10 Best Banks for Saving Account in India

10 Best Banks for Saving Account in India with Interest Rate 2020

Banking

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 Best banks for Saving Account in India, you can save your money conveniently in a bank and also earn interest on it.

Besides, a savings account also enables you to conduct online transactions. You get a debit card along with it so that you can withdraw money on the go. To keep a track of the deposits, withdrawals, etc., saving accounts also provide you with a passbook, Cheque book, and monthly account statements.

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 the Best banks for Saving Account in India which best suits your needs.

Top 10 Best Banks for Saving Account in India with Interest Rate Comparison

Given below are the top 10 Best Savings Bank Accounts in India their Interest Rate 2020 and other benefits

Bank Name Interest Rate for Balance < Rs. 1 Lac Interest Rate for Balance > Rs. 1 Lac Minimum Monthly Balance (INR)
IndusInd Savings Bank Account 6% p.a. 7% p.a. 0 to 25 lakhs
Kotak Mahindra Savings Bank Account 3.50% p.a. 4% p.a. 0 to 25,000
ICICI Savings Bank Account 3 % p.a. 3 % p.a. 0 to 10,000
HDFC Savings Bank Account 3.25% p.a. 3.25% p.a. 2,500 to 25,000
Axis Savings Bank Account 3.50% p.a. 3.50% p.a. 0 to 1,00,000
IDFC Savings Bank Account 6 % p.a. 7 % p.a. 25,000
RBL Savings Bank Account 5 % p.a. 6 % p.a. 5,000
YesBank Savings Bank Account 4 % p.a. 5 % p.a. 0
SBI Savings Bank Account 2. 75 % p.a. 2.75 % p.a. 1000 to 3000
CitiBank Savings Bank Account 3.25% p.a. 3.25% p.a. 2 lacs

1. IndusInd Saving Bank Account

IndusInd Saving Bank Account is perfect for all those people looking for a zero balance account or an active stock investor. 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.

The benefits of this account are as follows:

  • One of the highest interest rates offered in India 2020: 7% p.a.
  • No requirement of minimum balance
  • You will receive reward points with every card transaction
  • Free monthly e-statements
  • Discounts on insurances
  • You will also get cashback via the Indus Money Program
  • Your account no. can be customized
  • Earn interest on all funds allocated from Savings a/c for trade
  • Zero brokerage on delivery
Features Description
Balance Required Zero Balance Account
The rate of Interest on Savings Up to 7 %
Debit Card Virtual Debit Card
Accessibility Mobile Banking, Net Banking, ATMs and Branches
Branches 1558
ATMs 2453

 

Balance Rate of Interest
Daily Balance up to Rs 1 Lacs 6 %
Daily Balance above Rs 1 lacs and up to Rs 2 Lacs 7 %
Daily Balance above Rs 2 lacs and up to Rs 5 Lacs 5 %
Daily Balance above Rs 5 Lacs 4 %

2. Kotak Mahindra Savings Bank Account

Kotak Mahindra Savings Bank Account is suitable for all those who want a zero balance account with a higher rate of interest. The Kotak 811 Edge is the very best savings account Kotak has to offer. The pros and cons of the same are discussed below:

Pros:

  • Easy and instant account opening process
  • The entire accounting process is paperless
  • Zero balance requirement
  • The Scan & Pay feature enables in-store purchases

Cons:

  • Doesn’t have any good apps
Features Description
Balance Required Zero Balance Account
The rate of Interest on Savings Up to 4 %
Debit Card Platinum Chip Debit Card (for an annual charge of INR 150)
Account Opening Instant account opening with Aadhar Card
Online money transfer Free NEFT, RTGS, and IMPS
Digital Bank Account One of the best savings accounts with the instant paperless opening of account

 

Balance Rate of Interest
Daily Balance up to Rs 1 Lacs 3.50 %
Daily Balance above Rs 1 lacs 4 %

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3. ICICI Savings Bank Account

ICICI savings bank account experience, for most customers, is 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.

Pros:

  • They have the best mobile app: iMobile banking app. Online banking service run smoothly
  • Their technology is much ahead than other banks in India.
  • They provide 24×7 Banking Service

Cons:

  • They don’t provide any extra benefits to loyal customers
  • Average banking product benefits.
Features Description
Balance Required INR 10,000
The rate of Interest on Savings Up to 3.5 %
Debit Card Platinum Visa Debit Card
Mobile App iMobile banking app. It is secured via PKI end-to-end 265-bit encryption and is very user-friendly.

