The savings account has quite important in India, and almost every individual owns one or more savings accounts. So, the topic of the best banks for savings account in India is sure to interest a lot of people. Yet the confusion in choosing the right bank is also very high. Since a savings account is an essential requirement of our lives, selecting it with scrutiny is crucial.
This article will help you explore certain elements such as interest rates offered by banks, services & facilities, and other factors. So, if you’re looking for a bank to open a savings account, you’ve come to the right place. You’ll get to evaluate all aspects and decide based on your research.
Savings Account- Features and Facilities
A savings account can be defined as the most elemental financial product the banks give. Here you have the option to save your investments safely under a legal financial institution and earn interest rate in return. Though the interest rate is low, the perks cannot be overlooked.
Moreover, these accounts are also called liquid investments, where you are not bound to follow any rules for money withdrawal. In short, you have the sole authority to deposit and withdraw money whenever you wish to. Additionally, the savings account interest rates vary from one bank to another.
Furthermore, digitalisation has evolved the world of savings accounts into a much more convenient usage. The traditional methods of opening a savings account are replaced by opening an account by just calling on a number. You must fill out the form online, submit the KYC documents, and voila! you have a savings account. Also, you can use it for everyday chores like recharging, paying bills, making online payments, etc.
So now you know that opening a savings account is as easy as filling out an online form. We have arranged for the banks to provide the highest interest rates orderly. Therefore, let us now see which banks give you the best interest rates and help you make a choice.
Best Banks for Savings Account- Everything you Need to Know!
Since you are considering opening a savings account, knowing all the facilities and features is crucial before choosing. Hence, we will explore every aspect of savings accounts and banks one after the other. Keep reading to unleash every detail.
The RBL Bank is an Indian private sector bank and was founded in the year 1943. The interest rate of this bank is enough for it to be so high on the list. Here you can avail an interest rate ranging from 4.50% to 6.25%. The only eligibility criteria of this bank are that you should be an Indian resident. The significant fascinating aspect of this bank is that you can open it with a zero balance. However, the interest rates will vary according to your account balance. Additionally, the details arranged below will give you a picture of the savings account benefits here.
- The interest rates range from 4.50%-6.25% per annum.
- The monthly average balance that you need to maintain is nil.
- While depositing savings, there is no limit to the amount of your maximum balance.
- You will be getting two chequebooks per annum and 40 leaves for free.
- Free replacement of damaged cards.
- You will also get unlimited transactions at RBL ATMs as well as Free NEFT through internet banking.
- Higher FD rates and many more.
Kotak Mahindra Bank – One of the Best Banks for Savings Account
Kotak Mahindra Bank is yet another leading bank in India and is the choice of many people. There are various features that made it have a name so soon as it was founded in 2003. With the perks of having a reasonable interest rate, the bank is known for its quality service. The interest rate in this bank ranges from 3.50% to 4.00% per annum on a balance above INR 1 lakh. Apart from the perks of reasonable interest rates, there is a variety of savings account options for you to choose from. You can select an account based on your requirements from account options like 811 Digital Bank Account, Edge Savings Account, Sanman Savings Account, Classic Savings Account, etc. You can check other fascinating facts about savings accounts below:
- The interest rates here range from 3.50% to 4.00% per annum.
- The monthly average balance you need to maintain ranges from Nil/ INR 10,000.
- The bank puts no limit on the amount that you want to deposit into your savings account.
- This account is available for a single person as well as joint account holders.
- Free cash deposits are available at all domestic ATMs.
- You can also avail free NEFT through internet banking.
- You can avail all the perks of net banking with the savings account here.
Induslnd Bank is one of the new generation Indian banks and was founded in 1994. This bank provides excellent interest rates, ranging from 4.0% to 6.0%. Here, you can open your account without hassle, as this is a leading bank in India. Besides, there are various savings accounts available in this bank, and you can choose from one according to your requirements. Some of the savings accounts offered by this bank are Indus Online, Indus Select, Indus Senior and Indus Classic. Apart from high-interest rates, various other features make it one of India’s best banks for savings account.
- The interest rates of this bank range from 4.00%-6.00% per annum.
- The monthly average balance you need to maintain varies from location to location. It can be Nil/INR 1,500/INR 2,000/INR 10,000 etc.
- There is No Limit to the deposition of money in the savings account.
- You will get the IndusInd Titanium Debit Card with an INR 50,000 withdrawal limit.
- There are various offers connected to the usage of the Debit card. You can avail of Travel, Fashion and Shopping offers coupled with cashback perks.
- IndusMobile application will help you connect with the digital world with extensive benefits.
HDFC Bank Savings Account
HDFC Bank is known to be one of the best banks for savings account in India. The bank was established in 1994, and now it comes under the world’s 10th largest bank by market capitalization. The interest rate is from 3.00% to 3.05% per annum and is calculated every quarter. Further, this bank has doors open for savings accounts for people with all needs. You can choose any account, from zero deposit to feature-rich and even customized accounts. Apart from having segregated sections for different savings accounts, there are certain features provided by this bank mentioned below. Let’s explore them all.
- The basic savings bank deposit account has no demand fixed for you to maintain a settled minimum account balance.
- While the minimum amount needed to open a savings account in HDFC is Rs.10,000 for metro and urban branches, Rs. 5,000.
