There are many banks offering savings accounts in India. Which of these is the best for you?
Savings accounts give you a reason and impetus to save money.
Kotak Mahindra Bank
For the highest savings rate interest in India go for kotak Mahindra bank.
You easily get 6% interest rate on a savings account. A rate that hovers around the general FD deposit rates that most Indian banks provide.
You can earn as much as from FD without the hassle of keeping your money immovable inside an FD. That in essence makes it highly liquid.
The particular savings account we’re talking about here is the 811.
Anyone can open this account online.
The account is opened instantly.
The interest rates are high. You can use it as a zero balance account.
It’s paperless as well. Sit in your house, open an account from there itself.
The rate of interest is variable
For sums up to1 lakhs – 4%
Above 1 lakhs- 6% to 5.5%
Persons who are looking for a higher interest rate and zero account balance.
ICICI Bank Savings Account
This is what a lot of people use as their primary account. ICICi account has a bunch of features not seen elsewhere from depositing PPF to starting monthly saving goals. There are a number of things the account lets you do.
To enumerate the list of things you can do:
Basic banking.
Other than basic banking functions like checking balances and getting alerts, you get to open mutual funds, RD and FD. You can even contribute to ppf and nps accounts and track them. Pay your taxes as well.
You can pay several bills premiums and book tickets online.
The interface and navigation are user friendly.
Even you can open a savings account online and can get an account number instantly.
There are three types of savings accounts along with current accounts. The regular savings account, silver savings account and gold privilege savings account
If you open an account in a rural area, you can start with Rs 5000. If urban or depending on the minimum balance requirements the savings deposit amount goes up. That’s one price to pay for the superior service and tech they have with them.
For savings less than 50 lakhs you get 3.5% as interest and above 50 lakhs you get savings rate of 4%.
Visit the branch and submit two identity documents to get started. You get the starter kit then and there itself which contains a cheque book, ICICI bank debit cum international debit card and few papers on the bank. You also get login details like user id and a password for your internet banking account.
When you login for the first time you will be asked to set a new passwords. The convenience, ease of access and well-rounded approach makes it far superior to state run banks where you often run from pillar to post to get things done.
You can access the account through phone banking net banking and their iWish app.
For rural areas the MAB is Rs 5000 and for urban areas a minumum balance is rs 10000. There are also accounts mandating 25000 to 10000 minimum savings.
HDFC Bank Savings Account
HDFC has this habit of deducting for services to which you didn’t approve. But if you’re willing to let that slide, they have good deposit rates a number of banking products, a great app, and credit cards.
The exclusive shopping platform
Smartbuy’s the name of the shopping platform linked with you HDFC account where you get exclusive products and deals for HDFC bank customers. Some of the best deals from eCommerce merchants are listed here.
HDFC Personal Loans on ATMs
HDFC bank gets you small loans from the ATM. You can see the option on the atm kiosk and e -agree to get the money to your account.
There are multiple investment opportunities ranging from stocks to insurance to portfolio management and tax payments.
Premier banking services are available to you if you maintain a balance of 1 lakhs or more in your account.
The MAB depends on the savings account type you choose when creating an account.
The interest rates are standard.
The monthly average balance requirements vary a lot by the account type. It varies from a low of Rs 5000 per month to a high of Rs 25000 per month.
Rate of Interest Up to 50 Lac – 3.5%
Above 50 Lac- 4%
You can apply different credit cards from your account. For example the Moneyback credit card.
The cards that HDFC offers are great for cashback. I have mentioned in detail about the moneyback card in my review. Along with it,
- You earn 2 reward points for every Rs 150 you spend.
- When you shop online you get higher rewards and cashback.
- 1% Fuel Surcharge Waiver – Get fuel surcharge waiver across fuel stations in India.
Axis Bank Saving Account
Next on our list is Axis bank account. They’re known for their penchant for great customer service.
As such you can expect great customer support from the bank.
Account related transactions like transfers and receipt of money too get you reward points. You also get points for opening RD or demat accounts.
