A Savings account is the most fundamental financial product that a bank can offer to its clients. savings deposit accounts are liquid investments where people can save their money, earn interest, and make withdrawals whenever they want without any restriction.
To find out which bank is best for savings accounts in India, it is necessary to do thorough research which is quite time-consuming. That’s why our team has done the hard work for you and has put together a list of the best savings accounts available in India. But before going for a particular option, we would insist you do your own research.
Table of Contents
What is savings bank account?
A savings account is a type of bank account that lets you deposit funds safely. It ensures the safety of your money and gives you access to it at any time. Your funds are available for withdrawal at any point in time, whether digitally or in person.
What are the advantages of a bank savings account?
There are some advantages of savings bank account.
- You can get access to your savings any time you want.
- You can earn regular interest from your savings, some banks also offer an auto sweep-in facility that allows you to earn higher interest from your savings.
- There is no lock-in period in savings accounts, which means you can close your savings account anytime you want.
- Most savings accounts come with a zero or very low AMB requirement, which allows you to start saving with a modest amount.
What are the 3 types of savings?
The three major types of savings are
- A Regular or basic savings account: Here you can put your savings and earn interest from it. It is a liquid fund which means you can make deposits and withdrawals anytime you want.
- Fixed Deposits: The interest rates of FDs are much better than savings accounts. It comes with a minimum deposit requirement and your deposits are locked for a certain period of time.
- Investment: If you want to get the most out of your savings then the investment is the best option for you. There are different types of investment options available in the market, including Mutual funds, Stocks, Cryptocurrencies, etc.
What are the best savings accounts?
These are some of our favorite savings accounts
SBI Savings Plus Account:
State Bank of India is the largest public sector bank in India with over 24,000 branches and 50,000+ ATMs across the country. Additionally, SBI has a rich history of 200 years, making it one of India’s most trusted public sector banks.
|What is the minimum balance for SBI savings account?||
|SBI savings account interest rate||The details can be found here|
What are the sbi savings account benefits?
- You can enjoy mobile banking, internet banking, and SMS alert facility.
- You can get banking facilities from any SBI branch in the country.
- This sbi savings account features a MOD deposit facility, which allows you to earn higher interest on your deposits.
- You can get 25 free check leaves every year.
What are the sbi savings account charges?
|sbi savings account debit card charges||Rs.125 + GST per year|
|SBI bank statement fee||Rs.100 per request|
|Demand draft charges||The details can be found here|
|Locker||The details can be found here|
If you want to maximize the excess amount in your savings account then the SBI Savings plus account would be a great choice for you. The savings account is linked with MODS (Multi Option Deposit Scheme). It transfers the excess balance from your savings account to term deposits. You can therefore grow your saving deposits and earn interest on your deposit by using the auto-sweep option.
FAQs on SBI savings account:
- Which savings account is best in SBI?
Every SBI Savings Account is designed to serve a particular purpose, but considering all the features, I can say that the SBI Savings plus account is my favorite.
- Is SBI saving account zero balance?
Yes, SBI has a number of zero-balance savings accounts.
- How can I open a savings account in SBI?
You can walk into your nearest branch and submit your application there, or you submit your application online (although, this feature is available for premium accounts).
- How to close an sbi savings account?
You have to visit your nearby SBI Branch with all the required documents (letter/form, Id proof, etc.). You can download the closure form from the SBI form center.
HDFC Savings Max Account:
HDFC bank is currently the largest public sector bank in India with 6378 branches and 15541 ATMs across the country. hdfc bank is best known for offering premium banking services. You can also enjoy upto 4.5% interest rate on your savings.
|What is HDFC savings account minimum balance?||Rs.25,000|
|HDFC savings account interest rate||Can be found here|
What are the hdfc savings account benefits?
- The primary cardholder will get a lifetime free platinum debit card.
- You can earn upto 1% cashback on every transaction made using your platinum debit card.
- With this account, you will get a 50% discount on locker rental.
- You can enjoy free financial and non-financial transactions at HDFC and non-HDFC ATMs.
- You can enjoy free demand draft facility at HDFC bank locations (upto Rs.1 lakh per day)
- If you apply for an auto loan, you can get upto 90% finance on the on-road price of a vehicle with upto 7 years of tenure.
