Best Savings Account in India

With technology advancements, it is very easy now to open a savings account online and we shall help you with the details on How to open savings account online and how easy it is to apply for a savings bank account opening online in India.

Let us first look at factors one should consider to open a saving account in India with any bank and let’s compare a few of the best savings account quickly.

Factors one should consider:

1. Interest rates

2. Minimum balance requirement

3. Charges and fee

4. Number of ATM’s

5. Customer service

6. Features and benefits

List of best savings bank account in India

1. State Bank of India Savings Account

2. Axis Bank Savings Account

3. Kotak Mahindra Bank Savings Account

4. ICICI Bank Savings Account

5. YES Bank Savings Account

6. Citibank Savings Account

7. Punjab National Bank Savings Account

8. HDFC Bank Savings Account

9. RBL Bank Savings Account

10. Digibank by DBS Savings Account

1. State Bank of India Savings Account

One of the largest network bank in India with maximum branches and ATM’s across the country, SBI stands to be one of the best bank for savings account opening in India so far. Since it is Public Sector Bank, SBI allows Saving account opening at zero annual charges or no minimum balance requirement.

 You will get a decent customer support in the branches with usually no hidden or extra charges.

When it comes to different features and benefits of opening a savings account with SBI, we must know that they offer very good offers specially on shopping. So if you are a shopaholic and have basic banking requirements. SBI stands one of the best choice to open saving account. 

Interest Rate: 3.5 % on balance upto Rs 1 Crore

Zero Balance Account: Available (SBI YONO Digital Savings Account)

2. Axis Bank Savings Account

Axis Bank is one of the three largest banks in India, when it comes to private sector Indian banks. Headquartered in Mumbai, Axis Bank provides customers with all types of banking services including deposits, different types of loans, savings accounts among others.

Their Axis ASAP account is gaining popularity these days. It is a Digital Savings Account that you can open anytime and anywhere with just three steps and doesn’t require physical documents verification and doesn’t have the hassle of maintaining minimum balance. The Virtual Debit Card that comes with Axis ASAP account is loaded with a handful of benefits through deals, rewards and much more.

They provide upto 7.25% interest rate on this account. They have auto sweep FD provision through which they give high interest rate.

Interest Rate: 3.5% – 7.25%

Zero Balance Account: Available (Axis ASAP Savings Account)

3. Kotak Mahindra Bank Savings Account

Kotak Mahindra Bank acquired licence in 2003 and is carrying it’s banking business in India with offerings like Savings Account, Credit Cards, Current Account opening, Insurance, Loans etc.

Their latest offering Kotak 811 Savings Account is a new age digital savings account which can be opened with just Aadhaar Card and PAN Card and no physical documents submission. Interest rate offered with this account is upto 6.50% and you get a virtual debit card for your use.

Interest Rate: Upto 6.5%

Zero Balance Account: Available (Kotak 811 Savings account)

4. ICICI Bank Savings Account

This Bank has the largest infrastructure among private banks in India, it commenced its operations in 1994 and Hence it was originally promoted by its parent company ICICI Limited, an Indian financial institution.

Bank offers innumerable banking products and services to a variety of customers including corporate and retail customers.

They offer different types of Savings account to customers including Zero Balance account as well. So They provide 4% interest rate in all their Savings Accounts

Their many debit cards offer a variety of offers and discounts to customers along with Payback points on all purchases.

Interest Rate: 4%

Zero Balance Account: Available with limited features (ICICI Bank Basic Savings Account)

5. YES Bank Savings Account

YES Bank is the 4th largest bank in India with over 1000 branches and 1800 ATMs.

Also known as “Full Service Commercial Bank”, YES Bank has a large fleet of Corporate, Retail & SME Banking franchise.

Similarly, YES Bank provides interest rate of 5% – 6.25% interest rate on its Savings Account. While Standard Savings Accounts in other banks give an interest rate of 3.5%, In YES BANK interest rate of 5% p.a. is given for balance below INR 1 lakh, 6% for balance between 1 lakh to 1 crore and 6.25% for balance above 1 crore in the account. In addition to this, YES Bank gives quarterly payout of interest with its Savings account. Hence, One of the best features of having a YES Bank Savings account is that they provide Unlimited access to ATMs of any bank across India

Interest Rate: 5% – 6.25%

Zero Balance Account: Not Available

6. Citibank Savings Account

RBL Bank was founded in the year 1943 making it one of the oldest private sector bank in India. So Although it is a relatively smaller bank with 244 branches and 387 ATMs across 20 Indian states and Union Territories in India, Hence it has a wide range of products and services including Credit Cards, Fixed Deposits, Savings accounts, and NRI centric services. 

Interest Rate: 5.5% – 6.5%

Zero Balance Account: Not available

10. Digibank by DBS Savings Account

Digibank by DBS is a new age Digital app by DBS which has digi Savings Account. Therefore, DBS Bank is the first bank in India to come up with complete paperless, branchless and signatureless Bank, named as Digibank.

Therefor, This account is a Zero Balance Saving account which comes loaded with a lot of features, offers and benefits. This account provides upto 7% interest rate to account holders. So In addition to this, customers also get free unlimited ATM withdrawals from over 2 lac ATMs in the country

Interest Rate: Upto 7%

Zero Balance Account:  Available (digiSavings by DBS)

So what are you waiting for?

Forget the long queues and waiting for long hours. All you need to do is select the account which suits your requirements and open Saving account online with just your PAN Card and Aadhaar Card.