One of the most comment and oldest ways people have used to save their hard-earned money is by opening a savings bank account. A savings account is a deposit account you hold with a bank which is an interest-bearing account. Even though these kinds of accounts do not have a high-interest rate, it is the reliability and safety that make them a good option for saving your money and that is the reason we bring you the list of the 10 best savings accounts in India.
The reason why people in India prefer keeping their money in a savings account is that the principal amount stays safe while the banks pay interest on the money. With this account, one can very easily save their money in the bank whilst earning a small premium on it every year.
With savings accounts, people can also spend online and generally the saving account holders are offered debit cards which enables the cardholder to withdraw money from the ATMs (Automated Teller Machines) on the go. People can also swipe the card at multiple Point of Sale (PoS) machines and not worry about keeping cash.
In order to keep a track of the withdrawal, deposits, and such transactions the bank also gives you a passbook, monthly account statement, and cheque book facility with this account.
Though there are also Fixed Deposits accounts that offer good interest to the account holders compared to a savings account, however, you lose a lot of flexibility as the option to withdraw the money is revoked.
Having laid down the benefits of a savings account, one need to keep an eye out on some features which the bank offers when you open a savings account. We have made a list of some of the most favouring savings bank accounts for you.
Compare Savings Accounts Online
|Savings Bank Account||Interest Rate||Minimum Balance Required|
|IndusInd Bank||Up To 5% p.a.||Rs. 10,000|
|RBL Bank||Up To 6.25% p.a.||No Min. Bal Required|
|Kotak Mahindra Bank||Up To 5% p.a.||Rs.10,000|
|HDFC Bank||Up To 4.50% p.a.||Rs.10,000, Rs.5000 for rural and semi-rural branches|
|SBI||Up To 2.70% p.a.||Rs. 3000- Metros|
Semi-urban- Rs. 2000
Rural areas- Rs. 1000
|Citibank||Up To 2.50% p.a.||Rs. 25,000, NIL for salary acc.|
|YES Bank||Up To 5.5%||No Min. Bal Required|
|Axis Bank||Up To 3.50% p.a.||No Min. Bal Required|
|IDFC First Bank||Up To 6% p.a.||Rs.25,000|
|ICICI Bank||Up To 3.50%||Rs.10,000|
Which are the best banks for savings accounts in India ?
Savings accounts offer huge benefits for money, as many online, as well as the traditional brick and mortar stores, offer EMI facilities on debit cards which you get with the savings accounts, apart from this there are a plethora of features that come with the bank you choose from, so let us take a look.
1. IndusInd Bank Savings Account:
The savings bank account offered by IndusInd Bank is one of the best savings accounts in India which is suitable for all the ones who are looking to open a zero-balance account or is an investor of active stocks.
If you opt for an IndusStox account then the bank will offer you trading, Demat, and savings account for free.
An IndusInd savings account holder also get a Titanium Debit card which earns them reward points anywhere between 5X and 6X every time you spend ₹ 200 through your debit card. Some of the additional benefits that the IndusInd Savings account holder gets are:
- Choose your own account number
- No minimum balance requirement
- An annual interest of up to 5% on your savings account which is one of the highest in the country
- Reward points are earned for every transaction of the debit card
- Indus Money Program which offers cashback facility
- Discount offers on insurance policies
- Ability to earn interest on funds which you allocated for trading from your savings account
- Provides zero brokerage on delivery
- Free monthly E-statement of your bank account
How To Open IndusInd Bank Savings Account?
- Complete verification via PAN and Aadhaar card by clicking here
- Fill in the required details
- Opt for video call to complete your KYC
- Fund your account. Enjoy!
2. RBL Bank Savings Account:
RBL Bank, which was formerly known as The Ratnakar Bank Limited offers a savings bank account for those who wish to enjoy a higher rate of interest on their money if they keep it in a bank account.
If you are looking for locker benefits and property loan benefits, you could really consider opting for the savings bank account of RBL. RBL is one of the best banks for a savings account in India which also offers you the facility to choose your account number.
The advantages that could get RBL savings account are:
- Ability to open a savings bank account at RBL with the bank’s mobile application
- Customise your own account number
- High savings account interest rate of up to 6.25%
- Discounts on operations of the locker at the bank
- Being unable to maintain the account, you would not attract any charges
- As much as 25% waiver in processing charges when you apply for property loans with RBL
How To Open RBL Bank Savings Account?
- Click here and provide your Aadhaar and PAN details
- Choose from the different saving accounts options available on the forum
- Fill in your personal details
- Enjoy your new RBL savings account
3. Kotak Mahindra Bank Savings Account
We are 3 for 3 on the list of best savings accounts in India for private banks as we have Kotak Mahindra Bank which is relatively a new bank having been founded in February 2003. Kotak Mahindra Bank’s savings account is most famous for its zero balance maintenance and zero maintenance fee services.