- You can get upto a 50% discount on the processing fee of a two-wheeler loan.
- HDFC bank also offers a 50% discount on the issuance charge of the Forex Plus Card (applicable if you load $200 or more on your card)
- You can also get a 50% discount on the Gift Plus Card issuance charge (applicable if you load Rs.5000 or more on your card).
What are the hdfc bank savings account charges?
|HDFC savings account debit card fee||
|HDFC savings account statement fee||Rs.100 per request|
|Demand draft charges||None (for upto Rs.1 lakh per day)|
|Locker||50% discount on locker rental|
We love the hdfc savings max account because of the MoneyMaximizer feature, which allows you to earn more interest on your excess cash. Additionally, you can earn assured cashbacks on every transaction and get huge discounts on locker rentals. This is the best hdfc bank account with low AMB if you search for the best deal.
FAQs on hdfc account:
- Which type of savings account is best in HDFC?
It really depends on your requirements. If you are looking for premium facilities, then a premium-class savings account would be a good choice for you, and if you just want a place to keep your savings, then a regular bank account would be good for you.
- Is HDFC savings account zero balance?
Yes, some variants of HDFC savings accounts offer zero AMB facility.
Axis Bank Liberty Savings Account:
If you are looking for the best private sector bank to open a savings account, then Axis Bank would be a great choice. It is one of India’s top 10 private sector banks with 4758 branches, 10,990 ATMs, and 5972 cash recyclers across the country.
|What is the minimum balance in Axis savings account?||
|Axis bank savings account interest rate||The details are mentioned here|
|Card type||Axis bank liberty debit card|
What are the axis bank savings account benefits?
- You can enjoy upto 5% cashback on your weekend spends (on dining, entertainment, and shopping expenses)
- You will also get upto 20% discount on your dining expenses using your Liberty debit card.
- On spending Rs.60,000 within a calendar quarter, you can win a gift voucher worth Rs.750
- You can enjoy unlimited free RTGS, and NEFT transactions.
- This Savings account also comes with personal accidental coverage of Rs.5 lakh and an air accidental death coverage of Rs. 1 Cr.
What are the axis bank savings account charges?
|Debit card annual/renewal fee||Rs.200 + GST|
|Withdrawal charge||Rs.21/transaction for the financial transaction & Rs.10/transaction for the non-financial transaction (applicable on exceeding the free limit) & None at Axis Bank ATMs|
|Axis bank savings account statement fee||Rs.100 per request|
|Demand draft charges||None (for additional DD) & Rs.100 for revalidation and cancellation|
|Locker||The details can be found here|
Now the question is, How good is the Axis Bank savings account? With the Liberty savings account, you have the flexibility to spend Rs.25,000 in a month or maintain a monthly balance of Rs.25,000 to keep your account active. It also comes with a ton of additional benefits including discounts on shopping, and dining, making this one of our favorite savings bank accounts.
FAQs on axis bank account:
- Can I open 0 balance account in Axis Bank?
Under the Pradhan Mantri Jan Dhan Yojana Scheme, Axis bank offers a zero balance account known as a basic savings account.
- Which is better bank HDFC or Axis?
Both Axis and HDFC Bank are among the top 10 public sector banks in India. HDFC bank is currently the number 1 private sector bank in India, whereas Axis bank is in the 3rd position.
Au Small Finance Bank Savings Account:
If you are looking for a reliable small finance bank to keep your savings, then the au bank would be a solid choice for you. With over 382 fully fledged branches and 900+ touch pads across the country, it has become one of the best small finance banks in India.
|What is the minimum balance in Au bank?||Rs.5,000|
|Au bank savings account interest rate||Up to 7% annually|
|Card type||Visa gold debit card|
What is au bank savings account benefits?
- You can enjoy upto 7% annual interest rate.
- You can enjoy banking services from the comfort of your home with the au bank netbanking facility.
- You will get a dedicated relationship manager to assist you.
- You don’t need to worry about banking hours, you can get banking services from any AU Bank branch till 6 pm.
- Also, au bank offers cash or check pickup services.
- You will get an AU Bank Visa Gold Debit card loaded with exciting offers and deals.
