The most fundamental financial product that banks offer is a Savings Account. People can deposit their money and keep it secure with a financial institution by opening a savings account. They also receive interest, albeit low, at the same time.
Savings Bank Accounts are liquid investments because customers can withdraw money whenever they want and without any limitations. To know which is the best Savings Account in India, it is essential that one compares the interest rates and other features of the available options.
So, if you’re wondering, which bank is best for a Savings Account in India, this blog is just for you!
Here are a few of the best savings bank accounts that we've gathered from various sources.
Top Savings Bank Accounts of 2024
These are the best banks to open Savings Account in India.
S.No. | Savings Bank Account | Rates of Interest (p.a.) |
1. | State Bank of India (SBI) Savings Account |
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2. | HDFC Bank Savings Account |
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3. | Kotak Mahindra Bank Savings Account |
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4. | DCB Bank Savings Account |
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5. | RBL Bank Savings Account |
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6. | IndusInd Bank Savings Account |
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7. | ICICI Savings Bank Account |
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8. | Axis Bank Savings Account |
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9. | IDFC FIRST Bank Savings Account |
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Factors to Consider While Opening a Savings Account
The essential things to consider while opening a savings account are as follows-
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Rate of Interest
The interest rate provided is a key factor in choosing where to invest your money because it determines how much interest your savings will generate for you.Make a wise choice because even a subtle variation in the interest rate offered can pay off in the long run!
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Minimum Cash Balance
Many banks have minimal deposits that you must make in order to open a savings account with them. Similar to this, there are some lenders who will require you to keep a certain minimum balance in your account throughout your relationship with them.There are banks, of course, that do not require a minimum balance in your savings account. Some people favour this option because it gives them more freedom in how they can use their money, while others prefer the idea of a minimum balance because it encourages them to be thriftier and more responsible with their money.
See AlsoHow Many Bank Accounts Should I Have? | The Motley FoolCan You Spend From A Savings Account? | BankrateDoes Closing Bank Accounts Hurt Your Credit? | BankrateHow to Organize Your Bills: 8 Options | SoFiIn the end, everything comes down to personal preference.
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Regularity of Withdrawals
There are monthly withdrawal restrictions on many accounts. Choose an account that allows frequent withdrawals without incurring fees if you think you might need to do so.
Fees and Charges
Your Savings Account may be subject to a variety of fees, including monthly fees, cross-currency markup, PIN regeneration fees, and more.Additionally, you must take into account the maintenance fees that will probably be deducted from your account each year. Going through the fine print carefully will help you become familiar with these fees, as at the end of the day, opening a savings account is all about saving money.
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Customer Service
Customer service is of the utmost importance in the banking industry. You ought to be able to get in touch with customer service right away and ask them to solve any problems you encounter.You should actively stay in touch with a bank that has a stellar reputation for providing exceptional customer service, whether the issue is a stolen debit card or you are unable to transfer funds.
You may also want to read Bank FD vs Savings Account - Which is Better?
Overview of the Top Savings Bank Accounts of 2024
Following is a brief overview of some of the best Savings Bank Accounts in India-
1) State Bank of India (SBI) Savings Account
State Bank of India (SBI), a Fortune 500 company, is a Mumbai-based statutory institution for public sector banking and financial services in India. SBI has a rich history dating back more than 200 years, making it the bank that Indians have had the most faith in and, thus, making it the best bank for Savings Account in India.
The following are some features of this SBI savings account:
- SBI Quick facility
- No MAB requirement
- No restriction on the maximum balance
- YONO mobile app
2) HDFC Bank Savings Account
To satisfy its customers' needs, HDFC Bank offers complete banking solutions. Free debit cards, mobile banking, and other unique features are just a few of the unique features of an HDFC savings account. This is another best bank for Savings Account.
Additionally, this financial institution offers senior citizens and women-specific savings accounts. Each of the savings account programmes offered by HDFC has a unique set of features and benefits that can be accessed quickly and easily.
The savings account offers the best banking features and services available. Customers can compare accounts to find the one that best suits their needs, and a dedicated Relationship Manager is always on hand to help.
