Top 10 Best Banks For Savings Account In India

People can open a savings account to keep their money safe with a financial institution. Savings accounts are liquid investments since you can withdraw money from them anytime you want. They also offer low interest rates. To find the best bank for savings account in India, you should compare the interest rates and the other features available.  

List of Top 10 Best Banks for Savings Accounts in India 2024

Here are the top 10 banks in India in 2024, along with the interest rates they offer and the minimum balance required to hold a savings account:

Top 10 Banks for Opening a Savings Account in India – Features & Benefits

1. State Bank of India Savings Account  

SBI has various types of savings accounts like basic savings accounts, Basic Savings Bank Deposit Account, Insta Plus Savings Bank Account, savings plus accounts, Basic Savings Bank Deposit Small Account, Saving Account For Minor, MACT Claims SB Account, Resident Foreign Currency (Domestic) Account. Each of the accounts caters to different levels of customers.  

 

Features 

•  No limit on the minimum balance 

•  YONO mobile app 

•  SBI Quick facility 

• Nomination option is available

• Monthly Average Balance: NIL

•  No requirement for MAB 

• The first 10 cheque leaves are provided free each financial year. After that, charges apply: a 10-leaf cheque book costs ₹40 plus GST, while a 25-leaf cheque book is available for ₹75 plus GST.

SBI Saving Account Interest Rate

2. HDFC Bank Savings Account 

HDFC Bank provides a variety of savings accounts with exclusive benefits. It provides various avenues like mobile apps, netbanking, and a vast network of ATMs and branches to open accounts 24/7. Each account has some special features and privileges.  

Features 

• Offers complete banking solutions - Mobile banking, free debit cards, and other unique features.  

• Offers senior citizens and women-specific savings accounts.  

• Offers safe deposit lockers  

• Zero annual maintenance fees for the first year  

• Customized banking service 

• Offers and discounts through online shopping.  

Read Also: Savings Account Vs Current Account 

3. Kotak Mahindra Bank Savings Account  

Kotak Mahindra Bank has slowly become one of the best savings accounts in India. It offers customized savings accounts for all your dreams and financial goals. You can open a Kotak Mahindra Bank Savings Account online within just a few minutes. It has a streamlined account opening process which helps you set up your account seamlessly and get started with ease. Here are some of the features and benefits of the Kotak Mahindra Bank Savings Account.  

Features: 

• Online banking 24/7 

• Offers a wide range of savings accounts tailored to fit your specific needs. The bank’s Sanman Savings Account has a minimum average quarterly balance of Rs. 2,000. Moreover, individuals who open this account can make cash withdrawals without any limit from any Kotak Mahindra Bank ATM without paying any fee. 

• Avail every day offers across various categories like shopping, dining, travel, and more. 

• Offers health insurance benefits 

Kotak Mahindra Bank Savings Account Interest Rate 

Kotak Mahindra Bank Savings Account Minimum Balance

Let's examine the table outlining the minimum balance requirements for various types of savings accounts offered by Kotak Mahindra Bank.

4. DCB Bank Savings Account  

DCB Bank is one of the leading scheduled commercial banks which offers its customers the provision to open different types of savings accounts. The bank offers very attractive interest rates on these accounts, which can help the account holders extract the maximum benefit from their savings. Let us now see the features of the DCB Bank Savings Account that make it one of the best bank accounts in India.  

Features 

•  The account does not need a minimum balance 

• It provides a free ATM card 

• You can use NEFT and RTGS services, internet, mobile, and phone banking without charge. 

• Apart from the statements sent via email, physical statements of accounts are also provided.  

•  The minimum average quarterly balance needed for this savings account is Rs. 500 

• Damaged debit cards can be replaced for free 

• Free cash withdrawals at DCB Bank ATMs without any threshold or restriction.  

DCB Bank Savings Account  Interest Rates

Here’s a unique table summarizing the DCB Savings Account interest rates effective from October 5, 2024:

5. RBL Bank Savings Account  

RBL Bank, though a private bank, has slowly gained the reputation of being the best savings account in India. It offers a wide range of savings account types with exclusive features and benefits.  

Features

• Unlimited free transactions at RBL ATMs 

• Free RuPay debit card with a cash withdrawal threshold of Rs. 50,000 

• Free replacement of the damaged card 

• You can avail the services of mobile banking, phone banking, etc.  