What are the au finance bank savings account charges?
|Debit card annual/renewal fee||Rs.150 + GST (annually)|
|Withdrawal charge||None for AU Bank ATMs, Rs.20 per transaction at non-AU bank ATMs (after crossing the free withdrawal threshold)|
|AU small finance bank statement fee||Rs.50 per request|
|Demand draft charges||Rs.100 per request|
Small finance banks are best known for their higher interest rates, and this is not an exception for the au small bank. It offers upto 7% annual interest rate, a monthly interest pay-out facility, extended locker hours, and a dedicated relationship manager, which makes it one of our favorite small finance bank savings accounts.
FAQs on AU Small finance bank:
- What is full form of Au bank?
The full form of AU Bank is Action and Urgency Small Finance Bank.
- What AU stands for in Au bank?
AU stands for Auction and Urgency.
- Is Au Bank under RBI?
Yes, Au Bank holds the RBI license for operating as a small finance bank in India.
Equitas Small Finance Bank Wings Account:
equitas small finance bank is one of the most trusted Small finance banks in India with upto 856 active branches across the country. Additionally, your deposits in Equitas bank are secured with Rs.5 lakh insurance provided by DICGC.
|Annul monthly balance||Rs.25,000 (for semi-urban and rural areas) and Rs.50,000 (for metro and urban areas)|
|Equitas bank interest rates||The details can be found here|
|Card type||Comes in two variants, Premium, and Signature|
What are the Equitas small finance bank benefits?
- You can enjoy free access to domestic airport lounges.
- You can earn assured rewards with online and POS transactions made using your equitas bank debit card.
- You can earn upto 3 free movie tickets every quarter.
- You can get upto 25% discount on locker fees.
- This savings account comes with personal accidental coverage of Rs.10 lakh, Air accidental death coverage of Rs.30 lakh, and a lost debit card liability coverage of Rs.25,000.
What are the Equitas small finance bank charges?
|Equitas small finance bank debit card charges (yearly)||Rs.400 + GST (for the signature card) & Rs.150 + GST (for platinum card)|
|Withdrawal charge||None at domestic ATMs & Rs.110 per transaction at international ATMs|
|Physical statement fee||None|
|Demand draft charges||Free for upto 10 drafts in a month, after that, it will be Rs.50 per request|
|Locker||25% discount on locker rental|
Now the question is, How good is Equitas bank? If you want to make the most out of your savings, the equitas small finance bank would be a great option for you. It lets you enjoy attractive interest rates on your savings, a complimentary lounge access facility, useful rewards on retail transactions, and lots more.
FAQs on Equitas Small Finance Bank:
- Is Equitas bank safe?
Your deposits in the equitas bank have been secured with insurance of Rs.5 lakh. So, I think it would be safe to keep your savings in Equitas Bank.
- Is Equitas bank approved by the RBI?
Equitas Small Finance Bank has been granted a license to operate in India by the Reserve Bank of India.
- Is Equitas an Indian bank?
The Equitas Small finance bank is an Indian bank that started its operation in 2007
Indus Delite Savings Account:
indusind bank is currently the fifth largest private sector bank in India with over 2000 active branches and over 1025 ATMs across the country. It is among the first Indian banks to provide new-generation banking facilities. It keeps upgrading its support system to provide its customers with a better banking experience.
|Annul monthly balance||None|
|Indusind bank interest rate||3.5% annually (if your account balance is upto Rs.10 lakh) or 4.5% annually (if your account balance is over Rs.10 lakh)|
|Card type||Platinum plus debit card|
What is indusind bank savings account benefits?
- You can earn upto 5% cashback on your shopping expenses at Amazon.
- Your Platinum Plus Debit card also offers upto 15% discount on your dining expenses.
- You can get 1 movie ticket completely free with the purchase of another from BookMyShow.
- You don’t need to maintain any Average monthly balance.
- You can enjoy banking from the comfort of your home with the indusind bank internet banking.
What are the Indusind bank savings account charges?
|Debit card annual/renewal fee||Rs.500 + GST (annually)|
|Physical statement fee||None for e-statements, Rs.15 as quarterly statement delivery charge|
|Demand draft charges||None|
|Locker||The details of indusind bank locker charges can be found here|
Despite being an indusind bank zero balance account, it offers a number of useful facilities like assured cashback on online transactions, accelerated rewards on debit card transactions, attractive deals on dining expenses, and lots more which makes it one of our favorite savings deposit accounts.
