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Savings Account

Savings Account Overview

A savings account is a deposit account that allows you to save money while earning interest on the balance. It is ideal for managing personal finances and saving money for future needs.

Eligibility

Minor with Guardian, Illiterate persons, Blind persons, Executives/Administratives, HUF accounts, Power of attorney, Schools or colleges.

Central/State Govt Departments (if eligible to open SB accounts) such as Govt depts. /bodies/agencies in respect of grants, subsidies released for implementation of various programmes/schemes sponsored by Central Government /State Governments subject to production of an authorization from the respective Govt departments to open Savings Bank account.

Self-help Groups, Institutions, Associations, CUBs etc.

Features & Benefits

ATM Card, RTGS/NEFT/UPI Facilities

Additional 0.6% interest for Senior citizens

Internet Banking View Facility

30 free cheque leaves per annum for cheque book operated accounts

Minimum balance With/Without cheque book

With Cheque book - Rs. 1000 / Without Cheque book - Rs. 500

Mode of Operation

Single/Jointly/Either or survivor/ Former or survivor, Later or survivor, etc.

Nomination facility - for individuals only.

Locker facility available

UPI/IMPS/Mobile banking facilities available

Savings Account Interest Rates

The Andhra Pradesh State Cooperative Bank Limited (APCOB) savings account exemplifies putting the customer first. On our savings account types, we provide one of the most attractive interest rates on savings accounts.

  • 6 % per annum* 
  • Additional 0.6% interest for Senior citizens
Documents Required
List Of Valid KYC Documents For Account Opening
KYC Documents of the customer
  • Aadhaar Card, PAN Card.
  • 3 Passport size photographs.
  • Residential address proof(Current Bill, Gas Bill, etc.) if current address is not  same as Aadhaar address.
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    FAQs

    1. What is a savings account?

    A savings account is a type of bank account where you can deposit money and earn interest on the deposited amount. It is generally used to store money securely while earning a small amount of interest.

    2. How does a savings account work?

    You deposit money into the account, and the bank pays you interest on your balance periodically. The interest rate and frequency of interest payments can vary between different banks and types of savings accounts.

    3. What is the minimum balance requirement?

    Many savings accounts require a minimum balance to be maintained to avoid fees. This minimum balance requirement varies from one bank to another and sometimes depends on the type of savings account you have.

    4. What is the interest rate on a savings account?

    Interest rates on savings accounts can vary. They may be fixed or variable and are influenced by market conditions and the policies of the bank. It's essential to check with your bank to know the current interest rate on your savings account.

    5. How often is interest calculated and paid?

    Interest can be calculated daily, monthly, quarterly, or annually, depending on the bank's policy. Some banks credit the interest to your account monthly, while others may do it quarterly or annually.