Best Banks for Savings Accounts in India

Best Banks for Savings Accounts in India

While a savings account is the most basic financial product offered by banks, it is something that everyone must be familiar with. Especially if you are new to the world of investment, this account is considered to be the best option or a ‘go-to’ choice for keeping your money safe while enjoying a few extra pennies on it. It is an account that offers a moderate interest rate but comes with excellent stability and reliability for parking the extra cash that is available to you. 

In India, it is one of the most common forms of accounts among individuals. Hence, every private sector and public sector bank in the country provides its customers with the option of opening a savings account. And to fulfil different requirements of different individuals, there are a variety of savings accounts offered by each bank.

If you are finding it difficult to choose a bank for you to open your account, you must grab a brief look at our list of best banks for savings accounts in India and know for yourself. Here you can also check the best private banks in India and the best salary accounts that you must consider.

1. State Bank of India (SBI)

Starting off the list with the best- State Bank of India (SBI). It is the largest public sector bank in the country and ranks 43rd in the world. This bank is known for providing customers with a diverse variety of banking services right from salary accounts to life insurance to EPF and NRI services.

Among all its offerings, the SBI Savings account is the most popular product where an individual can deposit their hard-earned money safely while enjoying interest on it.

SBI Savings Accounts:

  • Basic Savings Bank Deposit Account
  • Savings Bank Account
  • Savings Account for Minors
  • Savings Plus Account
  • Insta Plus Video KYC Savings Account
  • Basic Small Savings Account

Features: 

  • No limit on the minimum and maximum balance
  • 4 free monthly cash withdrawals are available
  • Comes with Rupay Debit Card
  • The account can be operated both as single or jointly
  • Free mobile banking, internet banking, SMS alert services
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 1 lakh2.70%
Above Rs 1 lakh2.70%

2. RBL Bank

RBL Bank is one of the leading private banks and is regarded as one of the fastest-growing banks in India. Formally known as Ratnakar Bank, it was founded in 1943. Today this bank operates in six different verticals, among which retail banking is the most prominent.

Under this vertical, it provides a wide range of products and services to its customers, including savings accounts. There are multiple personalised savings accounts that give out interest on a half-yearly basis which is usually higher than other banks.

RBL Savings Accounts:

  • Prime Savings Account
  • Woman’s First Savings Account
  • Seniors First Savings Account
  • Digital Savings Account
  • Advantage Savings Account
  • Prime Edge Savings Account
  • RBL Rise Savings Account
  • Basic Savings Account

Features: 

  • No charges on non-maintenance of balances
  • No monthly average balance requirement
  • Rupay Debit Card of withdrawal limit- Rs 50,000
  • Unlimited transactions at RBL ATMs across India
  • Good insurance cover and locker discounts
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 1 lakh4.25%
Above Rs 1 lakh up to Rs 10 lakh5.50%
Above Rs 10 lakh and up to Rs 5 Crore6.00%
Above Rs 5 Crore up to Rs 50 Crore5.75%

3. Kotak Mahindra Bank

With a wide network of 1300+ branches and hundreds of 24×7 ATMs across India, Kotak Mahindra Bank has become a prominent name in the market. It is an Indian banking and financial services company that serves both corporate and retail clients with personal finance services, life insurance, investment banking, wealth management, and more.

A savings account is one of its specialities that comes with excellent interest rates and outstanding features.

Savings Accounts:

  • 811 Digital Bank Account
  • 811 Edge Digital Bank Account
  • Edge Savings Account
  • Silk Women’s Savings Account
  • Pro Savings Account
  • Junior – The Savings Account for Kids
  • My Family Savings Account
  • Ace Savings Account
  • Nova Savings Account
  • Sanman Savings Account

Features: 

  • The monthly average balance starts from Rs 5,000 (Nova) and goes up to Rs 50,000 (Ace)
  • No maximum or minimum balance limit
  • There is no transaction or monthly account fees
  • Unlimited cash withdrawal from Kotak Mahindra’s ATMs
  • Comes with a no-cost platinum international chip debit card
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 1 lakh 3.50%
Above Rs 1 lakh 3.50%

4. HDFC Bank

HDFC is India’s leading private sector bank that is also the 10th largest bank globally by market capitalisation. This bank started its operations 27 years back in 1994, and today it has managed to become the fifteenth largest employer in India.