FAQs on Indusind bank:
- Is IndusInd Bank is a government bank?
Indusind Bank is a private bank that was founded by the Hinduja group.
- Which bank is better IndusInd or IDFC?
Both banks are among the top private sector banks in India. Indusind bank is the 5th largest private sector bank in India, whereas IDFC bank holds the 9th position.
- What is full form of IndusInd Bank?
The Indus Valley civilization is said to be the source of its name, according to the bank.
Yes Bank Savings Value Account:
Established in 2004, yes bank ltd is currently the 6th largest private sector bank in India. They have 1000 branches and 1800 ATMs across the country. Additionally, your money deposited in the bank is secured by DICGC with insurance coverage of Rs.5 lakh.
|Yes bank savings account minimum balance requirement||Rs.5,000|
|Yes bank savings account interest rate||The details can be found here|
What are the Yes bank savings value account benefits?
- You can earn assured yes bank reward points with every transaction (even from ATM withdrawals)
- You can enjoy unlimited free ATM withdrawals at any domestic ATM.
- You can get complete control over your account with your yes net banking account known as Yes Online.
What is yes bank savings account charges?
|Yes bank debit card charges (annual)||Can go upto Rs.599 + GST (depending on your card variant)|
|Yes bank atm withdrawal charge||None|
|Yes bank account statement fee (physical)||Rs.100 per request|
|Demand draft charges||None for upto 4 requests per month|
|Locker||The details are mentioned here|
The Yes Bank Savings Value Account is a value-for-money account that offers a ton of useful facilities at a minimal annual balance requirement. It offers you yes bank rewards on debit card transactions, and the unlimited free ATM withdrawal facility. So, if you reside near a Yes bank branch, the savings value account would be a solid choice for you.
FAQs on Yes Bank:
- Is Yes Bank owned by government?
Yes Bank is a private sector bank, founded by Rana Kapoor, and Ashok Kapoor.
- What is the full form of Yes Bank?
The full form of Yes Bank is Youth Enterprise Scheme Bank.
- Who is owner of Yes Bank?
Yes Bank was founded by Rana Kapoor and Ashok Kapoor in 2004.
IDFC First Bank Savings Account:
IDFC First Bank started its operation in October 2015, since then it has grown a lot and today it is the 7th largest Indian Private sector bank with over 500 branches and 700+ ATMs across the country.
|What is minimum balance in IDFC Bank?||Rs.25,000|
|IDFC first bank savings account interest rate||Can go upto 6% annually, the details of idfc first bank interest rates can be found here|
|Card type||Visa Platinum Debit Card|
What are the IDFC first bank savings account benefits?
- You will enjoy a 6% annual interest rate on your savings.
- You will get 1 free quarterly access at domestic airport lounges.
- idfc first bank offers you personal accident insurance coverage of Rs.35 lakh and an air accidental death coverage of Rs.1 Cr.
What is idfc first bank savings account charges?
|IDFC first bank atm withdrawal charge||Unlimited free withdrawal at IDFC ATMs. You will get 10 free monthly withdrawals at other ATMs|
|IDFC first bank account statement fee||None|
|Demand draft charges||Rs.30 per transaction|
|Locker||Upto Rs.12,000 annually|
Now the question is, Is IDFC a good bank? If you want to get the best out of your savings, then the IDFC first bank savings account would be a solid choice for you. It offers upto a 6% annualized interest rate on your savings, free access to domestic airport lounges, complimentary accidental insurance coverage, etc. which makes it stand out among other Indian banks.
FAQs on IDFC Bank:
- Is IDFC First Bank in trouble?
It has been a challenging market environment and asset quality issues for IDFC First Bank. The idfc first bank share price now indicates that most of its problems have been addressed.
Kotak Bank Alpha Savings Account:
With over 1600 branches and 2519 ATMs kotak mahindra bank is currently the fourth largest public sector bank in India. kotak mahindra bank offers a variety of financial services to its customers which makes kotak mahindra bank one of the most liked private sector banks in India.
|What is minimum balance in Kotak Bank?||Rs.10,000|
|Kotak bank rate of interest||4% annually|
What are the Kotak alpha savings account benefits?
