Best Savings Bank Account In India

Of the wide variety, choosing the best savings bank account in India can be confusing. Below we have gathered all relevant information you should keep in mind before opening a savings account. We have covered and compared different accounts with their features, interest rates, suitability, and benefits.

Newbies to the banking processes can also find informative FAQs at the end of the article.

Best Savings Bank Account In India

Before proceeding in detail, let’s look at rates and check out a quick comparison. Below are the top 16 banks that offer a good interest rate on the amount up to Rs. 1 Lakh and amount more than Rs. 1 Lakh.

Saving Bank Interest Rates Comparision

Below are some of the most popular banks which offer a good rate of interest, however for your ease, below is the rate of interest comparison for all banks. With this comparison, you can easily select the banks where you want to open your bank account.

Now let’s have a detailed explanation for all the savings banks mentioned above.

1. IDFC Bank Savings Account

This bank offers one of the high-interest rates of around 7% on your savings bank account. Here you need to keep a minimum balance of Rs. 2 Lakhs or more.

With a low balance, you can also earn an interest of 7%, which is higher than other banks’ interest rates. One of the biggest benefits of the IDFC bank savings account is that there are no penalties or charges if you fail to keep your account’s minimum balance.

This bank charges only a few transactions like ATM transaction after the free limit, annual debit card fees, replacement of debit card, demand drafts, and re-issuing the checkbook.

Best savings account by IDFC

1. IDFC bank zero balance savings account without deliverables
2. IDFC bank zero balance savings account with a platinum debit card
3. IDFC bank savings account with a Signature debit card

Details Of Savings Bank Account

Suitable For

If you want to earn interest income, even after not maintaining an average monthly balance.

2. Digibank By DBS

You can instantly open a savings account with Digi bank via Aadhar card. You will also get the facility of an online mechanism for customer support, which is not offered by any other bank.

Details Of Savings Bank Account

Suitable For

If you are interested in earning a high-interest rate, this is the best bank for you.

3. RBL Bank Savings Account

If you need benefits like lockers and loans on the property, this could be the best savings bank account. Here the bank also allows you to select your bank number. Below is a list of good savings bank account.

Best RBL Bank Savings Account

1. RBL bank advantage savings account
2. RBL bank prime edge savings account
3. RBL bank classic savings account
4. RBL bank basic savings account

Details Of Savings Bank Account

Suitable For

If you are looking for a high-interest rate with other banking benefits, this is the best bank for you.

4. Kotak Mahindra Bank Savings Account (Highest Savings Interest)

If you are searching for a bank that gives the highest interest on the savings account, your choice should be Kotak Mahindra Bank. These banks offer the highest savings rate of interest in India. You can get up to a 6% rate of interest on your savings account. The fixed deposit rate of interest offered by ICICI, HDFC, and SBI ranges from 6 to 7%; however, you can earn the same rate on our savings account (Without locking your money).

One of the best saving bank account offered by Kotak bank is “Kotak 811 Digital bank”. It is a zero balance savings account which you can offer online. It holds the below benefits.

Benefits

1. The entire accounting process is paperless.
2. Zero balance account
3. The highest rate of interest is 6%
4. Instant account opening

The account can be opened seamlessly from home only, and below are details of the same.

Details Of Savings Bank Account

Suitable For

This account is best for looking for a zero balance account with a high rate of interest.

5. Yes Bank Savings Account

This bank offers you the benefit of customizing your savings bank account. While opening your account, you have the flexibility to select account-related benefit packages, pricing options, debit cards, and many other complimentary offers.

 Best Yes bank savings bank accounts

1. Yes, bank smart value savings account
2. Yes, bank customizable savings bank account

Details Of Savings Bank Account

Suitable For

If you are looking to earn a good interest income with flexibility and other banking benefits, this is best for you.

6. IndusInd Savings Bank Account (Zero Balance Account)

In collaboration with Upstox (Best Indian stockbroker), IndusInd bank recommends IndusStox 3 in 1 account. This bank account holds a fantastic value proposition in terms of great features and a minimum balance of zero. With this account, you will get a Demat account, trading account, and savings account for free.