It provides comprehensive baking solutions along with savings accounts that are quite popular among customers. There are different easy-to-open saving accounts that cater to all the needs and allow the users to enjoy banking right from the comfort of their homes.

Savings Accounts:

  • Women’s Savings Account
  • SavingsMax Account
  • Regular Savings Account
  • Senior Citizen’s Account
  • Kids Advantage Account
  • Institutional Savings Account
  • Basic Savings Bank Deposit Small Account
  • Government Scheme Beneficiary Savings Account
  • Basic Savings Bank Deposit Account
  • Saving Farmers Account

Features: 

  • The minimum balance to open an account:
    • Rs 7,500- Metro or Urban Branches
    • Rs. 5,000- Semi-Urban branches
    • Rs. 2,500- Rural branches
  • The average monthly balance lies between Rs 5,000 (Kids Advantage) to Rs 25,000 (Savings Max).
  • Provides SMS alerts and e-statement facilities
  • Monthly account statements are emailed regularly
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 50 lakh3.00%
Rs 50 lakh and above3.50%

5. DCB Bank

Among India’s oldest and most renowned scheduled commercial banks, DCB bank is an outstanding addition to the list. It is a new generation bank that received its licence on 31 May 1995 by RBI.

This bank has an excellent range of banking and financial services, including loans, FDIs, savings/current bank accounts, insurance, investment, and more. It has multiple savings accounts with a wide range of features to fulfil all the needs of customers in the market.

Savings Accounts:

  • DCB Elite Savings Account
  • DCBPremium Savings Account
  • DCB Privilege Savings Account
  • DCB Cashback Savings Account
  • DCB Classic Savings Account
  • DCB Basic Savings Bank Deposit Account

Features: 

  • The Average Quarter balance requirement varies from NIL (BSBDA Account) to Rs 5,000 (Classic Account) to Rs 5 lakh (Privilege Account)
  • The bank provides free replacement of damaged debit card
  • Unlimited free access to DCB ATMs all across India
  • Free DCB internet and mobile banking with unlimited RTGS and NEFT transactions
  • Free branch banking across all DCB Bank branches
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 1 lakh2.50%
Above Rs 1 lakh up to Rs 2 lakh4.00%
Above Rs 2 lakh up to Rs 5 lakh5.00%
Above Rs 5 lakh up to Rs 10 lakh6.00%
Above Rs 10 lakh up to Rs 2 crore6.75%
Above Rs 2 cr up to Rs 50 crore5.50%
Rs 50 crore and above5.00%

6. IndusInd Bank

Induslnd is a new generation bank that was inaugurated in April 1994 by then Finance Minister Manmohan Singh. It is one of the leading in the country that specialises in retail banking services.

The bank offers a wide array of savings account that facilitates easy opening without any hassle and are packed with excellent features according to the needs of different customers. It also provides a high rate of interest as compared to the competitors making it an ideal choice to keep your money safe.

Savings Accounts:

  • Indus Delite Savings Account
  • Indus Select Savings Account
  • Indus Partner Savings Account
  • Indus Exclusive Savings Account
  • Indus Maxima Savings Account

Features: 

  • No maximum account balance limit
  • The minimum balance requirement is Rs 10,000 per month
  • Free Demat & trading account opening
  • Provides attractive discounts on locker charges
  • Outstanding cashback on all your debit card spends
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 1 lakh 3.50%
Above Rs 1 lakh up to Rs 10 lakh3.50%
Above Rs 10 lakh up to Rs 1 crore4.50%
Above Rs 1 crore up to Rs 5 crore5.00%
 above Rs 5 crore up to Rs 100 crore5.00%
 

7. Yes Bank

Founded by Rana Kapoor and Ashok Kapur in 2004, Yes Bank is a well-known bank in the Indian market. This bank addresses its client’s different requirements by providing them with an extensive range of retail banking and asset management products and services.