6. IndusInd Bank Savings Account 

IndusInd Bank offers competitive interest rates on the savings accounts balance. It is computed based on the daily maintained balance and is disbursed at quarterly intervals. Easily initiate the process of opening a savings account online through either the IndusMobile app or your laptop's internet banking platform in just four simple steps. The video KYC enabled savings account opening process eliminates the need to physically visit the bank branch.  

Features 

• Get a free monthly e-statement  

• Earn reward points on every card transaction  

• Get cashback through the Indus Money Program  

• Avail discounts and offers across top brands, medical, and insurance 

• Get access to a wide range of digital banking services 

IndusInd Bank Savings Account Interest Rates (Effective August 21, 2024)

 

7. ICICI Savings Bank Account 

ICICI Bank offers a huge range of savings accounts for its customers. The Advantage Woman Aura Savings Account is specifically designed for working women. It is the best bank account in India. Apart from offering unrestricted cash withdrawals at any bank’s ATM, it gives various offers on shopping, jewelry, and more. 

Features 

• You can open a savings account instantly in just 3 simple steps 

• Enjoy tax benefits and the perks of assured returns by investing in government-backed online schemes like PPF and NPS.  

• Enjoy exciting offers across top brands like instant discounts upto Rs. 1,500 on domestic flights from Make My Trip, 10% instant discount from Tata CliQ Luxury, etc. 

• Enjoy pre-approved offers tailored according to your needs. 

ICICI Bank Savings Account Interest Rate

ICICI Bank Saving Account Minimum Balance

The minimum balance requirement for an ICICI Bank savings account varies based on the type of account and the location (metro, urban, semi-urban, or rural)

For Regular Savings Accounts:

• Metro/Urban branches: ₹10,000.
• Semi-Urban branches: ₹5,000.
• Rural branches: ₹2,000.

For Basic Savings Bank Deposit Account (BSBDA): No minimum balance requirement. 

The minimum balance requirements for an ICICI Bank savings account are as follows:

8. Axis Bank Savings Account 

This is another best bank in India for Savings Accounts. It provides five different savings accounts designed according to the requirements of its large customer base. The Easy Savings Account offered by this bank boasts a minimal opening deposit requirement and maintains a minimum balance threshold of Rs. 10,000.  

Features 

• Axis Bank offers a wide range of savings accounts, which have been curated to meet the specific needs of customers.  

• Zero balance account 

• Instant account number 

• Avail 250 plus banking services available on India’s top-rated mobile banking app ‘open’.  

• Enjoy cashbacks, discounts, gift vouchers, complimentary movie tickets, airport lounge access, and more. 

• Access to an instant virtual debit card offering exclusive rewards, discounts, and a lot more.  

• Access to credit cards, loans, fixed deposits, investment and protection products, payments, forex, and more.  

Axis Bank Savings Account Interest Rate

Axis Bank offers attractive interest rates on savings accounts, providing customers with a competitive return on their deposits. The interest rates vary depending on the balance maintained in the account.

Here are the current interest rates for Axis Bank savings accounts:

 

9. Bank of Baroda Savings Account  

Bank of Baroda offers a wide range of savings accounts designed according to the customers’ specific needs. You have savings accounts for families, students, Indian military personnel, central and state government employees, etc.  

Features  

• Free debit card  

• Zero balance facility 

• Unrestricted cheque book facility  

• Interest paid on a quarterly basis  

• People above 18 years of age are eligible to open savings account  

10.  Punjab National Bank Savings Account  

PNB is a well-established public sector bank offering various banking products to its customers. It offers attractive interest rates to savings account holders. Their savings account categories offer different products to regular individuals, pensioners, students, professionals, and even defense personnel.   

Features 

• Free transactions at PNB ATMs without restriction 

• Auto sweep in facility for PNB SF Prudent accounts.  

• Mobile banking, phone banking, internet banking, and other digital facilities for easy management of your account.  

• PNB One app to manage your account at your fingertips.  

How to Choose the Right Savings Account: Key Factors to Consider

When opening a savings account, it’s crucial to choose one that fits your financial needs. While interest rates are important, you should also consider other factors such as minimum balance requirements, banking facilities, account types, and fees. Here is a detailed look at factors to consider when opening a savings account and an analysis of popular banks in India.