You will also get titanium debit cards to earn a maximum of 6X reward points on the expenditure of Rs. 200 via debit card. These reward points can be used for brokerage charges while gaining profit in the stock market. If you are an active stock investor and trader, then this is the best card for you because of the following reasons.

1. Nil brokerage on delivery
2. Free Trading and Demat account
3. No worry during fund transfer from Demat to Savings account and vice versa.
4. There is a fixed brokerage of 20 rupees per trade, even if it is of one crore.

Benefits Of IndusStox Account

1. Nil brokerage on delivery
2. Free trading and Demat account opening
3. No minimum balance.
4. The account number is customizable
5. The fixed brokerage of Rs. 20 on each trade
6. Get interested in the funds allocated from your savings account for trading

Details Of Savings Bank Account

Suitable For

If you are looking for a zero balance account, this is an excellent opportunity for you. If you are an active stock investor, then this could be the best savings account for you.

7. Lakshmi Vilas Bank

If you are located in southern India, this bank is best for you, as all the branches are nearby. This bank does not provide many benefits apart from a high rate of interest.

Best Lakshmi Vilas Bank Savings Account

1. Lakshmi Titanium savings account
2. Lakshmi savings star gold savings account
3. Lakshmi savings gold saving account
4. Lakshmi basic savings bank deposit account
5. Lakshmi savings bank SB 301 account

 Details Of Savings Bank Account

Suitable For

If you are looking for a high-interest rate, then this is the best bank for you.

8. Bandhan Bank Savings Account

If you are searching for a bank with its roots for a social case, the bank is best for you. You can get a good range of savings accounts; however, most are regular end with minimum benefits.

Best Bandhan Bank Savings Account

1. Bandhan BSBDA savings account
2. Bandhan Sanchay savings account
3. Bandhan advantage savings account
4. Bandhan standard savings account
5. Bandhan premium savings account

Details Of Savings Bank Account

Suitable For

This bank is best if you are in search of a high rate of interest.

9. Paytm Payment Bank Savings Account

With the help of the Paytm savings bank account, your phone is your bank, and you can enjoy banking from your phone. This is basically to support cashless payment transactions and less banking needs of unbanked sections of society.

One can easily open a zero balance savings account with Paytm banks, and there is no hassle of maintaining a monthly average balance.

Like traditional banking systems, you need to fill out a form with all the mandatory details. You will get a digital and simple account opening experience via the Paytm app; however, you need to submit your documents for completing your KYC at a nearby location. Paytm never charges for online fund transfer vis NEFT, UPI, IMPS, Paytm wallet, or Paytm bank account.

The only limitation is that you can keep only 1 Lakh rupees combined in your wallet and bank account. Any balance over Rs. 1 Lakh is auto swept to fixed deposits with IndusInd bank with an interest rate of 8%.

Details For Savings Account

Suitable For

If you prefer a mobile phone for making payments and banking requirements up to 1 Lakh rupees.

10. Airtel Payments Bank Savings Account

If you need ease of paying your insurance, data card bill, DTH recharges, water bills, telephone bills, mobile phone bills, electricity bills, gas bills, etc. then airtel payment bank is perfect for you.

You can easily open this savings bank account via the airtel app. After opening the bank account, you will also receive an online debit card. You will not enjoy the benefit of any physical branch; however, you can deposit and withdraw cash at 5 Lakhs.

Details Of Savings Account

Suitable For

This is best if you prefer mobile for basic banking and payment needs up to Rs. 1 Lakhs.

11. ICICI Bank Savings Account (Best Technology)

If you want to open a savings bank account with ICICI, then it will be like banking for you on fingertips with more than 200 bank services offered online.

This wonderful technology experience starts with the mobile application, which is very user-friendly and secured with PKI’s help to end 265-bit encryption. With this account’s help, you can check balances, transactions, transfer funds, open NPS accounts, RD PPF, FD, MF, insurance premiums, book tickets, and managing the Demat account with iMobile portfolio and for paying bills.

