What is Savings Deposit?

Posted on Thursday, March 20th, 2025 | By IndusInd Bank

A savings deposit is a fundamental banking product that provides a secure way to store money while earning interest. It combines safety with liquidity, as it allows account holders to save money and access it when needed.

It is crucial to understand what a savings deposit is and its offerings to choose the right banking product for yourself. Here’s a guide on the same along with a list of various savings account offerings from IndusInd Bank.

What is a Savings Deposit Account?

A savings deposit account is a type of bank account designed to help individuals save money while earning interest. These accounts are ideal for those who want to keep their funds safe and accessible, all while earning a modest return on their deposits.

The primary purpose of a savings deposit account is to encourage saving habits. It aims to provide a secure repository for funds that you may need for short-term needs or emergencies.

Now that you know the meaning of a savings deposit, let’s look at some of its features in detail.

Features of a Savings Deposit Account

You can enjoy the following features with a savings deposit account:

1. Interest Earnings

Savings accounts offer interest on the deposited amount so that your money grows over time. The interest is calculated monthly or quarterly, depending on the bank, and credited to the account.

2. Liquidity

Funds in a savings deposit account can be accessed easily through withdrawals, ATMs, or online transfers.

3. Safety

Savings deposits are secure, with most banks offering deposit insurance to protect your funds.

4. Convenience

Savings accounts come with features like digital banking, mobile app-based banking, and ATM access. So, you can manage your money on the go.

5. Minimal Requirements

Many savings accounts have low or zero minimum balance requirements. This makes them accessible to everyone.

6. Additional Benefits

Some savings accounts, such as IndusInd Bank’s savings accounts, offer perks such as cashback, discounts, and other rewards.

IndusInd Bank’s Savings Account Offerings

If you are clear on what a savings deposit is, then you may wonder which type of savings account is ideal for you. To help you out, here’s a list of some features and benefits you enjoy with IndusInd Bank.

1. Indus Select Savings Account

A premier bank account from IndusInd Bank, it offers a host of privileges and lifestyle benefits, which include:

• Lifetime Free World/Signature Select Debit Card, so you can enjoy the benefits of a high-end debit card without any annual fee.
• Buy-one-get-one free movie ticket offers from BookMyShow.
• Cashback offers and discounts from top brands.

2. Indus Multiplier Max Savings Account

With this Savings Account, enjoy the flexibility of a savings account with FD-like returns. Its key features and benefits include:

• 25% Locker Discount
• Smart Sweep Feature that converts savings account balances above ₹ 20,000 into fixed deposits for higher returns.

3. Indus Delite Savings Account

Easy to open and manage, the Indus Delite Savings Account is a Zero Balance Account that offers tailor-made benefits, such as:

• Cashback on fuel, entertainment, dining, and OTT spends with the Delights debit card (customers need to apply for the Delights Debit card separately).
• Zero Balance Requirement, subject to initial funding.
• Discounts on food and grocery deliveries with the Delights debit card.
• Buy-one-get-one offers on movie tickets via BookMyShow with the Delights debit card.

Also Read: How Interest Works on Savings Accounts

Conclusion

Understanding what a savings deposit is and how it functions can help you take charge of your finances. Savings deposit accounts are essential financial tools that offer safety, convenience, and growth for your money.

IndusInd Bank provides a range of savings accounts tailored to meet diverse needs, from high-end privileges to attractive cashback offers. Whether you are looking for a zero balance account or a high-interest savings option, IndusInd Bank has the perfect solution for you.

Open a Savings Account online with IndusInd Bank today and take advantage of our unique offerings!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.