -Government/Institutional Savings Account -BSBDA Small Account -Government Scheme -Beneficiary Savings Account | -Ultima Current Account -Supreme Current Account -Apex Current Account -Ezee Current Account -Max Current Account -Agri Current Account -Plus Current Account -Current Account for Hospitals and Nursing Homes -Trade Current Account -Current Account Professionals Premium Current Account -Merchant Advantage Plus Current Account -Regular Current Account -Merchant Advantage Current Account -Flexi Current Account -Institutional Current Account -Smart Up solution for Start Ups -Ascent Current Account -RFC Domestic Current -Exchange Earner’s Foreign Currency (EEFC) Account -E-comm Current Account | -Salary Account -Pension Account -Rural Accounts |
| Axis Bank | -ASAP Instant Savings Account -EasyAccess Savings Account -Prime Plus Savings Account -Prime Savings Account -Women’s Savings Account -Senior Privilege Savings Account -Future Star Savings Account -Pension Savings Account -Trust/NGO Savings Account -Insurance Agent Account -Youth Account -Basic Savings Account -Small Basic Savings Account -Inaam Personal Account -Pradhan Mantri Jan-Dhan Yojana (PMJDY) | -Normal Current Account -Local Current Account -Business Advantage Account -Business Select Account -Business Classic Account -Sweeps Current Account | -Salary Account -Safe deposit Locker -Pension Disbursement Account -New Pension System |
| State Bank of India (SBI) | -Basic Savings Bank Account -Small Account -Digital Savings Account | -Regular Current Account | -Special Salary Account -Children’s Account |
| Kotak Mahindra Bank | -My Family Savings Account -811 Edge Savings Account -811 Savings Account -Edge Savings Account -Silk Women’s Savings Account -Junior-Savings Account for Kids -Sanman Savings Account -Pro Savings Account Grand - Savings Programme -Ace Savings Account -Classic Savings Account -Nova Savings Account -Alpha- Savings and Investments Programme | -Neo Account -Start Up Regular -Start Up Premium -Global Trade -Ace -Astra 05 -Astra 15 -Elite -Pro -Edge | -Corporate Salary Account -Kotak 3-in-1 Account |
| YES Bank | -Customizable Savings Account -Savings Value -Smart Salary Platinum -Smart Salary Exclusive -Smart Salary Advantage -Seafarer Savings Account NRO Savings Account NRE Savings Account | -Edge Business -Prime Business -Exclusive Business -Value Added Business -Packages -Existing Variants | - |
| IDBI Bank | -Super Savings Account -SuperShakti (Women’s) Account -Jubilee Plus (Senior Citizen) Account -Being Me Account -Power Kidz Account -Small Account -Sabka Savings Account -Pension Savings Account -Capital Gain Account Scheme | -Flexi Current Account | -DigiExpress Account -Corporate Payroll Account |
| IDFC Bank | -Zero Balance Savings Account -Savings Account -Minor’s Savings Account -Senior Citizen’s Savings Account -Pratham Savings Account -Shakti Savings Account -Param Savings Account -Vishesh Savings Account | -Dynamic Current Account -Business Current Account -Enterprise Current Account | -World Business Account -Truly One Account |
| Bank of Baroda (BoB) | -Savings Bank Account -Super Savings Account -Baroda Centenary -Savings Account -Baroda Basic Savings Account -Baroda Salary Advantage Saving Account -Baroda Bachat Mitra Baroda Pensioners -Savings Bank Account -Baroda Jeevan Suraksha Savings Account | -Baroda Small Business Current Account -Baroda Premium Current Account -Baroda Advantage Current Account -Baroda Premium Current Account -Privilege | - |
| digibank by DBS | -digiSavings Account -Domestic Savings Account -NRE/NRO Savings Account | Business Account | - |
Types of Bank Accounts in India and their Rate of Interest
Below are the rate of interest applicable on each type of bank account:
| Type of Account | Rate of Interest (p.a.) |
|---|---|
| Savings Account | Up to 7% |
| Current Account | Not Applicable |
| Recurring Deposit | Up to 6.75% |
| Fixed Deposit | Up to 7% |
How Can You Open a Bank Account Online?
Account opening facility is now accessible online which makes it so much easier. You can simply upload the required documents along with your scanned signature and passport size photographs. The process just takes a few minutes and then your account number is generated. Banks such as Kotak Mahindra Bank also provide the facility through their 811 plan. It is an app with which a person can open a bank account online via Aadhaar card. Another bank providing unique facility is ICICI Bank wherein you get to choose your own bank account number for savings account. So, be it any type of account, it can all be done online.