Suitable For

If you are tech-savvy and do not have time to visit the branch, this is best for you. If you like to use a mobile to make payments, this will be suitable for you.

You will get a superior interface while using internet banking for this bank. The navigation for the same is also excellent, where you can get all information at a single place. Entire authentication factors are present on a single page, making fund transfer easily and quickly.

Along with this, you can also access service requests from a single location only. All this provides hassle-free experiences. You can also open an online savings account and can get an account number instantly. Some of the best savings account options offered by ICICI are

1. ICICI Titanium Privilege Savings Account
2. ICICI Gold Privilege Savings Account
3. ICICI Silver Savings Account
4. ICICI Regular Savings Account

Depending on the variant, you can keep a monthly average balance of Rs. 10,000 to Rs. 1, 25,000 on which you can get below the rate of interest.

1. 3.5% on amount up to 50 Lakhs
2. 4% on the amount above 50 Lakhs

12. HDFC Bank Savings Account (For Best Products)

HDFC bank owns the best banking products like loans, deposit rates, best credit cards, smart hub, Samsung Pay, and Payzapp. Below are some of the products from HDFC.

Unique Products Offered By HDFC Bank

1. HDFC Diners Club Black Credit Card

It is the super-premium credit card offered by HDFC bank. This will help you to save 33% of your money while shopping, also. It will help you earn 10Xrewards points if you are making any purchase from their partner brands like Cleartrip, Yatra, Amazon, Flipkart. You can earn a maximum of 1 reward point on a minimum spend of Rs. 30.

2. HDFC Smart Buy

You will get access to an online shopping website where merchants display a list of their exclusive services and products for all HDFC bank users. You can get the best deals from multiple e-commerce companies like Amazon, Flipkart, and Snapdeal.

3. HDFC On Chat

This is a natural language processing-based AI(artificial intelligence) platform that allows you to chat on Facebook messenger to make your payments. This platform can also be used by non-HDFC customers to get services like event bookings, movies, travel, mobile recharge, and bill payment.

4. HDFC Personal Loans On ATMs

For present customers, this bank provides options for getting small instant personal loans at ATMs. You can get this option on ATM screens. You only need to e-agreement on the ATM screen, and the money will get transferred to your bank account. All these facilities are bases on your financial details and a fair assessment of your profile. SBI and ICICI are two other banks that are providing this facility.

HDFC banks offer another set of premier banking products and services where you have exclusive lifestyle benefits, phone banking services, and pricing. They offer the below services.

1. Portfolio management services
2. Insurance
3. Tax payments
4. Investment in equity and mutual funds

All premium banking requirements are looked at by the committed relationship manager. For getting the same, you need to have a high monthly average balance in your savings account (From 1 Lakhs to 10 Lakhs).  Some of the best savings bank account options offered by HDFC are

1. HDFC Basic Savings Bank Deposit Account
2. HDFC Regular Savings Account
3. HDFC Savings Max Account

Details Of Savings Bank Account

Suitable For

If you are looking for customized products at a good premium, this account is best for you.

12. Axis Bank Savings Account (For Good Services)

This is the bank that has won multiple awards for its fabulous customer support. Below are some of them.

1. Best award program for the 5th consecutive year from 2015.
2. Best Loyalty Program in the financial sector for 2nd consecutive year from 2018.
3. Best Contract center at customer experience awards in 2018.

This is the only bank that offers rewards for account-related transactions. Rewards could be earned for Demat account, opening RD, standing instructions, and ECS.

Suitable For

If you are looking for the best quality customer care and other services, this is best for you.

This bank offers two different sets of savings account. Prime and easy access with prime plus and lower account balance, Burgundy, and priority with a high balance condition. Below are some of the best axis bank savings account with their minimum balance.

Axis Bank Best Savings Account

Details Of Savings Bank Account

13. Citi Bank Savings Account (Global Presence)

If you require a global banking requirement for your relatives or family members, then the city bank is best for you. You can get support from 4000 branches of Citi bank in 42 countries for all banking requirements.

