People can open a savings account to keep their money safe with a financial institution. Savings accounts are liquid investments since you can withdraw money from them anytime you want. They also offer low interest rates. To opt for the best savings account in India, you should compare the interest rates and the other features available. Let us now read about the ten best savings accounts in India.
Best Bank for Savings Account in India 2024
Bank | Interest Rate |
State Bank of India (SBI) Savings Account | Balance less than Rs. 10 crores - 2.70% p.a. Balance of Rs. 10 crores and above - 3.00% p.a. |
HDFC Bank Savings Account | Balances below Rs. 50 lakhs - 3.00% p.a. Balances of Rs. 50 lakhs or above - 3.50% p.a. |
Kotak Mahindra Bank Savings Account | Balances upto Rs. 50 lakhs - 3.50% p.a. Balances above Rs. 50 lakhs - 4.00% p.a. |
DCB Bank Savings Account | 2.50% p.a. To 5.00% p.a. |
RBL Bank Savings Account | 7.00% p.a. |
IndusInd Bank Savings Account | Upto Rs. 1 lakh - 4.00% Rs. 1 lakh to upto Rs. 10 lakhs - 5.00% Rs. 10 lakhs to upto Rs. 1 crore - 6.00% Rs. 1 crore to upto Rs. 100 crore - 6.00% |
ICICI Bank Savings Account | Balance below 50 lakhs - 3.00% For the end of day balance of 50 lakhs and above - 3.50% |
Axis Bank Savings Account | Less than Rs. 50 lakhs - 3.00% p.a. Rs. 50 lakhs and upto less than Rs. 800 crores - 3.50% p.a. Rs. 800 crores and above - Overnight MIBOR + 0.70% |
Bank of Baroda Savings Account | 2.75% |
RBL Bank Savings Account | 7.50% to 8.00% p.a |
1. State Bank of India (SBI) Savings Account
SBI has various types of savings accounts like basic savings accounts, savings plus accounts, Yuva savings bank accounts, etc. Each of the accounts caters to different levels of customers.
Features:
- No limit on the minimum balance
- YONO mobile app
- SBI Quick facility
- No requirement for MAB
2. HDFC Bank Savings Account
HDFC Bank provides a variety of savings accounts with exclusive benefits. It provides various avenues like mobile apps, netbanking, and a vast network of ATMs and branches to open accounts 24/7. Each account has some special features and privileges.
Features:
- Offers complete banking solutions - Mobile banking, free debit cards, and other unique features.
- Offers senior citizens and women-specific savings accounts.
- Offers safe deposit lockers
- Zero annual maintenance fees for the first year
- Customized banking service
- Offers and discounts through online shopping.
Read Also:Savings Account Vs Current Account
3. Kotak Mahindra Bank Savings Account
Kotak Mahindra Bank offers customized savings accounts for all your dreams and financial goals. You can open a Kotak Mahindra Bank Savings Account online within just a few minutes. It has a streamlined account opening process which helps you set up your account seamlessly and get started with ease. Here are some of the features and benefits of the Kotak Mahindra Bank Savings Account.
Features:
- Online banking 24/7
- Offers a wide range of savings accounts tailored to fit your specific needs. The bank’s Sanman Savings Account has a minimum average quarterly balance of Rs. 2,000. Moreover, individuals who open this account can make cash withdrawals without any limit from any Kotak Mahindra Bank ATM without paying any fee.
- Avail every day offers across various categories like shopping, dining, travel, and more.
- Offers health insurance benefits
4. DCB Bank Savings Account
DCB Bank is one of the leading scheduled commercial banks which offers its customers the provision to open different types of savings accounts. The bank offers very attractive interest rates on these accounts, which can help the account holders extract the maximum benefit from their savings. Let us now see the features of the DCB Bank Savings Account.
Features:
- The account does not need a minimum balance
- It provides a free ATM card
- You can use NEFT and RTGS services, internet, mobile, and phone banking without charge.
- Apart from the statements sent via email, physical statements of accounts are also provided.
- The minimum average quarterly balance needed for this savings account is Rs. 500
- Damaged debit cards can be replaced for free
- Free cash withdrawals at DCB Bank ATMs without any threshold or restriction.
5. RBL Bank Savings Account
RBL Bank offers a wide range of savings account types with exclusive features and benefits.