There are different types of savings bank accounts. There’s the prime, prime plus, priority and burgundy account.
Axis easy savings account requires a monthly average balance of 10,000.
Axis prime account demands that if you’re in the metro city the MAB is RS 25000. Rs 10000 in the semi urban area.
Prime plus account requires 1 lakh as monthly minimum balance.
The priority account requires you have 2 lakhs as savings.
You get a 3.5% as savings rate interest.
Citi Bank Savings Account
For global banking requirements there’s no bank better than citi.
For example when paypal was just launched in India, no bank’s debit card supported them. But Citi’s did. So that drove a lot of Indian freelancers and bloggers to go with Citi.
Even otherwise, Citi is still a great choice, though with absolutely no presence in rural areas.
You get free ATM cash withdrawal around the world.
Cashless payments as citi has some of the widest network in the country.
Get rewards based on your spending with citibank debit card.
Earn 1 reward point for every 100 Rs in spend. You have two options to get redeemed as cash or miles.
Get twice the miles on Jet Airways and Air India
Wide range of banking services attract no transaction fee.
Account assistance through a 24*7 helpline. Emergency cash advance to the tune of $1000 if debit card gets lost in a foreign country.
Secure and world class platform.
Citi is known for the bank of the globe trotter. There are 4000 branches spread across 42 different countries for your banking needs.
Wire transfers,
Global transfers
And foreign currency draft are some features.
The minimum amount to have in your account is Rs 2 lakhs. The rest of the details are as follows.
The debit card you get with the account has zero transaction fee at and on Citibank affiliate IndianOil stations.
Rate of Interest Up to 1 Lac – 3.25%
Above 1 Lac- 3.25%
As you can see the savings interest isn’t the best for you.
IndusInd Bank Savings Account
Induslnd’s savings bank account comes with a bunch of great features.
The bank has traditionally required a much lower monthly balance requirements.
There are multiple flavors of accounts called the Maxima, Select exclusive all of which pack 6 times the normal reward points through net banking and other transaction.
The reward points accrue based on the amount you spend every month. And with increased spending you stand to accrue even more points.
If your spend exceeds Rs 40000 you get 5x the number of points per 200 rs spent. You get reward points that are. .50 in value.
With the maxima savings account you can open and add two more accounts that will result in three accounts. The Minimum balance can be shared across these three accounts.
Privilege active savings account waves your MAB requirements.
Being active means carrying out monthly transactions that total 2500 rs at net banking, EMI or mobile paying. If inactive you will be levied a penalty of Rs 350
Open an account almost instantly. Use your Aadhaar number and PAN Card and get access to a world of privileges with Indus Online Savings Account
Indus Select Savings Account
It’s a premier savings account that has a number of features including:
Free platinum Select debit card that comes with buy one get one free movie tickets from Bookmyshow.
You get 50% discount on first year fee of Standard locker.
Indus Maxima Savings Account
The maxima savings account gets you two free add-on accounts on top of the primary account.
You get a free platinum debit card on all adon accounts.
For balances up to 1 lakhs you can 4% interest and up to 10 lakh 5% interest and beyond that 6% interest.
Indus Privilege Max Savings Account
It’s Titanium Plus debit card might be the biggest highlight of the card.
Titanium plus card gets you 25% locker discount plus additional discounts on movie shows with Bookmyshow.
There’s a women centric Diva savings bank account as well.
IDFC Bank Saving Account
IDFC other than Kotak bank offers the biggest interest on your savings account. That requires you to maintain a balance that exceeds 2 lakhs per month
With lower balance you earn an interest of 6% which is still higher than most banks we saw here.
No penalties for going lower than the MAB.
IDFC bank charges for reissue of cheque books, replacing debit cards and for ATM transactions beyond the free limit.
Monthly Average Balance 0 to 25,000 rupees
Rate of Interest Up to 1 Lac – 6%
Above 1 Lac- 7%
You open the account online and get service through phone, internet and browsers and ATMs.
