Your Money

From State Bank of India (SBI) to private sector banks like HDFC Bank, ICICI Bank, Axis Bank offer limited number of ATM transactions free of cost every month.

A BSBD account is a type of zero balance savings account and does not require customers to maintain any particular minimum average balance.

Small finance banks, such asEquitas, AU, Suryoday and ESAF, provide a variety of maturity periods, from as short asseven days to as long as 10 years.FDs provide a fixed return over a pre-defined maturity period, known as term or lock-in. Financial planners often suggest fixed deposit for investors with a low risk appetite.

According to the report, the world's 2,158 billionaires grew their combined wealth by $1.4 trillion last year, more than the GDP of Spain or Australia

The FD accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.

Failing to comply with the MAB or minimum balance rules attracts a penalty charge for the account holders. FromState Bank of India (SBI)toICICI Bank toHDFC Bank, top lenders require the customers to maintain an MAB - which is the average of end-of-day balances in a month - from Rs 1,000 to Rs 10,000.

One can deposit a lump sum of money in fixed deposits for a specific period, ranging from 7 days to 10 years.

Pehla Kadam and Pehli Udaan are meant for children under the age of 18. One also doesn't need to maintain Monthly Average Balance for both accounts.

The fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.

From State Bank of India (SBI) to private sector banks like HDFC Bank, ICICI Bank offer limited number of ATM transactions free of cost every month.

Recurring Deposit or RD is a kind of term deposit under which one needs to deposit a fixed amount at fixed interval, which generates interest income.

Customers get a number of facilities such as debit and ATM cards and internet banking with BSBD (basic savings bank deposit) account.

Fixed deposit accounts which have a lock-in period of five or 10 years also offer income tax benefit under Section 80C of the Income Tax Act.

Post office saving scheme: Four of the nine saving schemes offered by India Post fetch interest rates of at least 8 per cent or more. All four of them are tax-saving schemes.

Minimum Balance Requirement: Customers who fail to maintain the monthly average balance in their savings accounts have to pay a penalty to the bank.