You may be unaware of where to start when getting savvy with your money. From small purchases to significant investments, you always need a bit of cash handy. Luckily, there are diverse ways to save money. The market is currently flush with cash, so many different deposit options are accessible. 

These options can be excellent, but they can pose a challenge when deciding which Savings Account suits your needs and financial situation. The truth is not all Savings Accounts are created equally. Depending on your needs and goals, some might suit you more than others. Let us explore the different Savings Accounts and the characteristics that make them suitable for you.

1. Regular Savings Accounts

This is the most basic Savings Account. By linking it with your Aadhaar card, you can open an Instant Bank Account. The eligibility criteria are as simple as being a country resident with valid documents to prove them. In some banks, minors above 10 years are also eligible and can issue an ATM or Debit card. Foreign nationals residing in India for over 180 days with a residential permit, valid passport, and FRRO certificate can also reap the benefits.

The benefits include:

• Special discounts and offers for online shopping
• Easy banking with various specialised types of Debit Cards
• Other cross-product benefits for your Demat Account
• Easy transactions through Net Banking, Phone Banking and Mobile Banking facilities

2. Advanced Savings Accounts

If you wish to level up your savings game, then a Regular Savings Account might not be enough. You need to explore the options of an Advanced Savings Account that come under various names like Savings Max, Savings Pro, etc. While the other eligibility criteria remain the same as a Regular Account, for an Advanced Account, you should maintain a minimum Average Monthly Balance of Rs. 15,000 to Rs. 25,000, depending on your bank.

The additional benefits differ between banks and are subject to multiple terms. These include:

• Higher Savings Account interest rates
• Accidental hospitalisation cover
• Accidental Death Insurance cover
• Guaranteed cashback on transactions
• Added offers on Forex Cards and Gift Cards

3. Special Savings Accounts

These accounts are further classified into Gold or Platinum based on your usage. They guarantee premium lifestyle benefits, better healthcare and Insurance coverage, preferential pricing on Lockers, Demat and Trading Accounts, and enhanced transactional limits. Depending on your bank's offers, you are also eligible for many gift cards and vouchers for online shopping. However, to enjoy these benefits, you should hold an Average Quarterly Balance between Rs. 1 lakh to Rs. 3 lakh.