- You can earn upto 1500 reward points with regular debit card transactions.
- You can earn upto 15% discount on locker rental charges.
- You can enjoy banking facilities from the comfort of your home using the kotak bank net banking facility.
What are the kotak mahindra bank savings account charges?
|Kotak mahindra bank atm withdrawal charge||None|
|Kotak mahindra statement fee (physical)||Rs.100 per request|
|Demand draft charges||None|
|Kotak bank locker charges||15% discount on locker rental|
The Alpha Savings account is specifically curated to make savings fun and enjoyable activity. The kotak alpha account features zero AMB facility, useful rewards on retail transactions, upto 15% discount on locker rental, and lots more which makes it one of our favorite savings accounts.
FAQs on Kotak Mahindra Bank:
- Which bank is better axis or Kotak?
Axis bank has a large number of mentions at almost 85k whereas Kotak Mahindra bank has about 27.5k. Both banks have a big spike in mentions just before the lockdown.
- Is Kotak Mahindra a good bank?
Kotak Mahindra Bank is among the largest private sector banks in India and offers tons of useful and premium facilities to its customers. So, I think it would be a safe place to keep your savings.
- Is Kotak Bank government or private?
No, Kotak Mahindra Bank is a private sector bank.
ICICI Bank Gold Privilege Savings Account:
Established in 1955 ICICI Bank is currently the second largest private sector bank in India with over 5,418 branches and over 13,383 ATMs across the country.
|What is the minimum balance required in ICICI Bank saving account?||Rs.50,000|
|What is the interest on savings account in ICICI Bank?||The details of icici bank savings account interest rate can be found here|
|Card type||Gold Privilege Debit Card|
What are the icici bank savings account benefits?
- The Gold Privilege debit card comes with a host of exciting deals and offers.
- You can enjoy upto 20% discount on locker rental.
- You can earn higher interest from your savings using the auto sweep option.
- This icici bank savings account features a ton of other useful features including e-statement, free SMS alert facility, complimentary accidental insurance coverage, and lots more.
What are the icici bank gold savings account charges?
|Debit card annual/renewal fee||None|
|ICICI account withdrawal charge||None for ICICI ATMs, for other ATMs it can go upto Rs.21 per transaction (on crossing free withdrawal threshold)|
|ICICI bank savings account statement fee (physical)||Rs.100 per statement (at branch)|
|Demand draft charges||None for upto Rs.1,50,000 per day|
|Locker||20% discount on locker rental|
If you are looking for premium class facilities with an affordable AUM, then the ICICI Bank Gold Privilege Savings account would be a great choice for you. With competitive interest rates, and other premium privileges like free demand drafts, unlimited free cash withdrawals, and many more, it becomes one of the best savings accounts offered by ICICI Bank.
FAQs on icici savings account:
- Which is the best savings account in Icici?
ICICI Bank has a number of different savings deposit accounts with different applications. Among them, the ICICI Gold Privilege savings account is my favorite.
- Is Icici a zero balance account?
Yes, ICICI Bank offers a basic savings account that offers zero AMB facility.
Choosing the best bank for savings account that meets your needs can be a challenge with so many options on the market, most of which seem the same. The question then becomes: how can you decide which savings account is right for you? Here are some things to consider before choosing a Savings Account.
- Interest rate: savings bank account interest rates are conditional and it ranges between 4% to 6.25%. So even if the interest rate looks appealing, make sure you can meet the required eligibility criteria.
- Minimum balance requirement: You should check whether the Savings Account you’re opening has a minimum balance or if it’s a zero balance account. Banks usually fine customers whose deposits fall below the minimum amount.
- Service charges: Before opening an account, check the terms and conditions to see if there are any additional fees or charges.
- Savings account online banking facility: You can make life a lot easier if you have access to online banking. You should therefore check if your bank has this feature.
- ATM/Branch density: Choose a bank that has many ATMs and branches around the city where you live so you won’t have to drive far to get cash or attend to urgent bank business. So, if you are thinking, Which bank’s savings account is best? Make sure to check its branch density first.
Disclaimer: I am not a certified financial adviser and this is not financial advice. The purpose of this article is to inform you about financial products and strategies. Consult your financial advisor before making any financial decisions.