Savings Bank Account A savings account is a type of bank account designed for individuals, Hindu Undivided Families (HUFs), and other eligible entities to safely deposit and save their money while earning interest on the deposited funds. It provides customers with convenient access to their funds through withdrawal forms, cheques, ATM/debit cards, online and mobile banking. Savings bank account typically earns interest on the deposited funds on a daily product basis depending on the balance maintained. Customers are required to maintain a minimum balance in their savings accounts except for BSBD accounts. Savings accounts are covered under the Deposit Insurance and Credit Guarantee Corporation (DICGC), providing an added layer of protection to the deposited funds. Transaction limits may apply as per RBI guidelines.