One such service is their exclusive savings accounts. It also facilities its customers with a choice to customise their accounts based on their particular demands and convenience.

Savings Accounts:

  • Yes Digital Savings Account
  • Women Savings Account
  • Regular Savings Account
  • Senior Citizen Savings Account
  • My First YES Savings Account
  • YES Savings Value Account

Features: 

  • The minimum account balance requirement for PRO Account is Rs 10,000, and for PRO PLUS Account is Rs 25,000
  • Unlimited ATM withdrawals at YES BANK ATMs across India
  • Hassle-free online bill and utility payments via a free mobile app or internet banking
  • Demand Drafts are available via branches as well as digital banking
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 1 lakh4.00%
Above Rs 1 lakh up to Rs 10 lakh4.25%
Above Rs 10 lakh up to Rs 1 crore 4.75%
Above Rs 1 crore up to Rs 25 crore 5.00%

8. ICICI Bank

ICICI is an Indian multinational bank and financial services company that offers different products and services to corporate and retail customers through different delivery channels.

The bank facilitates its customers with numerous savings accounts that are designed according to the needs of different individuals. These accounts will let you do much more than just save for your future.

Savings Accounts:

  • Insta Save Account
  • ‘The ONE’ Savings Account
  • Advantage Woman Aura Savings Account
  • Advantage Woman Savings Account
  • Senior Citizen Savings Account
  • Young Stars Savings Account

Features: 

  • The monthly average balance ranges from Rs 1,000 to Rs 2,00,000, depending on account type and geographical location.
  • You will get exciting offers and discounts across different platforms
  • Exclusive life insurance and health insurance offers
  • Internet and mobile banking facilities at no extra charges
Daily Account BalanceRate of Interest (p.a.)
Below Rs 50 lakh3.00%
Rs 50 lakh and above 3.50%

9. Axis Bank

Formerly known as UTI Bank, Axis Bank is a prominent leader in the banking and finance sector. This Indian banking and financial services company started its operations in 1993 as UTI Bank. Later in 2007, it changed its name to Axis Bank. This bank tries to fulfil the needs of different individuals with its multiple savings accounts.

It has a wide range of options with exclusive advantages and customised banking services. Axis Bank is a great choice for maximising the safety of your hard-earned money while earning a steady income on it.

Savings Accounts:

  • Easy Access Digital Savings Account
  • Prime Digital Savings Account
  • Liberty Digital Savings Account
  • Prestige Digital Savings Account
  • Priority Digital Savings Account
  • Burgundy Digital Savings Account
  • Government Scholarship Savings Account
  • Easy Access Savings Account
  • Small Basic Savings Account
  • Senior Privilege Savings Account
  • Prestige Savings Account

Features: 

  • The minimum account balance ranges from Rs 2,500 to Rs 1,00,000
  • Provides high transaction limit and free chequebooks
  • Comes with an instant Virtual Debit card with cashback on online spends
  • There is no maximum balance limit for savings accounts
Daily Account BalanceRate of Interest (p.a.)
Below Rs 50 lakh3.00%
From Rs 50 lakh up to Rs 2,500 crore3.50%

10. IDFC First Bank

IDFC First Bank is an Indian Indian public sector bank that is known as an integrated infrastructure finance company. The bank was formed on 1 October 2015, and since then, it has been offering its customers an extensive range of banking and financial products and services.

One of their products is a savings account that is designed keeping in mind the customer’s needs and requirements. It offers industry-best interest rates that let you save more.

Savings Accounts:

  • Senior Citizens Saving Account
  • Minor’s Saving Account
  • Health FIRST Savings Account

Features: 

  • Free and unlimited ATM transactions at any bank anywhere in India
  • The average monthly balance that is required to be maintained is Rs 10,000 to Rs 25,000.
  • The account is easily accessible via mobile app and internet banking
  • Provides maximum lifestyle benefits on movies, shopping, entertainment, etc
  • Paperless digital account opening with a video KYC
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 10 lakh 4.00%
From Rs 10 lakh up to Rs 10 crore6.00%
From Rs 10 crore up to Rs 100 crore 5.00%
From Rs 100 crore up to Rs 200 crore 4.50%
Above Rs 200 crore3.50%

11. Equitas Small Finance Bank

Equitas Small Finance Bank was founded a few years back in 2016 as a microfinance lender. It is one of the highly-talked banks for offerings the highest rate of interest to its customers on a savings account.