 

 

Balance Rate of Interest
Daily Balance up to Rs 50 Lacs 3 %
Daily Balance above Rs 50 Lacs 3.5 %

4. HDFC Savings Account

HDFC Savings Bank account is best for all those who are looking for premium and customized products. This is the best and the most valuable institution in the Indian Banking Sector.

Pros:

  • They offer good products, such as credit cards to loyal customers.
  • Premium bank products come with amazing perks.
  • Annual Maintenance charges are waived for the first year.
  • Customized service
  • Online shopping discounts and offers

Cons:

  • Service is average
  • Technology is average
Features Description
Balance Required Rs. 10,000 (urban branches) Rs. 5,000 (semi-urban branches) Rs.2,500 (Rural Branches)
The rate of Interest on Savings Up to 3.75 %
Debit Card Millennia Debit Card (metro/urban locations) or a Rupay Premium Debit Card (semi-urban & rural locations)

 

Balance Rate of Interest
Daily Balance up below Rs 50 Lacs 3.25 %
Daily Balance of Rs 50 lacs and above 3.75 %

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5. Axis Bank Savings Bank Account

Axis Bank Savings Bank Account is a great choice for all those people who wish to get the best customer care services.

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.

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.

Pros:

  • High-quality customer service
  • Preferential price for Lockers and De-Mat
  • At least 15% off at their partner restaurants
  • You will get reward points for transactions

Cons:

  • Benefits are provided only for higher accounts
Features Description
Balance Required Rs. 5,000
The rate of Interest on Savings Up to 4 % p.a.
Debit Card Complimentary online debit card and an optional physical debit card
Auto FD Available for balances above INR 10,000

 

Balance Rate of Interest (p.a.)
Daily Balance up to Rs 50 Lacs 3.5 %
Daily Balance above Rs 50 Lacs 4 %

6. IDFC Savings Bank Account

IDFC Savings Bank Account offers you the highest interest rates on savings accounts. It is a great choice for people who wish to earn interest income without maintaining the minimum monthly account balance.

Pros:

  • They offer the highest rate of interest (6% to 7% p.a.)
  • Unlimited Fund Transfer available
  • Free ATM transactions anywhere in India
  • They won’t charge you if you fail to maintain the monthly average balance

Cons:

  • Their services are available only in a few cities.
Features Description
Balance Required Zero Balance to INR 25,000
The rate of Interest on Savings Up to 7 % p.a.
Debit Card Free Visa Signature Debit Card
Account Opening Aadhaar based account opening facility available

 

Balance Rate of Interest
Daily Balance up to Rs 1 Lacs 6 %
Daily Balance above Rs 1 Lacs and up to Rs 10 lacs 7%

7. RBL Savings Bank Account

RBL Savings Bank Account is for individuals who want to earn higher interest 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.

Pros:

  • Rate of interest is high
  • You get discounts on your locker operations
  • Customizable account number
  • No charges if you can’t maintain your account
  • You can open a savings account via the RBL Mobile 2.0 app too
  • 25% waiver of processing charges when you apply for property loans

Cons:

  • Higher interest rates are applicable only if your monthly balance is greater than INR 1 lakhs.
Features Description
Balance Required INR 1000
The rate of Interest on Savings Up to 6.75 % p.a.
Debit Card Platinum Master Debit Card
Fund Transfer Available. Online Payment facility is also available
Account opening You can open your account in an instant without any paperwork

 

Balance Rate of Interest
Daily Balance up to Rs 1 Lacs 5 %
Daily Balance above Rs 1 Lacs and up to Rs 10 lacs 6%
Daily Balance above Rs 10 lacs and up to Rs 3 crore 6.75 %
Daily Balance above Rs 3 crore and up to Rs 5 crore 6.75 %

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8. Yes Bank Savings Bank Account

YesBank Savings Bank Account will allow you to customize your savings account. 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.

