8 Types of Savings Accounts You Should Know

As of 2024, India boasts over 2.2 billion bank accounts – a testament to widespread banking access. Yet simply having a savings account isn’t enough; choosing the right account can make a big difference in how effectively you grow and manage your money. With inflation hovering around ~3.13% in May 2025, a typical savings interest rate of 2.7–3.5% at many banks barely keeps up. This is where Small Finance Banks like Ujjivan SFB come in, offering interest rates up to 7.50%* (T&C apply) per annum on savings balances – significantly higher than most large banks.

Ujjivan Small Finance Bank (SFB) has introduced a diverse range of savings accounts to cater to different needs – from tech-savvy youth and growing families to senior citizens and first-time savers. Below, we delve into each type of savings account offered by Ujjivan SFB, outlining key features, eligibility, interest rates, minimum balance requirements, and benefits. For each account, we also include tips to maximize its utility and an “Ideal For” summary of who will benefit most.

1. Digital Savings Account

Ujjivan’s Digital Savings Account is all about convenience for the modern customer. This account can be opened entirely online via an instant Video KYC – no branch visit or paperwork needed. You simply need your Aadhaar and PAN card linked to your mobile number to get started.

Despite the easy process, you still enjoy the full suite of banking features with competitive interest rates (up to 7.50%* p.a. as per balance slabs. 

Key highlights include:

• Low Minimum Balance: Maintain a modest Monthly Average Balance (MAB) of just ₹1,000. This low requirement makes it accessible to young savers or those just starting out.
• Free Debit Card for Year 1: You get a RuPay Classic Debit Card issued with zero joining fee for the first year.
• Unlimited Digital Transactions: Enjoy unlimited free fund transfers through Ujjivan’s mobile and internet banking platforms. The account supports NEFT, RTGS, IMPS, UPI – so you can send money 24x7 without extra charges.
• ATM Benefits: 5 free ATM withdrawals per month are provided, at any bank’s ATM.  This means you can use other bank ATMs up to five times monthly without fees.

Ideal For: Busy professionals, students, or anyone who prefers 100% digital banking. This account suits those who want to open and operate an account from home, avoid branch visits, and enjoy online services with a low balance commitment. If you’re comfortable with smartphones and net banking, the Digital Savings Account offers maximum convenience.

2. Privilege Savings Account

As the name suggests, the Privilege Savings Account is designed to offer a premium banking experience loaded with perks. It carries a higher balance requirement than regular accounts, but in return you get VIP-like benefits and fee waivers:

• High Interest & Free Perks: Like all Ujjivan accounts, it offers up to 7.50%* p.a. interest on balances. Additionally, Privilege account holders get a free personalized RuPay Platinum Debit Card, which comes with special perks like complimentary airport lounge access (quarterly) and personal accident insurance cover up to ₹2 lakh. The Platinum card’s higher shopping limits (₹2 lakh/day) let you spend more conveniently.
• Unlimited Transactions: Enjoy unlimited free ATM withdrawals at any bank’s ATMs and unlimited free NEFT/IMPS/RTGS through online banking. There are no extra charges for using non-home branches, so you have true freedom to bank anywhere.
• Flexible Eligibility: To qualify, you need to meet one of the criteria: maintain a ₹25,000 minimum monthly balance, or hold a Fixed Deposit of ₹5 lakh+, or an Recurring Deposit of ₹10k/month, or have a monthly salary credit of more than ₹30,000. For example, if you invest in an FD with Ujjivan, you effectively get Privilege account status without keeping ₹25k in savings at all times.

Ideal For: Affluent individuals, professionals with high salaries, or business owners who can maintain a larger balance and want a VIP banking experience. If you value perks like lounge access, higher card limits, priority service, and don’t mind keeping ₹25k+ in the account (or in FDs/RDs), the Privilege Account is an excellent choice. 

3. Maxima Savings Account

The Maxima Savings Account is a top-tier premium savings account offering an elite suite of benefits beyond even the Privilege account. In exchange, it carries a high minimum balance requirement:

• Premium Features Galore: Maxima comes with zero charges on most common services (no fees for things like demand drafts, cheque books, SMS alerts, etc.). You get unlimited free cash deposits and withdrawals at any Ujjivan branch, and unlimited free ATM transactions across all banks.
• Very High Limits: The daily ATM withdrawal limit is ₹2.5 lakh, far above a normal account. The POS/e-commerce spending limit is ₹5 lakh per day, which caters to big spenders. Such high limits ensure you never feel restricted in accessing your funds.
• Health and Insurance Benefits: Uniquely, Maxima includes complimentary Health Prime services for the first year (offered via an insurance partner) – providing health check-ups or telemedicine benefits (as per current offer). It also comes with a Personal Accident & Total Permanent Disability insurance cover up to ₹10 lakh, which is substantially higher coverage than lower accounts.
• Balance Requirement: Given these features, Maxima requires a Monthly Average Balance of ₹1,00,000 in the account. Alternatively, maintaining ₹15 lakh in Fixed Deposits under the primary holder’s name also qualifies. 

Ideal For: High-net-worth individuals, senior executives, and wealthy customers who maintain large balances and desire a full-featured, almost concierge-like banking account. If you routinely keep lakhs in your savings or investments, the Maxima account rewards you with maximum privileges – no transaction limits, priority services, insurance, and luxury perks.