RBL Bank Saving Account
RBL is one of the newest banks in India with pretty high growth prospects.
RBL banks most attractive features are its lockers. You get 15% discount and you get a 25% processing fee loan waiver on picking an advantage savings bank account from RBL
You can choose among the following list of savings accounts available.
RBL Bank Basic Savings Account
Digital Savings Account
Executive savings account
Senior’s first savings account
Women saving’s account.
Classic Savings Account
Prime Edge Savings Account
Advantage Savings Account
With the Digital Savings account you get to open an account with the Aadhaar card itself.
The details are here
The minimum average balance required is between 1000 to 25k rupees
Rate of Interest Up to 1 Lac – 5.5%
Above 1 Lac- 6% to 7%
Yes Bank Saving Account
Yes Bank has a lot of customizing options for your savings account. When opening an account you get a debit card of your choice, options to forego MAB in favor of choosing to be active and complimentary offers like that.
The monthly average balance is between 1000 to 25l
Rate of Interest Up to 1 Lac – 5%
Above 1 Lac- 6% to 6.25%
Lakshmi Vilas Bank
Lakshmi Vilas Bank has a great presence in all of south India. The rates of interest is high. Everything else is just average. There are no spectacular features so as to speak of.
Best Lakshmi Vilas Bank (LVB) Savings Account
SB 301 Account
Basic Savings Bank Deposit Account
Gold Saving Account
Star Gold Saving Account
Titanium Savings Account
The details for savings accounts are as under
Monthly Average Balance Metro : 1000/-,Urban : 1000/- Semi Urban : 500/- Rural : 500/
Rate of Interest Up to 1 Lac – 4%
Above 1 Lac- 5.25% to 6.5%
Account Opening Process Online through website
Individuals who are looking to earn a higher interest income.
For example with all savings account, these are the basic features you get
An Rupay debit card
Accident coverage up to 1 lakh
Merchant offers and email statement.
With other accounts, you get more privileges like Internet banking, NEFT & RTGS facility, along with a complimentary personal accidental cover of INR 2 Lac.
Bandhan Bank Saving Account
Bandhan bank supports a number of social initiatives that emerge from its core banking service.
The savings account is regular with a regular set of features.
With the social angle tied in, the bank is popular among millennials.
Best Bandhan Bank Savings Account
Bandhan Premium Savings Account
Bandhan Standard Savings Account
Bandhan Advantage Savings Account
The details for savings accounts are as under
Monthly Average Balance Rs. 2,000 to Rs. 1 Lac
Rate of Interest Up to 1 Lac – 4%
Above 1 Lac- 6% to 7%
Individuals who are looking to earn a higher interest income.
Digibank by DBS
Digi bank lets you open an instant savings bank account through Aadhar. The support is also fully online because the bank lacks any physical branches.
There’s nothing spectacular about the features other than the novelty of opening a digital account.
The monthly average balance ranges from a low 2000 to 100000 rs. The rate of interest is comparatively high at 5.5% for savings up to a lakh.
For above 1 lakh you can get interest up to 7%.
With digi app you can open the account .
State Bank of India Savings Account
State Bank of India being one of the oldest banks in the country and a bank run by the government of India gets you a presence all over India, even the most rural of hamlets.
You’re sure of finding an ATM and branch.
There are multiple savings bank accounts like the basic account, small account, insta savings account, digital savings account and so on.
Monthly average balance for metro area rs 3000
For Semi urban areas Rs 2000 is the minimum balance
For Rural areas maintain a minimum of – Rs. 1000
| Savings Deposits Balance up to Rs. 1 crore | 3.50% p.a. |
| Savings Deposits Balance above Rs. 1 crore | 4.00% p.a. |
Types of savings accounts with SBI
Basic savings bank account
This one doesn’t mandate a minimum balance month to month.