Pros:

  • Interest rate is higher
  • You can customize your savings account
  • Unlimited ATM access
  • Utility Bills payments for free
  • Savings Rewards facility
  • They have pricing options as an alternative to maintaining a minimum balance
  • They offer flexibility to choose account-related perks

Cons:

  • There are comparatively lesser variants of savings account.
Features Description
Balance Required Zero Balance Account Available
The rate of Interest on Savings Up to 6 %
Debit Card Virtual Debit Card Available
Mobile and SMS Banking Available

 

Balance Rate of Interest
Daily Balance up to Rs 1 Lacs 4 %
Daily Balance above Rs 1 lacs and up to Rs 10 Lacs 5 %
Daily Balance above Rs 10 lacs and up to Rs 300 Crores 6 %

9. SBI Savings Bank Account

SBI Savings Bank Accounts offer decent offers and discounts for debit card and savings account holders. 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. You will get good banking products, such as Mutual funds, Insurance, Demat, etc.

Pros:

  • Their services and reach is widespread
  • They offer the lowest minimum monthly balance
  • Auto sweep facility

Cons:

  • They do not offer premium savings account or any such benefits
Features Description
Balance Required INR 3,000 (for metro/ urban areas), INR 2,000 (for semi-urban areas) and INR 1,000 (for rural areas)
The rate of Interest on Savings 2.75 %
Debit Card Debit cum ATM card available

 

Balance Rate of Interest
Daily Balance up to Rs 1 Lacs 2.75 %
Daily Balance above Rs 1 lacs 2.75%

10. CitiBank Savings Bank Account

CitiBank Savings Bank Account will meet your global banking needs. Citibank can solve all your fund remittances via solutions such as Citi Global Transfers, Foreign currency draft, Wire Transfers, etc.

Pros:

  • They have a global presence
  • Provide easy money transfers and receipts
  • Wire Transfers
  • Free e-mail and SMS alerts
  • The transaction fee is zero at Citibank affiliated IndianOil outlets
  • Foreign Currency draft available

Cons:

  • Only 23 cities in India have access to services
Features Description
Balance Required INR 2 lacs
The rate of Interest on Savings Up to 3.25 %
Debit Card Citibank Platinum Debit Card for free

 

Balance Rate of Interest
Daily Balance up to Rs 1 Lacs 3.25 %
Daily Balance above Rs 1 lacs 3.25 %

FAQs about 10 Best Banks for Saving Account

1. Which bank is best for saving account in India?

You need to take a look into some aspects of the bank before choosing it to open a savings account. For example, interest rates provided by the bank, the customer support quality, technology used, accessibility, and other benefits.

The ideal savings account varies from one person to another. However, the best savings account should suit your needs, provide a good rate of interest, have several branches and ATMs all across the country, and be flexible when it comes to deposits and withdrawals. Besides, the minimum account balance should serve your requirements.

In light of the same, our picks for the best banks for saving account in India 2020 are the following five:

  1. IndusInd Savings Bank Account
  2. Kotak Mahindra Savings Bank Account
  3. ICICI Savings Bank Account
  4. HDFC Savings Bank Account
  5. Axis Savings Bank Account

2. Which bank has the highest savings account interest rate?

Given below are the Top 6 Banks in India 2020 that provide the highest interest rates on Savings Account:

Bank Name Interest Rate p.a. on Savings Account Minimum monthly balance required
Utkarsh Small Finance Bank 7 % to 7.75% INR 5000/ INR 10,000
IDFC Bank 6 % to 7% 0 to INR 25000
RBL Bank 5 % to 6.75% INR 5000
Jana Small Finance Bank 5 % to 8% INR 2500
Yes Bank 4 % to 6 % 0
Bandhan Bank 4% to 7.15% 0 to INR 1 lakh

3. Which is the best safest bank to put your money?

Banks are said to be safe if they can cope properly and keep your money secure in times of market crashes when the bank is in a state of financial distress, or if the entire world is facing a financial calamity.

You may judge the safety of a bank via various criteria like the consistency in performance, automation level, technology, professionalism, risk management, etc. Here are the top 5 safe banks to put your money in India 2020, as per our review.

  1. HDFC Bank
  2. SBI
  3. ICICI Bank
  4. AXIS Bank
  5. Bank of Baroda

4. What documents are required to open a Savings Bank Account?

The documents needed to open a Savings Bank Account vary from one bank to another. Here is a general list of documents asked for by most banks:

  1. Identity Proof: Passport, PAN, Voter ID, Permanent driving license, Aadhaar Card, etc.
  2. Residential Proof: Electricity bill, Gas bill, Property tax bill, Government employee card, Aadhaar Card, Registered rent or lease agreement, Voter ID, Society outgoing bill, Permanent driving license, etc.