Money is an essential tool for survival these days. With inflation taking over the whole world, it is not easy to live without adequate finance and funds. Along with money, a person also needs to have a safe place to store it. Many citizens opt for measures to safeguard their capital and prevent it from getting exhausted. They choose different methods of savings and attempt to spend wisely to save some for the future.

Many banks offer their customers with a premium savings account where they can store their financial savings in their custody and earn interest from it. There are different kinds of savings accounts which banks offer. They include Deposit Savings Accounts, Money Market Accounts, Jumbo Savings Accounts, High-Interest Savings Accounts, Reward Savings Accounts, Joint Accounts, Student Accounts, and lots more.

With the help of a privilege savings account, bank account holders can select loan products and credit cards. They can also get a debit card with a high withdrawal and expenditure limit. Upon renting lockers, they get a discount on the total cost of opening and depositing their belongings. When they open a trading account, they get a waiver of account opening and operating charges. Not only that, but they also get relief from paying maintenance charges for a Demat account for the first year.

Following is a detailed explanation of the features and benefits of these accounts:

• Free cash withdrawal at all bank branches of the registered bank
• Cash deposits are also free of cost
• No charges on NEFT and RTGS transactions
• Nil charges for stop payments of cheques and other monetary sources
• Availability of free bank account statements for every month
• 60 free cheque leaves for one full year

What are the eligibility criteria?

Those individuals who wish to open this savings account must meet the eligibility criteria defined by the bank. Resident individuals (single or joint) can open this account without any inconvenience. Other institutions include associations, trusts, Hindu Undivided Families (HUFs), clubs, societies, etc.

How to apply for this account?

Customers who wish to open premium savings account with any bank must visit the registered website, fill the online application form, and submit it on the spot after clicking the ‘Submit’ button. Alternatively, they can also visit the bank branch and submit the form to the concerned official personally.

What are the documents required for opening the account?

To open a premier savings account, all individuals need to submit some identification documents for verification to the bank. They should ensure they are authentic and up to the mark.

Following are the list of documents required for opening the account:

• One passport-sized coloured photograph
• An identity proof which includes passport/driving license/voter’s ID
• Proof of address like passport/driving license/voter’s ID/utility bill
• The duly filled account opening form
• PAN card or Form 60/61
• Birth certificate for applicants who are minors