5 Best Banks for Savings Accounts in India

Your hard-earned money needs to be preserved. So, how do you protect your earning? All those ancient days were gone when people used to preserve money on their properties. What’s the point of storing money in your home’s locker when it’s not safe due to the rise in pilfering cases? However, one of the most common ways to preserve your monthly income is by opening a savings bank account.

With the advent of technology, every organization is paying their employees in their savings account. It could be associated with any bank! Moreover, a savings account enables you to operate seamless online transactions. Bank will issue a debit card in your name after opening a savings account.

Therefore, this debit card allows you to go cashless for any sort of daily transaction. Also, if you want to keep some cash, withdraw your money from an ATM. Besides the several amenities of a savings account in India, you need to be wary of a few criteria while choosing your bank. So, without any further ado, let’s get straight to the top banks for savings accounts in India.

5 Best Banks for Savings Accounts in India

Best Banks for Savings Accounts in India

This list will help you get fantastic experience in numerous offers on debit cards, customer service, and premium technology-enabled banking features.

1. IndusInd Bank

IndusInd Bank

We understand your perturbation stems from your earning, which could be less than 10k per month. IndusInd Bank provides their users a zero balance account, more precisely, a 3 in 1 account, without any worries about keeping a minimum balance.

Moreover, you will enjoy savings, trading, and Demat accounts along with the collaboration with Upstox. So, it is an incredible savings bank for traders! However, InduStox offers a Smart Transfer feature.

Here, you don’t have to transfer cash from the savings account to the trading one for stock trading. Such funds will stay protected in your savings account. This is how you will earn additional interest on the amount. To be frank, you can earn approx 6% interest after opening an IndusInd savings account.

The major perk of choosing this bank is that it provides a higher FD interest rate than the interest charges like SBI. 

Advantages:

  • Online account opening
  • Zero balance account
  • Free trading and Demat account opening
  • Massive savings account interest rates
  • Limited offers on 30-days zero brokerage

Disadvantages:

  • Youngsters can’t avail the scheme

2. HDFC Bank

HDFC Bank Current Account

Customers love HDFC bank due to its best credit card deals, easy loans, deposit rates, and Smarthub. So, if you choose to bank with HDFC, you will get quick access to the superior products in the market.

However, HDFC basic saving bank account doesn’t need you to maintain a minimum balance. That’s why you are free to withdraw the entire amount! Also, you can secure your earnings with the supreme Saver amenities and Safe Deposit Locker.

This bank offers their customers 4 free withdrawals per month, including IMPS, Branch or ATMs, NEFT/RTGS, and so on! So, if you want to open a savings bank account with HDFC for your 10-years old kid, he/she is eligible.

If you are wondering of unique products from HDFC bank, this is what you can avail yourself:

  • HDFC Smart Buy
  • HDFC Personal Loans on ATMs
  • HDFC Diners Club Black Credit Card
  • HDFC on Chat

Advantages:

  • Portfolio Management Services
  • Premium bank products
  • Online account opening process
  • 3% interest up to 50 Lac and 3.5% for more than 50 Lac balance

Disadvantages:

  • The mobile app functionality is poor
  • Average services

3. RBL Bank

RBL Bank

Do you want to avail of an exclusive interest rate? RBL is that bank offers a 6.75% interest rate, the highest among all the Indian Banks out there. RBL offers its customers the highest FD interest rate in comparison to HDFC, SBI, and ICICI.

So, you can gain a similar fixed deposit interest charge on your savings account sans locking the cash. It also provides a digital savings account. So, you can get hassle-free banking services without going to the bank branch and open an online account. Besides, follow three simple steps, shown below:

  • Provide your PAN and Aadhar details
  • Opt for an account variant
  • Update personal information

Therefore, it is the best bank for those who are looking to gain a massive interest rate on their fixed deposit amount. 

Advantages:

  • Supreme rate of interest
  • Virtual debit card facility
  • Instant account opening procedure
  • Quick bill pay facility

Disadvantages:

  • A monthly average balance should be Rs. 5000
  • The highest rate of interest will apply to the amount of more than 1 Lac
  • For up to 1 Lac amount, you are eligible to get a 4.75% interest rate

4. State Bank of India

State Bank of India

Are you a student, wants to avail of the best deals on your card and account? SBI is the best savings account for students across India for widespread services and reaches. You can find an SBI ATM and several branches in any part of the country.

This aids in physical cash access! Moreover, SBI and its devoted branches and expanding counters at colleges, schools, and universities help students pay daily exam fees with complete ease. Most importantly, students have full-fledged access to its premium banking services, which carry a few changes only.

The best State Bank of India savings account is shown below:

  • SBI Savings Plus Account
  • SBI Basic Savings Bank Account
  • SBI Digital Savings Account
  • SBI Small Savings Account

As far as its superior amenities are concerned, it doesn’t need any monthly average balance. You can visit the branch, visit the website, or choose the YONO app to open a savings bank account.

Advantages:

  • Maximum reach and services offerings
  • Zero monthly balance

Disadvantages:

  • No premium or extraordinary savings account opening benefits

5. ICICI Bank

ICICI Bank Current Account

Banking could never be so hassle-free when you have your all-time companion, ICICI Bank. So, opening a savings bank account here is like getting whopping online banking services at your fingertips. Do you want to avail of ICIC bank for the best technology?

This fantabulous tech experience inaugurates with the iMobile banking app. It is a user-friendly and protected app using PKI end-to-end 265-bit full-fledged encryption. Are you a tech-savvy person? Don’t you get much time for branch visiting? Also, you prefer using a smartphone to do various utility payments and banking transactions. So, choosing an ICICI bank savings account is the best option for you!

This iMobile app allows you to check balances and transactions, open FD, RD, MF, PPF, and NPS accounts seamlessly! Moreover, you can also pay insurance premiums, pay bills, open a Demat account, and book tickets with this.  

ICICI Bank offers the below-mentioned savings account options:

  • ICICI Gold Privilege Savings Account
  • ICICI Regular Savings Account
  • ICICI Titanium Privilege Savings Account
  • ICICI Silver Privilege Savings Account

Advantages:

  • The mobile app, iMobile is an outstanding one
  • Smooth and straightforward online banking facility
  • Several steps ahead of any Indian bank in terms of technology

Disadvantages:

  • The rate of interest for up to 50 Lac is 3% and above 50 Lac is 3.5%, which are not so good
  • Average banking product amenities

Conclusion

To conclude, every bank has magnificent features for their loyal customers. All you have to enlist your requirements before approaching any bank. Choose that savings bank account opening branch only, which would fulfill your needs! If you like this article, give it a like, share, and do subscribe! Have any questions? Kindly let us know by commenting below!

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