3) Kotak Mahindra Bank Savings Account
Kotak’s offerings include more than 10 savings account variants, which come with different features. The bank’s Sanman Savings Account has a minimum AQB of Rs. 2,000. Moreover, individuals who open this account can make unlimited cash withdrawals from any Kotak Mahindra Bank ATM without paying any fee.
Customers of Kotak Mahindra Bank have access to a variety of financial goods and services. The Kotak Mahindra Bank's savings account is very well-liked and offers a wide range of options, thus, being considered by some as the best bank to open account in India.
4) DCB Bank Savings Account
You don't need to keep a minimum balance in your DCB Savings Bank Deposit Account, and it also provides a free ATM card. You can use NEFT and RTGS services indefinitely for free, and internet, mobile, and phone banking are all provided without charge. In addition to statements sent via email, physical statements of accounts are also provided. DCB Bank Savings Account is known as the
- The minimum AQB requirement for this savings account is Rs. 500
- Free replacement of damaged debit card
- Unlimited free cash withdrawals at DCB Bank ATMs
5) RBL Bank Savings Account
RBL Bank offers a variety of savings account types with a range of features and advantages. For any investments made into the account, the bank offers interest rates starting at 4.25 per cent p.a.
Some features of RBL Bank’s savings account are as follows:
- Unlimited free transactions at RBL ATMs
- Free RuPay debit card with a cash withdrawal limit of Rs. 50,000
- Free replacement of damaged card
- Mobile banking, phone banking, etc.
6) IndusInd Bank Savings Account
A wide variety of specialized savings accounts are available from IndusInd Bank, including the Indus Delite Savings Account and the Indus Exclusive Savings Account. These exciting discounts and offers are available on both accounts. A committed relationship manager is one of the latter's key characteristics.
To meet the needs of various customer types, IndusInd Bank offers a variety of savings account types. The bank offers its clients benefits like Internet banking, phone banking, IVR support, etc. It is a plan that comes with the option of regular premium payment.
7) ICICI Savings Bank Account
ICICI Bank offers an extensive range of savings accounts for its customers. The Advantage Woman Aura Savings Account is specially designed for working women. This is the best bank account in India. Besides offering unlimited cash withdrawals at any bank’s ATM, it provides various offers on shopping, jewellery, and more.
One of the biggest private-sector banks in India, ICICI Bank, offers a range of savings bank accounts to help people with all of their banking needs. A savings account with ICICI Bank can be a premium account or a basic account, one for young people or one for the elderly.
8) Axis Bank Savings Account
In case an individual is looking for the best bank account in India, Axis Bank is an option that they might consider. This is another best bank in India for Savings Account. It offers five different savings accounts to cater to the requirements of its large customer base.
This bank’s Easy Savings Account has a low opening deposit and a minimum balance requirement of Rs. 10,000. Customers can choose from a wide range of savings accounts at Axis Bank, along with individualized services and alluring benefits. On its savings accounts, the bank offers interest rates beginning at 3 per cent p.a.
9) IDFC FIRST Bank
IDFC FIRST Bank has a wide range of savings account types for different customer needs and offers interest rates up to 7% p.a. with monthly interest credits. This high frequency of compounding per year allows you to earn more. Opening a savings account is easy, quick and an end-to-end digital process with the bank.
With debit cards with complimentary insurance coverage, high transaction limits, cashbacks, discounts and other attractive benefits the IDFC FIRST Bank savings account is fast becoming a popular choice among customers.
It is also the first and only bank in India offering Zero fees for 28 essential services on savings accounts including ATM cash withdrawals, IMPS, RTGS, NEFT, Cash Deposits at branches, Cash withdrawals at branches, SMS Alerts, Cheque books etc.
Conclusion
In our blog about the best savings bank account India, we would say that looking solely at the interest rate is insufficient when deciding which bank account in India is the best.
Before choosing, one should evaluate the advantages and disadvantages of the various options and compare their features. There is no definite bank that every person choosing to open a savings account prefers, but at the moment, these are India's best savings account options. The above-discussed account opening procedures are all for online services.
However, since you are unable to access the online portals, you can still complete the process offline by going to the branch of your chosen bank and speaking with the designated bank representative.
Happy Investing!
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Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.
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Research Analyst - Bavadharini KS
