Best Online Bank for Savings Accounts India (2024)

Looking for the best online savings account in India? Read through this article!

This article is related to an affiliate advertising program and The New Indian Express's journalists were not involved in production of this article.


Savings accounts have consistently been considered the "go-to" option for keeping your money in a safe spot and using it when need be. Additionally, people interested in creating their investment portfolios consider using a savings bank account to be reliable and robust. However, which bank is better for savings accounts in India?

In India, public and private sector banks offer the chance to open various savings accounts to customers, designed per the customer's needs. Each bank has its own savings account interest rate that fluctuates between 2.50% to 7.00% per year.

Before opening a savings account, you should understand the numerous other features and T&Cs of your preferred bank on various savings accounts. Through this article, we will be highlighting the best online savings account banks in India. So keep reading. 

Our Top Picks

Best Overall - RBL bank

Banks That Provide The Online Savings Accounts

S No.

Bank Name

Interest P.A. (in %)


RBL Bank

4.25 - 6.75


State Bank of India




3.0 - 3.5


Kotak Mahindra Bank

3.5 - 4.0



3.0 - 3.5


Axis Bank

3.0 - 3.7


AU Small Finance Bank

4.0 - 7.0


IndusInd Bank

4.0 - 6.0



2.5 - 4.0


PayTM Payments Bank


1. RBL Bank Savings Account

One of the highest rates among banks is the 6.75% interest rate on savings accounts offered by RBL Bank. Even SBI, HDFC, and ICICI provide FD interest rates ranging from 5 to 6%. You can earn the same fixed deposit interest rate on your savings account without locking your money. You can open digital savings account with RBL online without visiting a bank location.

Monthly average balance - INR 500 (rural), INR 1,000 (semi-urban), and INR 2,500 (urban).

Channel of access - Online and Offline

Rates of Interest (p.a.) - 4.25% p.a. to 6.75% p.a.

What do we like?

  • High rate of interest
  • Quick and online account opening process
  • Quick bill payment facility available
  • Virtual debit card

What didn't we like?

  • A higher interest rate is only offered if an individual has a monthly balance greater than INR 1 lakh

2. State Bank of India Savings Account

You can find an SBI bank and ATM anywhere in the nation, facilitating physical cash access. SBI has branches and extension counters for students at numerous schools, colleges, and universities. It makes it easier for them to pay regular fees and exam expenses. Students also have access to banking services with more affordable fees.

Monthly average balance - Zero

Channel of access - Online and Offline

Rates of Interest (p.a.) - 2.7% p.a.

What do we like?

  • Widespread reach and services across India
  • No monthly balance on any account

What didn't we like?

  • No additional savings or offerings to loyal customers or premium accounts

3. HDFC Bank Savings Account

Banking with HDFC gives you access to the best products in the market, like the HDFC Diners Club Black Credit Card, HDFC Smart Buy, HDFC on Chat, HDFC Personal Loans on ATMs and more. Another range of premium banking services and products from HDFC Bank offers you distinct pricing, phone banking capabilities, and lifestyle advantages. Premium banking provides specialised solutions for requirements relating to investments in equity & mutual funds, tax payments, insurance, and portfolio management services. 

Monthly average balance - INR 5,000 (Kids Advantage) to INR 25,000 (Savings Max)

Channel of access - Online and Offline

Rates of Interest (p.a.) - 3.0% p.a. to 3.5% p.a.

What do we like?

  • Good products and premium accounts are offered
  • Has tied up with multiple outlets and vendors to provide great benefits

What didn't we like?

  • The offline service is average
  • The technology used needs improvements

4. Kotak 811 Savings Account 

One of the best savings accounts offered by Kotak Bank is Kotak 811 Digital Bank. You can open an 811 account, which has no balance, online using a laptop or a mobile device. The entire process is digitised so you can create an account in a few steps.

Monthly average balance - Zero

Channel of access - Online and Offline

Rates of Interest (p.a.) - 3.5% p.a. up to INR 1 lakh balance and 4% p.a. above INR 1 Lakh balance

What do we like?

  • High rate of interest
  • Online and easy account opening process
  • Virtual debit card

What didn't we like?

  • The online application of this bank is not good

5. ICICI Bank Savings Account

Opening a savings bank account with ICICI Bank is very simple. It has more than 200 banking services offered online. You can use your mobile device to manage your Demat account portfolio, check transactions and balances, transfer money, open MF, FD, RD, PPF, and NPS accounts, pay bills and insurance premiums, book tickets, and open new accounts. You may access all service requests from one place, saving time and offering a hassle-free user experience.

Monthly average balance - Rs. 10,000 to Rs. 1,25,000 

Channel of access - Online and Offline

Rates of Interest (p.a.) - Up to INR 50 Lakh – 3.0%; Above INR 50 Lakh - 3.5%

What do we like?

  • The mobile application is very simple and easy to use
  • The online experience is smooth & hassle-free

What didn't we like?

  • No extra benefits to loyal customers
  • Average-quality banking product

6. Axis Bank Savings Account 

Axis Bank is the only bank that rewards points for account-related transactions. For example, opening an RD, a Demat account, or giving standing orders can earn you reward points. When you open a savings account, you also receive extra perks like a free Times Prime membership, discounts, and cashback on Zee5, Amazon, Ganna, and Uber. 

Monthly average balance - INR 2,500 to INR 2,50,000

Channel of access - Online and Offline

Rates of Interest (p.a.) - 3.0% p.a. to 3.7%p.a.