Suitable For

If you need a global banking service, then this bank is best for you.

This bank is an expert in solving fund remittance via

1. Foreign currency draft
2. Wire transfer
3. Citi global transfer
4. Automated clearing house

You can easily send funds up to Rs. 3, 00,000 every day and receive up to Rs. 30,000,000 every day.

Best Citibank Savings Account

Details Of Savings bank Account

14. State Bank Of India Savings Account (Widespread Services And Reach)

You can easily find SBI ATM and SBI branches anywhere in the country. The best feature is that SBI offers dedicated extension counters and branches at multiple universities, colleges, and schools. All this saves time for students and helps them in paying fees regularly. Along with this, students will also have access to bank service at low charges.

Best State bank India Savings Bank Account

1. SBI digital savings account
2. SBI insta savings bank account
3. SBI small savings bank account
4. SBI basic savings bank account

Details Of Savings Bank Account

Suitable For

This bank is best for students and if you are residing near a branch.

15. Bank Of Baroda Savings Account

This is one of the largest PSU bans which offers quality customer service and good products. You can also enjoy decent net banking services; however, the app services are average. The best thing about this bank is that all the savings account variant needs the lowest quarterly average balance compared to other banks.

Best Bank Of Baroda Savings Account

1. Baroda Shubh Savings Account
2. Baroda Centenary Savings Account
3. Baroda Advantage Savings Account
4. Baroda Basic Savings Bank Account
5. Baroda Super Savings Account

Details Of Savings Account

Suitable For

If you are looking for the best service at the lowest minimum balance, this is the best bank.

Features And Benefit Of Best Savings Account

1. Banks provide multiple insurance cover to you. Mostly it includes death and personal accidents.
2. One of the biggest advantages of that, the bank offers discounts on lockers to you if you are maintaining a minimum quarterly balance in your bank account.
3. You will get some liquidity. Generally, you will get ATM/ debit cards, which are used to withdraw money from the savings account.
4. All the savings account at the Nationalised bank or financial institutions are always safe.
5. This is the safest place to store surplus funds and build a nest egg for unexpected situations.
6. You can earn interest on your savings account. This varies from bank to bank, and also on the balance amount in your bank.

Highest Interest Rate On Saving Account In India

You might be wondering from all these banks which banks give the highest savings accounts in India. Generally, the interest rates offered on saving accounts are based on the account balance. So, the interest rate may vary from 3.5% per year to 7% per year.

Most banks also want you to maintain a specific average quarterly or daily balance to earn the required interest. Below are some of the top banks that offer you the highest interest rate on your bank balance.

1. Axis Bank:- This bank gives you a 4% interest rate on all savings account.
2. IndusInd Bank:- If you are maintaining a daily balance of 1 Lakh, you can earn an interest of 4% per year.
3. Yes Bank:- For this bank, you need to maintain a daily balance up to Rs. 3 Lakhs. If you are doing so, you can earn an interest of 7% per year.
4. Kotak Bank:- If you plan to open a bank account with this bank, you can earn an interest rate of 6%.

Types of Savings Account

You can avail of the facility of opening a variety of savings account which are different in terms of features and balance requirements. Below is the list of the type of savings account which you can avail. You should also check out the alternative to a savings bank account.

1. Regular Savings Account.
2. Salary bases Savings Account.
3. Savings Account for Senior Citizens.
4. Savings Account for Children and Minors.
5. Zero Balance Savings Account.
6. Women’s Savings Account.

Eligibility Criteria And Documents Required For Savings Account

Eligibility criteria may vary from bank to bank. However, some common criteria are

1. The minimum age should be 18 years
2. Non- resident Indians
3. Foreign Nationals living in India
4. Resident Individuals
5. You can also open a minor account, which can be operated by a guardian or a parent.

Documents Required To Open A Bank Account

You must have the below documents if you want to open a savings bank account in India.

1. Identity proof
2. Age proof
3. Passport size photograph
4. Address proof
5. Senior citizen card (If the account is for senior citizens)

FAQs