A savings resident account may be opened in the name of an individual or in the joint names of the depositors. Savings bank accounts can also be opened and operated on behalf of minors by their guardians. Accounts by Hindu Undivided Families (HUF) not engaged in any trading or business activity can be opened in the name of the Karta of the HUF. With the daily balance method of calculating interest on your savings account, you will earn a higher rate of interest. For latest interest rates in savings accounts, please visit our interest rates page. To open the account, you need to deposit a minimum amount and maintain the minimum balance in your savings account. For current minimum balance and initial deposit amounts, please check our bank charges.