There is an exclusive range of accounts with no maintenance charges and ultimate benefits, which makes this bank a great pick for opening a savings account.

Savings Accounts:

  • Regular Savings Account
  • Selfe Lite Savings Account
  • Equitas Savings Account
  • Eva Savings Account
  • Wings Saving Account

Features: 

  • The average monthly balance varies from Rs 0 (Selfe Lite) to Rs 5,00,000 (Equitas)
  • There are multiple reward points on debit card spending with free and unlimited IMPS transactions
  • Wings and Equitas Savings Account holders will get outstanding discounts on locker facility
Daily Account BalanceRate of Interest (p.a.)
Up to Rs 1 lakh3.50%
Above Rs 1 lakh up to Rs 5 lakh6.00%
Above Rs 5 lakh up to Rs 2 crore7.00%
Above Rs 2 crore5.50%

Tips To Choose The Best Banks For Savings Account

Since every bank offers its customers the ability to open a savings account, there are so many options in the market that choosing one becomes a daunting task. It is difficult to select one that is most suited to your needs. However, here are some tips or factors that you must look out for to determine which bank is best for you to open an account.

Interest Rates

It is, indeed, one of the most important aspects to keep in mind. Different banks provide different interest rates based on your daily account balance. So, check the interest rate the bank is offering and the balance that you need to maintain to earn that interest.

Average Monthly Balance Requirements

Not all banks allow you to open a zero balance savings account that does not require you to maintain a balance. However, the majority of banks require you to keep a definite sum in the account all the time to maintain the balance. So, carefully check the minimum balance required before making a decision.

Add-on Services

A savings account is much more than an account to keep your extra money safely. While providing you with interest on your savings, they offer multiple benefits to provide users with a better banking experience.

This might include free ATM withdrawals, locker access, cashback, offers, online access, etc. So, check the benefits you are getting along with the account and ensure that it fulfils all your needs.

Final Word

When someone starts a banking journey, a savings account is the most common account that they operate. The idea behind this account is to encourage savings while enjoying benefits from the wide range of features and exclusive deals.

While this is a long list of banks to open a savings account, we have picked the best recommendations for you. We believe the Equitas Small Finance Bank is a good option for high interest rates, while HDFC Bank’s premium savings accounts offer the best features and services. Every bank mentioned on the list has some unique feature or offering for its customers.

We investigated and worked hard to bring you this piece of information. So, carefully go through the entire list and determine your financial needs to find the most suitable option and reap tremendous benefits.

FAQs

Which bank is best for saving bank accounts?

The choice of the best bank varies with different customers as it depends on multiple factors like your savings, geographical region, etc.

However, we personally love Yes Bank and HDFC Bank for opening a savings account because of their high-interest rate and exclusive features.


Which bank has the highest interest rate for a savings account?

Equitas Small Finance Bank is the one that provides the highest interest rate on a savings account. It offers the interest at the rate of 7% p.a. on savings of Rs 5 lakh and up to Rs 2 crore.

However, in the private sector, DCB Bank is the bank that provides the highest rate of interest of 6.75% on the balance of above Rs 10 lakh to Rs 2 crore.


Which bank gives 7% interest on savings accounts?

Equitas Small Finance Bank gives its customers a high interest of 7% in a savings account. Customers are required to maintain a balance of Rs 5 lakh to Rs 2 crore to earn this interest.


Is it worth having a savings account?

Yes. The answer to this question is an absolute yes. A savings bank helps in keeping your money safe while providing you with a steady interest and multiple other benefits. Opening such an account inculcates financial discipline that makes it worth having savings account for everyone.

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