1. Interest Rates

Higher interest rates can significantly boost the growth of your savings over time.. Banks offer varied interest rates depending on account types, balances, and customer profiles. For instance, some banks offer higher rates for senior citizens or high-balance accounts. Compare the rates offered by different banks and select one that provides competitive interest without compromising on other services.

Compare the Banks

• SBI Savings Account: Up to 3.00% per annum
• HDFC Bank Savings Account: Up to 3.00% per annum
• Kotak Mahindra Bank Savings Account: Up to 3.50% p.a. per annum for select accounts
• DCB Bank offers competitive savings account interest rates, typically ranging from 1.75% to 8.00% per annum.
• RBL Bank Savings Account offers interest rates ranging from 3.50% to 7.50% per annum.

2. Minimum Balance Requirement

Some banks have specific minimum balance requirements to keep your account active. Failing to maintain this balance can lead to penalties. Banks also offer zero-balance accounts, which are beneficial for individuals who don’t want to commit to maintaining a specific amount. Choose a bank whose minimum balance requirement aligns with your financial situation.

• SBI Bank Saving Account: Minimum balance amount Nil
• HDFC Regular savings account: A minimum initial deposit of Rs. 10,000 is needed for urban branches, Rs. 5,000 for semi-urban branches, and Rs. 2,500 for rural branches.
• IndusInd Bank Savings Account: Minimum balance typically around ₹10,000.
• ICICI Bank Savings Account: ₹10,000 for regular accounts.
• Axis Bank Easy Access Savings Account requires ₹12,000 in metros, ₹5,000 in semi-urban areas, and ₹2,500 in rural areas as the minimum balance..
• Bank of Baroda Savings Account: ₹1,000 for regular savings accounts.
• Punjab National Bank Savings Account: ₹1,000 for regular accounts.

3. Banking Fees and Charges

Every savings account has its own set of charges, such as ATM withdrawal fees, service charges, transaction charges, etc. It’s important to understand these fees to avoid unexpected deductions.

4. Accessibility and Digital Banking

In today’s digital age, ease of access through online or mobile banking is crucial. Banks with user-friendly apps and internet banking portals allow you to manage your account remotely, check balances, pay bills, and transfer money.

5. ATM Network

A wide network of ATMs can save you from paying fees for using out-of-network ATMs. If your bank has an extensive network, you can access your money conveniently without additional charges.

6. Customer Service

The quality of customer service offered by the bank is another important factor. A responsive customer service team can resolve issues like fraud, incorrect deductions, or lost cards quickly, ensuring that your banking experience remains smooth.

7. Account Features and Benefits

Banks offer various features like debit cards with rewards, cashback, travel benefits, or insurance. Some banks also provide account holders with exclusive perks such as loans at reduced interest rates or investment advice.

FAQs on Best Banks for Saving Account 

1. Which bank is offering up to 8% interest rate on savings accounts? 

DCB Bank pays up to 8% interest on savings accounts which have balances between Rs. 10 lakhs and Rs. 2 crores. On savings accounts with balances in the range of Rs. 10 crores to less than Rs. 200 crores, it pays up to 7.75% p.a.  

2. How do savings bank account interest rates work? 

Interest on savings accounts is computed every day based on the closing balance. Interest will be credited to your savings account every 6 months depending on the type of savings account and the policy of the bank.  

3. Which Bank gives highest interest rate on savings account in India? 

SBI Bank's savings account interest rates are 2.70% p.a. for balances less than Rs. 10 Crore and 3.00% p.a. for balances of Rs. 10 Crore & above. HDFC Bank offers a 3.00% interest rate for savings account balances less than Rs. 50 Lakh and 3.50% interest for balances of Rs. 50 Lakh and above. ICICI Bank's savings account interest rates are 3.00% for balances below 50 Lakhs and 3.50% for account balances of 50 Lakhs and above. 

4. What are the features to look for in the best bank for savings account in India?  

The best savings account should come with easy managing of your account. Also offer value added services that customers can enjoy, like free debit card, higher interest rates on savings deposits, convenient online banking, personalized services, etc;.