You get Rupay debit card
Small savings account
No minimum balance requirements
3 in one online demat and trading account
Access savings account
Earn reward points
Special salary account
Another zero balance account
ATM cum debit card
Digital savings account
Paperless account opening through the app
Paytm Payment Bank Savings Account
Paytm launched as a platform where you can recharge your mobile and then morphed into a juggernaut you could pay your bills, buy insurance, invest in mutual funds and so on. Then came Paytm’s mall where you could buy electronics and lots of shopping for discounts and cashback.
Now with a savings account options, Paytm is your bank. And you can bank with your phone.
Open a zero balance account with no need for monthly average balances. No forms to fill up when creating an account either. No hassles associated with a traditional bank account. Account opening couldn’t have been more simple.
It can be done digitally with the Paytm app. Submit your docs to complete KYC at a nearby location.
No transaction fee is levied on online fund transfers via IMPS or UPI.
1% per transaction for domestic money transfers. They also charge Rs. 3 for account verification done.
The maximum amount you can hold on Paytm is 1 lakh and anything more goes into an automatic FD created in collaboration with IDFC bank at 8% interest.
The details for savings accounts are as under
No average minimum balance requirements with the Paytm account
You get 3.5% as savings interest.
Individuals using mobile for payments and basic banking with needs up to Rs. 1 Lac.
Airtel Payments Bank Savings Account
Airtel bank is another flagship product from Bharti Airtel. It’s a new entrant that doubles up as your gateway to make payments at several outlets like the state electricity board, pay gas bills, other utility bills along with sending payments for DTH subscription, recharging your mobile and data cards.
Airtel app lets you open an account and you can get debit cards as well.
Airtel payments bank doesn’t have any physical banking locations. It’s purely digital just like PayTM. However there are banking points or points of collection that function as an ATM and let you deposit and withdraw cash up to 5 lakhs or more.
Details of savings accounts are as follows.
There’s no need to maintain an average monthly balance. Keep the balance as zero if you fancy.
You get an average rate of interest at 4%
Open your account through the airtel mobile app and access the account through your phone.
Bank of Baroda Savings Account
Bank of Baroda offers up a decent payments bank with great service and banking products.
The lowest quarterly average balance sets you for Bank of Baroda account.
Here are the different types of accounts available.
- Salary and Pension Solutions for Indian Military Personnel
With this account, it gets you overdraft facility
Home loan processing waiver
Scholar loan to your children
- Baroda Platinum Saving Bank Account
Unlimited cheque-books
No charges for cash deposit in base branch.
50% waiver on issuance charges of certain cards like travel
Annual locker charges get a 10% discount.
- Baroda Mahila Shakti Saving Account
25% waiver on annual locker rents
Free platinum debit card for a year that comes with 2 lakhs insurance
.25% discount on interest rates of two wheeler loans.
- Baroda Sr. Citizen Privilege Saving Account
25% fee waiver on locker rentals
50% waiver on processing fee of reverse mortgage loans
Platinum debit card free for a year with 3 transactions free in non bank atms.
Prime credit card that gets you 1% cashback on spending
- Super Savings Account
Debit Card.
Standing Instructions.
Unlimited Cheque Book Facility.
- Baroda Salary Privilege
Have to have salary more than Rs 2.00 lacs
Get free 150 cheque leaves per year
Free transactions at Bank of Baroda atm
- Baroda Salary Super
Have a salary of Rs 50,000 to Rs 1.00 lac
Free 75 cheque leaves per year
Free atm transactions at Bank of Baroda ATMs
- Baroda Advantage Savings Account
Easy to operate. Terms and conditions kept lucid to facilitate a layman’s understanding.
No hidden costs.
Zero Balance Facility
Balance between 1000 to 20000.
Semi-Urban – Rs. 15,000
Rural – NIL to Rs. 15,000
Rate of Interest Up to 50 Lac – 3.25%
Above 50 Lac- 3.75%
Most private banks wouldn’t tell you that you can open a zero balance savings account with them because then they won’t get any commission.
Zero balance savings accounts are basic accounts where anyone with no means or want to maintain an account can do so.
With them the number of transactions, savings amount and services rendered to you will differ and will be lower than what you see commonly.