Features:
- Unlimited free transactions at RBL ATMs
- Free RuPay debit card with a cash withdrawal threshold of Rs. 50,000
- Free replacement of the damaged card
- You can avail the services of mobile banking, phone banking, etc.
6. IndusInd Bank Savings Account
IndusInd Bank offers competitive interest rates on the savings accounts balance. It is computed based on the daily maintained balance and is disbursed at quarterly intervals. Easily initiate the process of opening a savings account online through either the IndusMobile app or your laptop's internet banking platform in just four simple steps. The video KYC enabled savings account opening process eliminates the need to physically visit the bank branch.
Features:
- Get a free monthly e-statement
- Earn reward points on every card transaction
- Get cashback through the Indus Money Program
- Avail discounts and offers across top brands, medical, and insurance
- Get access to a wide range of digital banking services
7. ICICI Savings Bank Account
ICICI Bank offers a huge range of savings accounts for its customers. The Advantage Woman Aura Savings Account is specifically designed for working women. It is the best bank account in India. Apart from offering unrestricted cash withdrawals at any bank’s ATM, it gives various offers on shopping, jewelry, and more.
Features:
- You can open a savings account instantly in just 3 simple steps
- Enjoy tax benefits and the perks of assured returns by investing in government-backed online schemes like PPF and NPS.
- Enjoy exciting offers across top brands like instant discounts upto Rs. 1,500 on domestic flights from Make My Trip, 10% instant discount from Tata CliQ Luxury, etc.
- Enjoy pre-approved offers tailored according to your needs.
8. Axis Bank Savings Account
This is another best bank in India for Savings Accounts. It provides five different savings accounts designed according to the requirements of its large customer base. The Easy Savings Account offered by this bank boasts a minimal opening deposit requirement and maintains a minimum balance threshold of Rs. 10,000.
Features
- Axis Bank offers a wide range of savings accounts, which have been curated to meet the specific needs of customers.
- Zero balance account
- Instant account number
- Avail 250 plus banking services available on India’s top-rated mobile banking app ‘open’.
- Enjoy cashbacks, discounts, gift vouchers, complimentary movie tickets, airport lounge access, and more.
- Access to an instant virtual debit card offering exclusive rewards, discounts, and a lot more.
- Access to credit cards, loans, fixed deposits, investment and protection products, payments, forex, and more.
9. Bank of Baroda Savings Account
Bank of Baroda offers you a wide range of savings accounts designed according to the customers’ specific needs. You have savings accounts for families, students, Indian military personnel, central and state government employees, etc.
Features:
- Free debit card
- Zero balance facility
- Unrestricted cheque book facility
- Interest paid on a quarterly basis
- People above 18 years of age are eligible to open savings account
10. RBL Bank Savings Account
RBL offers its customers the facility of customized savings account schemes. It offers attractive interest rates to savings account holders, and these are credited on a half-yearly basis. They vary depending on the daily balance maintained in the account.
Features:
- Free transactions at RBL ATMs without restriction
- Free RuPay debit card with a cash withdrawal threshold of Rs. 50,000
- Free replacement of damaged card
- Mobile banking, phone banking, etc.
Conclusion
Before choosing a savings account, you must evaluate the advantages and disadvantages of various options and compare their features. The interest rates are an important factor, but there are other factors as well like minimum balance requirements, low account maintenance charges, debit card features, and other additional features that you should consider before choosing a savings account.
FAQs on Best Banks for Saving Account
1. Which bank is offering up to 8% interest rate on savings accounts?
DCB Bank pays up to 8% interest on savings accounts which have balances between Rs. 10 lakhs and Rs. 2 crores. On savings accounts with balances in the range of Rs. 10 crores to less than Rs. 200 crores, it pays up to 7.75% p.a.
2. How do savings bank account interest rates work?
Interest on savings accounts is computed every day based on the closing balance. Interest will be credited to your savings account every 6 months depending on the type of savings account and the policy of the bank.
3. Which Bank gives highest interest rate on savings account in India?
SBI Bank's savings account interest rates are 2.70% p.a. for balances less than Rs. 10 Crore and 3.00% p.a. for balances of Rs. 10 Crore & above. HDFC Bank offers a 3.00% interest rate for savings account balances less than Rs. 50 Lakh and 3.50% interest for balances of Rs. 50 Lakh and above. ICICI Bank's savings account interest rates are 3.00% for balances below ₹ 50 Lakhs and 3.50% for account balances of ₹ 50 Lakhs and above.
