Top 6 Best Savings Bank Account in India


Top 6 Best Savings Bank Account in India












When it comes to opening a Savings Account we are faced with a wide choice to take our pick. However, to narrow down our choice we need to first identify our needs based on our current financial situation, existing banking habits, and one’s future needs. You can evaluate the options based on a customer-centric bank offering good interest rates, net banking options, a wide network of ATMs, flexibility in deposits and withdrawals, personal banker services, and overall convenience.
 
Under the Savings Bank Account options you can choose from - Regular, Senior Citizen, Women’s, Students, or Kids Saving Account. In our evaluation, we will analyze the banks about the interest and services they offer




Kotak Mahindra Bank

This bank offers a variety in terms of Savings account features. The main Saving Bank Accounts are Saving Edge, Saving Pro, and Saving Ace where the AMB (Average Monthly Balance) that needs to be maintained is 10K, 20K, and 50K respectively. The average interest offered is 4.5%. 

  • You can access your account via net banking or mobile banking at no extra cost

  • Kotak Mahindra Bank ATMs give you easy access to your money all over the country.

  • One can set up the account for automatic utility bill payments.

  • Scan & Pay facility for in-store purchases

  • In-app features are also available - Shop online using Flipkart, Book travel tickets using goibibo or Book movie tickets with PVR

  • In case you are unable to visit the branch, they do have a Home banking facility at a nominal charge.

Average Monthly Balance(AMB)

Saving Edge- 10000

Saving Pro - 20000

Saving Ace - 50000

Rate Of Interest

Savings Account balance above Rs. 1 lakh -4.5%

Savings Account balance up to Rs. 1 lakh - 3.75%

Mobile Banking 

Ease of usage






HDFC Bank

HDFC Bank has always been a favorite option as the bank has a multitude of saving account solutions for customers with all types of needs and requirements. The variety of savings accounts is based on gender, occupation, income groups, etc. that make the account ideal for the individual account holder. Some of the outstanding features of HDFC Bank savings accounts are:

  • Ease of banking with facilities like NetBanking, PhoneBanking services, and Mobile Banking

  • Money Maximizer facility, a sweep-out facility 

  • Free insurance benefits like Accidental Hospitalization cover and Accidental Death Insurance cover.

  • Exemplary customer service oriented

Average Monthly Balance(AMB)

Metro/Urban branches- INR 10000

Semi-Urban branches - INR  5000

Rural  - INR 2500

Rate Of Interest

Saving Deposits Balance below Rs. 50 lakh. - 3.5%

Saving Deposits Balance of Rs. 50 lakh and above - 4.0%

Mobile Banking

Biometric log in for enhanced security and access. User friendly








Axis Bank

Axis Bank dispenses its customers with the option of choosing from a wide range of Savings Accounts with a variety of features and benefits. Savings Accounts have been fabricated to meet the banking needs of people from all walks of life.

The Axis Bank card entails you to avail of a variety of discounts or cashback offers every time you shop or eat out at a restaurant. This is one bank that has tie-ups with so many retail outlets that using their debit cards is a rewarding experience. eDGE Loyalty Rewards can be redeemed against 500+ rewards and offers. 

Average Monthly Balance(AMB)

Metro/Urban branches- INR 10000

Semi-Urban branches - INR  5000

Rural  - INR 2500

Rate Of Interest

Saving Deposits Balance below Rs. 50 lakh. - 3.25%

Saving Deposits Balance of Rs. 50 lakh and above - 3.75%

Mobile Banking

More than 60 features available on the Mobile App. User friendly










DFC First Bank

This Bank is an excellent option when it comes to earning a high-interest rate of 7% on your Saving Bank Account. Even with a balance of less than a lac, one is entitled to a 6% interest on your Saving Account Features. The bank offers a very basic Savings Account but its high interest is the main attraction. It also offers Personal accident insurance – Free cover (death or permanent disability) of Rs. 25 lakh. IDFC FIRST Vishesh Savings Account caters to the needs of the Rural population.

 

Average Monthly Balance(AMB)

Savings A/c with Signature Debit Card- INR 25000

Savings A/c with Classic Debit Card - INR 10000

Rural  - INR 2500

Rate Of Interest

Saving Deposits Balance below INR 1 lakh. - 6%

Saving Deposits Balance of above INR 1 Lakh- 7%

Mobile Banking

More than 40 features available on the Mobile App. However very slow and customers are not satisfied.





ICICI Bank Saving Account

ICICI Bank offers a variety of accounts based on your lifestyle. Experience the convenience of any time, anywhere banking with ICICI Bank’s Range of Savings Account. Standard transactions such as bill payments, creation of Fixed Deposit (FD), and balance inquiry can be done through multiple channels such as Internet Banking, Mobile Banking, or Customer Care. 

There are more than 15 varieties of Saving Bank accounts one can take a pick from ICICI range. Their focus is purely on the needs of the customers and have designed the product portfolio to suit each one accordingly.

Some of the salient features of their saving account are

  • The 3-In-One account that links your banking, trading, and Demat accounts with their Seamless, Secure, and Integrated 3-in-1 trading platform.

  • Money multiplier enables you to earn a higher interest by setting a balance limit above which money in the Savings Account will get converted into Fixed Deposit on request

Average Monthly Balance(AMB)

Metro/Urban branches- INR 10000

Semi-Urban branches - INR  5000

Rural  - INR 2000

Rate Of Interest

Saving Deposits Balance up to INR 50 Lakh. - 3.25%

Saving Deposits Balance above INR 50 Lakh- 3.75%

Mobile Banking

iMobile app offers more than 250+  banking and informational services. User friendly and convenient







SBI Savings Bank Account 

The country’s largest and oldest bank has a number of Saving Account Options to choose from. However, the Insta SBI Savings Account is an instant savings account, which brings the complete digital banking ecosystem to your mobile. Now you can open a savings account in minutes with SBI Yono mobile application or from the Yono online portal in a matter of minutes. The benefit of the SBI Savings Account is that the Average Monthly Balance is low as compared to the other banks. But yet they offer similar features. 

 

Average Monthly Balance(AMB)

Metro/Urban branches- INR 3000

Semi-Urban branches - INR  2000

Rural  - INR 1000

Rate Of Interest

Saving Deposits Balance up to INR 1 Lakh. - 3.25%

Saving Deposits Balance above INR 1 Lakh- 3.00%

Mobile Banking

Yono Lite SBI Mobile Banking app offers more than 30+  banking and informational services.


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