4. Regular Savings Account

The Regular Savings Account is a classic, no-frills account that still offers all the essentials with a low balance bar. It’s a great default choice for everyday banking if you don’t qualify or need the special accounts. Key features include:

• Low Minimum Balance: You only need to maintain ₹1,000 as the Monthly Average Balance in this account – a threshold that is comfortable for most people. This low requirement ensures almost anyone can keep the account active without penalties.
• Higher Interest Rate: Despite being a basic account, it still earns up to 7.5%* interest p.a. like other Ujjivan accounts, depending on balance slab. Even modest savings here grow faster than they would at many traditional banks (where ~3% interest is common).
• Debit Card & Digital Access: The Regular account comes with a RuPay Classic Debit Card (with zero issuance fee for the welcome kit). You can use Ujjivan’s mobile banking app (available in 9 languages) and internet banking free of charge. Plus, you get free quarterly e-statements emailed and free SMS alerts for transactions.
• Doorstep Account Opening: Notably, Ujjivan even provides doorstep account opening services for the Regular Account in some areasujjivansfb.in – reflecting their focus on customer convenience. Of course, you can also open it online or by visiting a branch.

Ideal For: General customers – individuals or families – looking for a reliable everyday savings account with a low balance requirement. This account is best suited for those who want a simple, full-service bank account without high fees or balance conditions. 

5. Classic Savings Account

The Classic Savings Account is a step up from the Regular account, designed to give your banking experience a “classic edge”. It bridges the gap between basic and premium accounts, packing a few extra benefits for a moderate balance commitment. Some defining features:

• Moderate Balance Requirement: The Classic account requires a ₹5,000 minimum average balance per month. This is higher than the Regular account’s ₹1,000, but in return you unlock additional perks.
• Choice of Debit Card: Uniquely, Classic accountholders can choose between a RuPay Classic Debit Card or a RuPay Platinum Debit Card.
• Higher Transaction Limits: With the Platinum debit card option, you enjoy a higher daily ATM cash withdrawal limit (₹50,000) than basic accounts. Even with the regular Classic card, the limits are decent (₹25,000 ATM withdrawal per day). 

Ideal For: Mid-segment customers – for instance, salaried individuals with slightly higher balances, or families that want a few extra banking benefits without jumping to a Privilege account. It’s best for those who can keep around ₹5,000 balance and want perks like a better debit card, higher transaction limits, and more free services.

6. Senior Citizen Savings Account

Ujjivan’s Senior Citizen Savings Account is thoughtfully crafted for customers in their golden years (age 60 and above). Banking needs often change in retirement – safety, convenience, and personal touch become priorities. This account addresses those with several senior-friendly features:

• No Minimum Balance & No Fees: Perhaps most important, there is no minimum balance requirement at all for senior citizen accounts. Seniors can keep any amount without worrying about penalties – this flexibility is crucial for retirees on fixed incomes. Additionally, Ujjivan charges no penalty for non-maintenance and treats every branch as a home branch, meaning seniors incur no extra fees for using any branch.
• High Interest & Priority Service: The account offers the same high interest (up to 7.50%* p.a.) on savings, helping seniors’ money grow and combat inflation. Seniors also get to enjoy priority service at branches – typically a dedicated helpdesk or queue for senior citizens. Additionally, the account also offers doorstep banking services for seniors, including cash pick-up/drop (financial transactions up to ₹25,000) and document pickup at home. This ensures elderly customers can bank with minimal physical strain.
• Local Language & Support: Recognizing that seniors might be more comfortable in their mother tongue, the mobile banking app is offered in 9 languages and phone banking has multi-language 24×7 support

Ideal For: Individuals aged 60 and above who want a hassle-free banking experience with zero balance commitments. It is ideal for retirees, pensioners, and senior citizens who value personalized care, fee waivers, and easy access to their funds.

7. Garima Savings Account

Garima Savings Account is a special product from Ujjivan tailored exclusively for women customers. “Garima” means pride, and this account is meant to empower women to plan their finances better while enjoying some unique benefits. 

• Women-Centric Benefits: Garima offers higher interest rates up to 7.50%* p.a. and a lifetime free RuPay Classic Debit Card. There are also exclusive merchant offers tied to this account – for example, discounts or cashback deals specifically for Garima customers on categories like groceries, healthcare, or lifestyle purchases. 
• Flexible Balance Criteria: To be eligible, a woman must meet any one of multiple criteria, rather than a fixed balance. Options include maintaining a ₹5,000 MAB or holding a cumulative Fixed Deposit of ₹2 lakh or more (≥12 months), or having a Recurring Deposit of ≥₹5,000 per month (≥12 months), or linking a minor’s account with a monthly ₹2,000 Standing Instruction deposit to that minor account. 
• Free Cash Deposits: Garima account holders get a very high free cash deposit limit – up to ₹5 lakh per month (or 8 transactions, whichever first) at any branch.
• Family Focus – Minor Linkage: A standout feature is that a Minor (child) account can be linked to the woman’s Garima account with an automated ₹2,000 monthly transfer. This encourages systematic saving for children. It essentially pairs with Ujjivan’s Minor Savings Account and makes it easier for mothers to fund their child’s account regularly.

Ideal For: Women across all walks of life – homemakers, working professionals, entrepreneurs, or mothers – who want an account that understands their needs. It is best for women looking for low balance commitments (with creative options like RD/FD in lieu of balance) and who might appreciate extra offers on shopping or higher cash handling limits.

There’s one more account – BSBDA or Basic Savings Bank Deposit Account – a basic savings account with zero balance requirement and minimal features. The account comes with minimal transaction limit.