A Savings Bank Account is one of the oldest and most common ways people choose to save their money. The reason why is because here your principal amount will always remain safe regardless of the interest you earn. Hence, with a savings bank account, you can save your money conveniently in a bank and also earn interest on it.
It is the simplest form of investment but you need to look at a few criteria before choosing a bank for your savings account. This article will help you choose a savings bank account in India which best suits your needs.
1. Induslnd Bank
If you open an IndusStox account, then you can get savings, trading and Demat accounts free of cost. You will also receive a titanium debit card and earn 5X to 6X reward points every time you spend INR 200 via your debit card. If you are someone looking for a zero balance account or an active stock investor, then this is the best opportunity for you.
The benefits of this account are as follows:
- No requirement of minimum balance
- Your account no. can be customized
- Earn interest on all funds allocated from Savings a/c for trade
- Zero brokerage on delivery
Minimum Monthly Balance: No specific requirement
Rate of Interest: 4% (Up to INR 1 lakhs), 5% (Up to INR 10 lakhs) and 6% after that
2. Kotak Mahindra Bank
A Savings Bank Account at Kotak Mahindra is suitable for all those who want a zero balance account with a higher rate of interest. The Kotak 811 Digital Bank is the very best savings account Kotak has to offer. The pros and cons of the same are discussed below:
- High-interest rate (up to 6% p.a.)
- Easy and instant account opening process
- The entire accounting process is paperless
- Zero balance requirement
- Doesn’t have any good apps
Minimum Monthly Balance: 0
Rate of Interest: 5% p.a. (up to INR 1 lakhs) and 6% p.a. above INR 1 lakhs
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3. ICICI Bank Savings Account
Your savings account experience with ICICI bank will be like having banking at your fingertips. This is one of the best choices for tech-savvy people who wish to use online banking and make most transactions via their mobile devices.
- They have the best mobile app
- Online banking service run smoothly
- Their technology is much ahead than other banks in India.
- They don’t provide any extra benefits to loyal customers
- Average banking product benefits.
Minimum Monthly Balance: INR 10,000 to INR 1.25 lakhs
Rate of Interest: 3.5% (Up to INR 50 lakhs), 4% (Above INR 50 lakhs)
4. HDFC Bank Savings Account
This is the best and the most valuable institution in the Indian Banking Sector. An HDFC Savings Bank account is best for all those who are looking for a premium and customized products.
- They offer good products, such as credit cards to loyal customers.
- Premium bank products come with amazing perks.
- Service is average
- Technology is average
Minimum monthly balance: INR 5,000 to INR 25,000
Rate of Interest: 4% p.a.
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5. Axis Bank
They have won a lot of awards, namely: Best Contact Centre at the customer experience awards 2018, Best Loyalty Program in the financial sector 2017 and 2018, and Best Rewards Program consecutively for the 5th year since 2015.
This is the only bank that offers reward points on your account transactions. You can also earn reward points for ECS, standing instructions, opening an RD or a Demat account.
This bank is a great choice for all those people who wish to get the best customer care services.
Axis Bank offers two different types of bank accounts: Easy access and prime that have lower minimum account balance requirements, and Prime Plus, Priority and Burgandy that have higher balance needs.
Minimum Monthly Balance: INR 5,000 to INR 1 lakhs
Rate of Interest: 3.5% p.a. (if the account balance is lower than INR 50 lakhs), 4% p.a. (if the account balance is over INR 50 lakhs)
6. IDFC Bank Savings Account
IDFC Bank offers you the highest interest rates on savings accounts. It is a great choicefor people who wish to earn interest income without maintaining the minimum monthly account balance.
- They offer the highest rate of interest (6% to 7% p.a.)
- They won’t charge you if you fail to maintain the monthly average balance
- Their services are available only in a few cities.
Minimum Monthly Balance: 0 to INR 25,000
Rate of Interest: 6% p.a. (up to INR 1 lakhs) and 7% p.a. (above INR 1 lakhs)
7. RBL Bank Savings Account
This is for individuals who want to earn a higher interest revenue and enjoy other banking benefits. If you want more locker benefits (15% discounts) or benefits on property loans (like a 25% waiver on the processing charges), then opt for the advantage savings bank account at RBL Bank. You can even choose your account number.
- Rate of interest is high
- You get discounts on your locker operations
- 25% waiver of processing charges when you apply for property loans
- Higher interest rates are applicable only if your monthly balance is greater than INR 1 lakhs.
Minimum monthly balance: INR 1000 to INR 25,000
Rate of Interest: 5.5% (Up to INR 1 lakhs) and 6% to 7% (above 1 Lakhs)
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8. Yes Bank Savings Account
You can customize your savings account with Yes Bank. You can choose the debit card, pricing options, etc. when you open your account. This is a good option for people who want to earn higher interest and have flexibility in other banking features.
- Interest rate is higher
- They have pricing options as an alternative to maintaining a minimum balance
- They offer flexibility to choose account-related perks
- There are comparatively lesser variants of savings account.
Minimum monthly balance: INR 1,000 to INR 25,000
Rate of Interest: 5% (Up to INR 1 lakhs), 6% to 6.25% (Above INR 1 lakhs)
9. SBI Savings Account
You will find branches of this bank and its ATM anywhere and everywhere you go, in this country. They have great internet and mobile banking portals. They also offer decent offers and discounts for debit card and savings account holders. You will get good banking products, such as Mutual funds, Insurance, Demat, etc.
- Their services and reach is widespread
- They offer the lowest minimum monthly balance
- They do not offer premium savings account or any such benefits
Minimum Monthly Balance: INR 3,000 (for metro/ urban areas), INR 2,000 (for semi-urban areas) and INR 1,000 (for rural areas)
Rate of Interest: 3.25% p.a. (Up to INR 1 lakhs) and 3% p.a. (Above INR 1 lakhs)
10. Citi Bank Savings Account
If you have global banking needs, then this should be your pick. Citibank can solve all your fund remittances via solutions such as Citi Global Transfers, Foreign currency draft, Wire Transfers, etc.
- They have a global presence
- Provide easy money transfers and receipts
- Only 23 cities in India have access to services
Rate of Interest: 3.5% p.a.