Kotak savings account offers seamless services to a customer and you can open an account instantly. Some additional features of savings account in Kotak are:
- Instant and simple process of opening an account
- Paperless accounting process of the bank
- Option to open a zero-balance account
- Offers feature to scan and pay enables easy in-store purchases
- An interest rate of up to 5% per annum on your money
- Zero transaction or monthly account fees
How To Open Kotak’s Zero Balance Savings Account Online?
- Head on the Kotak Mahindra’s savings account page and enter your name, mobile number, etc.
- Enter OTP and fill in relevant Aadhaar and PAN details
- Complete the personal information steps and proceed with video KYC verification
- Your account will be active within few hours of confirmation
4. HDFC Bank Savings Account:
Did you know what HDFC in the HDFC Bank stands for? It stands for Housing Development Finance Corporation and was founded in 1994 and is the largest private bank in India. HDFC Bank’s Savings Account is the one for those who want customized as well as premium products from their banks.
HDFC is not only one of the most profitable and valuable banks in India but also known to be one of the most the prestigious institutions in the banking sector, and what makes it one of the best savings account in India are as follows:
HDFC Bank provides credit cards at affordable rates
Premium products of this bank with a lot of many perks
HDFC bank waives off the annual maintenance charges for the first year
The interest rate of up to 4.50% p.a.
Discounts on online shopping and various other offers
Customised services catering to user’s needs
International debit card for free
How To Open HDFC Savings Account Online?
- Provide identity and address proofs including Aadhaar and PAN card – Click here to begin
- In case of absence of PAN card, Form 16G issued by the applicant’s employer will be required
- Compare and apply for the best savings account online
- Once your contactless video KYC verification is complete, you make an initial deposit
- In case of zero balance savings account, no minimum deposit is required
5. SBI Savings Account:
India’s largest public sector bank, the State Bank of India is one of the best banks for savings account in India in 2023 which offers some great offers, discounts and services to its customers. SBI has the most number of branches in the country with some claiming the bank to have more than 16,000 branches which means nowhere where you are in India, you will find an SBI branch making your banking easier and seamless.
The mobile and internet banking services offered by SBI are also remarkable and their YONO app is second to none in the banking sector.
Apart from the savings account, this bank offers some of the best banking products which include De-mat, mutual funds, and insurance.
Here are some of the advantages of an SBI savings account:
- More than 16,000 bank branches
- An auto sweep facility
- SBI savings account interest rate – up to 2.70% p.a.
- One of the lowest monthly balance requirement in the sector
- Safe Deposit lockers
- Nomination facility
- Can be linked to Multi Option Deposit (MOD) Account
How To Open SBI Savings Accounts?
- Click here to initiate the process of savings account opening in SBI.
- After clicking on apply now, you will be redirected to the SBI YONO online portal .
- Opt for either Digital Savings Account or Instant Savings account.
- After selecting an account of the two click on apply and fill in your Aadhaar and PAN details.
- Click on submit and you’re all set.
6. Citibank Savings Account
Citibank needs no introduction, it is one of the best banks for savings accounts in India as well as around the globe. Citibank fulfills the global banking requirement of its customers.
The bank solves several of your fund remittances through solutions such as foreign currency draft, Citi Global transfer, wire transfer, and others.
Some of the best features of a Citibank savings account are:
- The bank has a global presence
- Offers wire transfer
- Enables easy money transfer and provides its receipts
- Zero fee on a wide range of banking services
- Draft of foreign currency available
- Get rewarded when you spend on your Citibank Debit Card
- CitiBank affiliated outlets of Indian Oil, the transaction fees are nil
- No fee on the replacement card
How To Open Citibank Savings Account Online?
- Click here to apply for a savings account in Citibank.
- Select from the different savings accounts options available.
- Enter personal details like name, mobile number, profession, etc.
- Agree to the Terms and Conditions displayed and click on “call me”.
- If you meet the eligibility criteria, a Citibank executive will call you.
- Next your KYC will be done online/offline as per your convenience.
- Once done, you will receive a notification on your registered mobile number and a welcome kit.
7. Yes Bank Savings Account
The savings account at Yes Bank allows high customisation such as the pricing as well as the debit card option you wish to have.
Yes bank also offers the option for those who wish to earn a higher rate of interest and want a bank which offers various facility for banking. Yes Bank offers different types of saving accounts which a customer can choose from depending up what suits them the best
Some of the best features of a Yes Bank savings account are:
- High interest rate of up to 5.5%
- Unlimited access to ATM
- Option to customize the savings bank account
- Pay utility bills with no charges or fees
- The facility of savings rewards
- Offer of pricing options for maintaining an account with a minimum balance requirement
How To Open YES Bank Savings Account Online?
- YES Bank offer hassle-free account opening within minute.Click here!
- Fill the account opening form.
- Submit your PAN card or Form 60 if you don’t have a PAN card.
- Identity proof and signature.
- Complete KYC and your account is ready.