- For Semi-Urban branches, Rs. 2,500 for Rural branches is required to open a Savings Regular Account.
- HDFC Bank’s personalized account number and cheque book will enhance security and ensure your money is safe.
- With the facility of HDFC Auto Sweep, you can also link your account to Multi Option Deposit (MOD) Account.
- You will have the option to quickly transfer your amount to another bank account through RTGS, IMPS, NEFT & UPI facilities.
ICICI Bank Savings Account
ICICI Bank is another Indian multinational bank serving the nation with the best financial services since 1994. This bank is building its network all across the country exponentially. The interest rate here ranges from 3.00% to 3.50% per annum. Here you will find different types of savings accounts. From basic savings accounts and salary accounts to accounts for women, there is a lot that ICICI bank has on the platter for you. Further, options are available for keeping the average balance in your savings account that varies according to the type of account.
- The average account balance you need to maintain is 10,000 for urban and metro locations and Rs. 5,000/- in semi-urban and Rs. 2,000/- in rural areas.
- While depositing your savings in this bank, there is no maximum bar assigned here.
- Unlimited cash withdrawals are available at all ATMs.
- Online or internet banking is highly convenient, and the perks of the I-mobile application are an addition.
- After opening a savings account here, you can also avail of various discounts and offers on jewellery, shopping, etc.
DCB Bank Savings Account
DCB Bank is a private sector bank in India, or we can say a generation bank. The bank received its license in 1995 and has been serving India since then.
This bank is mainly chosen for its facilities, primarily in terms of interest rates. The interest rate of this bank ranges from 2.75% per annum for savings up to 1 lakh and varies according to the account balance. Moreover, the bank has a name for its premium quality services and financial management. The other aspects that make DCB one of the best banks for savings account are mentioned below.
- The minimum account balance that you need to maintain is Rs.500.
- You can benefit from the online or net banking facilities of the bank.
- You will have the facility to acquire free replacement of damaged debit cards.
- Furthermore, you can avail of unlimited free cash withdrawals from the DCB ATMs.
Axis Bank, formerly known as the UTI bank, is now available in every nook and corner of India. Established in 1993, the bank has been providing excellent financial services after that. There are five different saving account options here to cater to distinct customers’ requirements. The interest rate at the axis bank savings account ranges from 3.00% to 3.50% per annum. There are numerous perks of a savings account here, have a glance over them below:
- You can bank at your convenience.
- Start your savings account with a low account balance.
- There is easy banking with a Secure Plus Debit Card at a common issuance charge.
- The bank will provide you with free chequebooks.
- You can also have a low average monthly balance and still enjoy the benefits of a savings account.
- You can withdraw money from all the ATMs.
IDFC Bank is an Indian public sector bank that forms part of IDFC (an integrated infrastructure finance company). The back started operating in 2015 after receiving a universal banking licence from the Reserve Bank of India. Many people regard IDFC as one of the best banks for savings accounts in India. Because the deposits are rated AAA by CRISIL, they are at the highest level of safety. Moreover, the interest rate here ranges from 4.00%-5.00% per annum. Further, the bank also gives vouchers on popular brands within 30 days of the account opening date. Here are some additional perks:
- You can get the perks of internet banking at its best.
- You can also access all the savings account facilities through the bank’s mobile-based application.
- The use of ATM and cash withdrawal is an option.
- You can also open a zero account here.
Yes Bank Savings Account
Yes Bank is an Indian bank and was founded in the year 2004. The financial services provided by the bank are highly commendable. That is why it can be considered one of the best banks for savings account. The interest rate of Yes bank is somewhere between 4.00% to 5,25% per annum. Moreover, this bank has two types of savings accounts: pro and savings account pro plus. There are distinct advantages of opening a savings account here. Check all of those below:
- The interest rate is higher than most of the banks in India.
- Upon activating the account, you get exciting onboard offers worth more than ₹16,000.
- You can withdraw money anytime from the ATMs.
- With all the internet facilities, you can avail the perks of net banking.
State Bank of India Savings Account
SBI Bank is an Indian multinational public sector bank and proves to be one of India’s best banks for savings account. Moreover, it is the 43rd largest bank in the world. The bank also ranks 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020, the only Indian Bank on the list. Moreover, the SBI Savings Account provides a 2.70% per annum interest rate. While many other factors help this bank maintain its popularity and power, all those factors are below.
- The monthly average balance you need to maintain is nil, so anyone can avail of the benefits of a savings account here.
- There is no limit to the maximum amount of balance you can keep here.
- You can process SBI debit cards in most ATMs of different banks.
- Mobile Banking
- SMS Alerts
- Internet Banking
- YONO App facility
- State App Anywhere
- SBI Quick Missed Call Facility
This list covers all the details of India’s best banks for savings accounts. We were sure and enthusiastic to dig as much as possible and process the final list for you. We have prioritised the interest rate considerably because savings make sense when they make money for you. The features and factors that make every bank unique have been put in the spotlight thoroughly. Choosing from varied options can be a task, yet you will have a choice if you precisely consider the aspects as per your requirement.
Additionally, all the banks listed above are famous licence holders of the Indian government. So, there is nothing that you need to worry about. Probe into the specifications we mentioned and select the bank that suits you the best.
All the best.