Best Online Savings In India

In the era of digitalization, online savings accounts are in trend.  You can go through our thorough guide to know all about each of these banks, the features they offer related to savings accounts, and how particularly it can suit your interest. Scroll down to find the best online savings account in India with great features and ease!

From everyday transactions to bill payments, everything can be done with these accounts just in a click. In this article, we will be talking about some of the banks and their services. Find a clear compare and contrast between the interest rate, eligibility, charges, and other characteristics of these trending savings account.

Top 10 Best Online Savings Account in India

Below we have given the ten best online savings accounts in India after referring to various websites. We have taken into account different types of reviews and feedbacks and considering some of the bank’s market reports. So, we have tried to help you out with the best possible ways to create an online savings account in the future.

If you are not willing to maintain a certain/minimum amount in your account, you can open a zero balance savings account, which can be a good option. Now let’s discuss the bank’s policies, primary features, and interest rates for the customers.

Pros and Cons of an Online Savings Account

Pros:

If you are thinking of opening a savings account online, you should keep in mind that some benefits can attract you.

• Huge interest to be earned: If you have made your mind open an online savings account, your priority list should start with the interest rate. Because the interest rate may go up and down, you will be getting the interest as per the bank’s norms.
• Growing your savings account without providing any monthly fees: Once you open an online savings account, then you don’t need to maintain any minimum balance, and your funds will work for you and accomplish your financial goals.
• Use your money simply and conveniently way: If any emergency arrives suddenly with your online savings account, you can easily withdraw money, check your balance, and make deposits, etc. anytime, anywhere on-the-go through your mobile device.
• Automatic deposits are also available to increase your savings slowly: If you don’t get time or don’t remember to make deposits, the most attractive benefit of an online savings account is that you have just selected a weekly or monthly deposit plan and relax without any headache.

Cons:

• Technology and Service interruption: If you are doing transactions online, then you are at the mercy of your network, and if it is slow or out of order, then you can face some bad situations at that particular moment.
• Concerns about Security and Identity Theft: If you handle an online savings account, a fear factor works that your account might get hacked. The banks try best to secure their system but still, you have to be more conscious. Don’t share your password and never enter any unsecured site.
• Limitations on Deposits: If you are running your online savings account as an individual, then it is ok, but if you are using it for your business purpose, then you should look for physical deposits because some restrictions are there for depositing after a certain amount.
• The limited scope of services: You can make bill payments, check balances, transfer money, etc., but if you want to apply for a new account or take a loan, then you have to visit the nearest branch of your bank for signature and documentation purpose. So, there are some limitations on various services if you are online.

India’s Best Online Savings Account

According to market research, India’s best online savings bank is considered to be IDFC First Bank. Because of its seamless services and a wide range of banking facilities, the customer is overall satisfied with their market performance.

The attractions that customers feel are:

1. Cashback offer after activation of your account. Spend at least Rs. 1000 on your very first transaction through IDFC First Bank Signature Debit Card, and you will get a flat 10% cashback instantly. Follow the terms and conditions.
2. IDFC First Bank also offers you to spend your money on the BookMyShow app.
3. IDFC First Bank also gives you the privilege to access airport lounges at free of cost. This is the most interesting and unique facility to attract more customers.
4. You will also get exclusive offers on any online or offline store if you use IDFC First Bank Signature Debit Card, powered by VISA.
5. If your debit card got lost or damaged, you will get an insurance cover provided by the bank.
6. You can also enjoy dining offer with your family with an IDFC First Bank Signature Debit Card.
7. You will also get a discount on fuel @2.5% if you pay by using IDFC First Bank Signature Debit Card at any petrol pump across India.

Best Online Savings Account for Beginners in India

The most rated bank in India for beginners to make their transactions through opening an online savings account is IndusInd Bank Savings Account (Zero Balance Account).

The IndusInd Bank has a collaboration with Upstox (discount broker Company in India). The bank offers zero minimum balance and other useful features after the creation of the savings account.

No opening charges will be taken on a savings account, trading account, and Demat account if you want to open an IndusStox account.

The customers will also get a titanium debit card and will be rewarded on each debit card transaction. Simultaneously, you can use the rewards you gained by providing the brokerage charges and enjoy a lot more profit in the stock market.

Best Online Savings Account for NRI

So, for NRIs, Axis Bank is the topmost bank in the market and is fully privatized. You can also check out some current accounts.

Some of the basic facilities provided by Axis Bank NRE account are:

• The NRE account of Axis Bank comes with a hand full of facilities like deficient minimum balance, checkbooks for multi-city usage, advises on tax, and online transaction facilities.
• The NRE account is structured so that every user can use it, whether it be a student studying abroad, or a businessman in any part of the globe, or any person staying overseas.
• If the NRI is absent, then the bank allows residents or relatives to access his account.
• Free debit card and checkbook are gifted after opening an account with Axis Bank as a welcome gift.
• 2 Lakhs accidental coverage is also offered with the debit card, which is free of cost.
• 10,000 should be maintained in the NRIs account every month.
• A personalized relationship manager will be there all time to help you out.

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