8. Axis Bank Savings Account
Hands down one of the best savings accounts in India is offered by Axis bank and people who want the best in class customer care service usually opt for Axis Bank. Axis Bank has won several awards and accolades which includes the Best Contact Centre for the experience of customers award 2018, in the financial sector the bank has won the Best Loyalty Program award 2017 and 2018, and Best Rewards Program continuously for five years since the year 2015.
Axis Bank is also the only bank in India which offers reward points on several account transactions. One can get these reward points for opening a recurring deposit account, Demat account, or ECS.
Axis Bank offers two options for bank accounts Prime and Easy Access which enables to open of a lower minimum balance account and Prime Plus, Burgandy, and Priority accounts that have to require higher balance.
Let us take a look at some of the best features of Axis Bank savings account:
- Provides high-class customer service
- Offers at least 15% off at the restaurants that have partnership
- Preferential price for De-Mat and lockers
- Reward points for transactions
- Great offers on loans for existing account holders
How To Open Axis Bank Savings Account Online?
- Choose the type of Axis Digital Savings Account you would like to open.
- Complete you PAN and Aadhaar verification here.
- Fund your account.
- Finish KYC verification on video call.
9. IDFC First Bank Savings Account
Though not many people know of the IDFC First bank given it is one of the youngest bank in India being only founded in 2015, it offers one of the highest Interest Rates on savings accounts in the country.
This bank is a preferred choice for those who wish to earn income through interest without having to maintain a minimum balance every month. The opening of savings account at IDFC First bak is seamless and paperless.
Some of the best features of an IDFC First Bank savings account are:
- High interest rate of up to 6% p.a.
- No charges on failing to maintain a monthly minimum balance
- No limit on fund transfer
- Free transactions from ATMs anywhere in India
- Air accident insurance cover of ₹ 1 crore
- ₹ 6 lakhs Purchase limit and ₹ 2 lakhs daily ATM withdrawal limit
- Paperless digital A/C opening with Video KYC
How To Open IDFC First Bank Savings Account Online?
- Visit the IDFC application link.
- Fill in your mobile number and email.
- Enter your Aadhaar, VID no., PAN number.
- Enter your personal and occupational details.
- Fund your account and finish the video KYC.
10. ICICI Bank Savings Account
Another bank that offers one of the best savings accounts in India in 2023 is ICICI Bank who offers remarkable banking services to its customers. ICICI Bank’s savings account is the best for tech-savvy people who want to use online banking instead of traditional banking.
ICICI offers several top-notch services to its customers including round the clock banking services, complementary bank cards and also discounts on more than 2,500 restaurants in partnership with the bank.
Sone of the key features of ICICI Bank savings account are:
- Complimentary credit card
- 24X7 banking services
- iMobile Banking Application is one of the best mobile banking apps
- The technology used by ICICI Bank is much ahead of most other banks in India
- Instant online investments
- Complimentary air accident insurance worth ₹ 50,000 and purchase protection insurance worth ₹ 50,000.
- No Minimum Balance Commitment’ feature with FD of as low as ₹ 10,000 with a minimum tenure of 12 month
How To ICICI Bank Savings Account?
- Go to the official website of ICICI.
- Select the ‘Apply Now’ option on savings account.
- Enter the required details of name, contact number, etc.
- Complete PAN and Aadhaar verification.
- Once confirmed the the ICICI executives, you will receive the welcome kit.
With this we conclude our list of the 10 best banks for savings account in India in 2023 and we hold the above mentioned details helps you in choosing the best bank for savings account as per your needs.
Additionally, there are certain details which bank would need you to present before it before they can open your account:
- ID Proof: Voter ID, Aadhaar Card, Driving License, Passport
- Residential Proof: Gas Bill, Electricity Bill, Telephone Bill, Bill of Property Tax, Rent Agreement, Voter ID, Driving License, Government Employee Card.
Though this is a generic list, the bank will require some of these documents. If they would need additional documents, you will be asked to present them by the bank at the time.
Frequently Asked Questions (FAQs)
Question 1: Which bank is best for savings account in India?
Answer 1: In terms of reliability we have listed down the 10 best banks for savings account in India including IndusInd Bank, ICICI Bank, SBI, HDFC Bank just to name a few. They offer a high-interest rate on your deposits, great features and offers and also enhanced security.
Question 2: Which bank has best savings account?
Answer 2: IndusInd Bank, RBL Bank, IDFC First Bank and Yes Bank are some of the best banks for savings account if you are looking for higher interest rates on your deposits. However, we have listed down 10 banks with some of their best features so you can make the decision reliably.
Question 3: Which government bank is best for savings account?
Answer 3: State Bank of India is the best government bank for savings account in India not only because it has great technology and services but it has more than 16,000 branches across the country making sure your banking needs are fulfilled wherever you are.
Question 4: Which bank is best for zero balance account in India?
Answer 4: Almost every bank listed in our article offers a zero balance account along with the features and services they offer you as an account holder.