features of current account

Exploring The Key Features Of A Savings Account

Savings & current Account

When managing your finances, a savings account is vital to securing your funds while providing flexibility and convenience. Understanding a savings account's essential features will help you make informed decisions aligning with your financial goals. 

What are savings accounts?

Savings accounts are financial tools offered by banks that allow individuals to deposit and save their money while earning interest. They provide a secure and accessible place to store funds, offering features like online banking, ATM access, and transaction tracking. 

Types of savings accounts

A savings account is foundational for building wealth and safeguarding your hard-earned money. It offers a secure and accessible place to deposit funds while earning interest. 

Let's explore the different types of bank accounts:

Regular savings account

A regular savings account is one of the most common types of bank accounts available. It allows individuals to deposit and withdraw money as needed, ensuring easy access to funds. With facilities like an ATM card, chequebook, and online banking, it offers convenience and flexibility, making it suitable for everyday financial transactions.

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Interest savings account

Among different types of savings account the high-interest savings account is most suitable for you if you want to maximise your savings. This type of account provides a competitive interest rate on your deposited funds, allowing your money to grow faster. It is an excellent option for those looking to optimise their savings and earn more interest over time.

For example - Kotak811 savings account with the ActivMoney feature. Just like a Fixed Deposit, it enables you to earn up to 7% p.a. interest on your deposits without any lock-in period. So you enjoy FD-like interest from your savings account without the added burden of a lock-in period; which is an integral part of a FD. 

Zero balance savings account

A zero balance savings account is an attractive option for individuals seeking flexibility and convenience. It eliminates the need to maintain a minimum balance, allowing you to spend and save without worrying about penalties or charges. 

For example – You can open a Kotak 811 zero-balance savings account online. It gives you freedom from annual charges or fines for non-maintenance of a minimum balance.

Salary account

A salary account is a specialised account meant for employees, facilitating the direct deposit of their salaries. It offers benefits such as higher withdrawal limits, special offers, and perks, ensuring a seamless banking experience for working professionals. Salary accounts often provide added features such as zero balance and overdraft facilities.

Senior citizen savings account

Catering to the needs of senior citizens, this specialised savings account offers additional benefits and higher interest rates. It is a valuable tool for retirees, providing financial security and easy access to their funds. Senior citizen accounts may include advantages like preferential rates, priority services, and tailored benefits for their unique financial requirements.

Differentiating features of a savings account:

Interest earnings

The interest rate may vary depending on the type of account and prevailing market conditions. High-interest savings accounts typically offer more competitive rates, accelerating your savings.


Different types of bank accounts offer various methods of accessing and managing your funds. These include online banking, mobile banking apps, ATM withdrawals, and chequebooks. These features ensure convenience and easy accessibility to your money whenever you need it, whether it's making purchases, paying bills, or transferring funds.

Safety and security

When depositing your money into a savings account, you remain assured that it is secure and insured by the bank. Savings accounts are typically protected by deposit insurance schemes, ensuring your funds are safe even in the unlikely event of bank failure. This safety net provides reassurance and protects your savings from loss or theft.

Transaction tracking

A savings account lets you keep a clear financial transaction record. Whether through passbooks, e-statements, or online banking, you can easily monitor deposits, withdrawals, and interest earned. This transaction tracking feature helps you maintain a transparent record of your financial activities, making it easier to manage your finances and track your savings progress.

Automatic bill payments and standing instructions

Many types of bank accounts provide the option to set up automatic bill payments and standing instructions. This feature simplifies your financial management by ensuring timely payment of bills and regular savings contributions. By automating these transactions, you can avoid late payment fees and ensure consistent savings growth, even when occupied with other aspects of life.

Must Read: Reactivate an Inactive/Dormant Savings Account

Maximising savings with smart savings strategies

Now that you know what a savings account is, it's essential to implement smart savings strategies to make the most of your financial journey. To maximise your savings, you can implement smart strategies such as:

  • Set clear financial goals - Set achievable goals and track your progress to stay motivated. 
  • Create a budget - Create a budget that includes a dedicated portion for savings and evaluate your expenses for potential cutbacks. 
  • Automate your savings - Automate transfers from your current to your savings account to establish a consistent savings habit.
  • Reduce expenses - Consider ways to reduce unnecessary costs and explore tools like round-up savings or promotional interest rates. 
  • Take advantage of savings tools and offers - Regularly review and adjust your savings plan as needed. 

By leveraging these strategies, you can unlock your financial success, steadily grow your savings, and build a secure future.


A savings account is essential for efficient financial management, offering security, accessibility, and the potential for wealth accumulation. After getting an idea of the different types of bank accounts, you can choose the one that best suits your financial goals and lifestyle. Whether you opt for a regular savings account, high-interest savings account, zero balance savings account or other specialised options, a savings account unlocks the doors to financial prosperity. Start your savings journey with Kotak811 today and watch your funds grow, leading to a brighter and more secure financial future.

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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.