What do we like?

  • Premium-quality services
  • Reward points are offered for normal banking transactions

What didn't we like?

  • Benefits are majorly provided at a higher relationship value
  • The customer support is average

7. AU Small Finance Bank Digital Savings Account

Digital savings account from AU Bank can be opened online quickly via video banking. You only need a working internet connection and your PAN and Aadhaar cards. AU Bank provides one of the highest interest rates, up to 7%, for savings accounts. As opposed to other banks, your bank pays out interest every month. This is ideal for those whose monthly income from savings interest depends on it. You don't have to worry about keeping the monthly balance because the digital savings account has no balance.

Monthly average balance - Zero to INR 5,000

Channel of access - Online and Offline

Rates of Interest (p.a.) - 4.0% p.a. to 7.0% p.a.

What do we like?

  • Doorstep banking 
  • Easy to open and transact
  • Debit cards offer Amazing discounts

What didn't we like?

  • Average customer support
  • Very limited presence across India

8. IndusInd Bank Savings Account (3-in-1 account with Upstox)

In partnership with Upstox, Indusind Bank provides a zero balance 3-in-1 (savings, trading, and Demat account). With IndusStox's Smart Transfer feature, you can trade stocks without moving funds from your savings account to your trading account. The money will stay in your savings account and you'll get interested in it. Your savings account offers interest rates of up to 6%. The interest rate on savings accounts is higher than that of fixed deposits offered by banks like SBI.

Monthly average balance - INR 1,500 to INR 10,000.

Channel of access - Online and Offline

Rates of Interest (p.a.) - 4.0% p.a. to 6.0% p.a.

What do we like?

  • Access to online banking, mobile banking, IVR help, and more
  • NRIs staying in India for 180+ days can also open an IndusInd saving account

What didn't we like?

  • No extra benefits are provided to loyal customers
  • Average banking products

9. Citibank Savings Account 

Citibank can meet the global financial needs of your family and close relatives. For your financial needs, 4000 Citibank branches in 42 countries can help you whenever needed. Citibank offers robust fund solutions like Citi Global Transfers, Wire Transfers, Automated Clearing House, and Foreign Currency draft. Where you can transfer money up to Rs. 3 Lakhs per day or receive up to Rs. 30 Lakhs per day from your Citibank account to the Citibank account of a relative who lives abroad.

Monthly average balance - No particular monthly average balance  

Channel of access - Online and Offline

Rates of Interest (p.a.) - 2.5% p.a. to 4.0% p.a.

What do we like?

  • Complimentary reward points, debit cards, and other premium privileges
  • No extra banking or internet service charges
  • Diversified clientele

What didn't we like?

  • The services of Citibank are only available in 23 cities in India

10. Paytm Payments Bank Savings Account

The Paytm Payments Bank serves the unbanked parts of society's basic banking needs and transactions involving cashless payments. You do not need to fill out any forms to start an account here. Using the Paytm app, creating an account is quick and entirely digital. However, you must present the necessary paperwork to finish your KYC at the closest site. The limitation on the Paytm Savings Account is that you can only hold up to Rs. 1 Lac in your wallet and savings account together.

Monthly average balance - Nil 

Channel of Access - Online 

Rates of Interest (p.a.) - 2.75% p.a.

What do we like?

  • Digital account opening
  • Zero monthly balance
  • Real-time passbook update

What didn't we like?

  • Rarely do you have an offline branch
  • Account balance is limited to only INR 1 Lac

Factors To Consider Before Opening An Online Savings Account

Interest rates

The interest rates on savings accounts range from 4% to 6.25% annually, subject to conditions. Even if the interest rate seems enticing, you should first assess your ability to abide by any applicable minimum balance requirements and other T&Cs.

Minimum balance criteria

Ensure to open a savings account with no balance if you do not have a stable source of income. The bank will typically charge a fee if the amount in your account is less than the required minimum.

Transactions or service charges

Before opening the account, carefully review the T&Cs to determine if any fees or charges are associated. You always have the option to choose not to pay for features that you don't usually use.

Ease of online access

Verify the digital banking services of the bank. You should be able to perform simple tasks using your devices, such as checking your account balance, moving money, or opening accounts like fixed deposits or PPF, etc.

Debit card offers

You can get a free chequebook, extra cards, and discounts on goods when you create a savings account with a bank. Consider getting these freebies.

ATM and branch density

Even though making a cash withdrawal is not always an emergency, it's a good idea to pick a bank with many ATMs and branches scattered across the city for your flexibility and benefits.

How To Open A Savings Bank Account Online?

Step 1: Compare interest rates offered by different banks. Determine the bank that suits you the best. Choose the savings account you wish to open.

Step 2: Visit the bank's website to fill out the required forms to open an account.

Step 3: Complete the application and submit it with a digital copy of all required documents, including evidence of address, identification, age, and employment or income.

Step 4: After verification from the bank's back-end staff, you can use your savings account.

Benefits Of Opening An Online Savings Bank Account

  • A safe place to make deposits

Saving your funds in a savings account is safe. These are easily withdrawn and you won't need to carry cash around with you all the time. This prevents you from the worry about any cash theft. You gain a lot of flexibility and security.

  • Digital banking

The appeal of a savings account has increased significantly due to digital payments. With a savings account, you can use Internet banking, NEFT, RTGS, IMPS, UPI, and other digital banking services.

  • Government schemes

To benefit from government programmes and subsidies have allowed people to use savings accounts more frequently. You can only receive your benefits through direct benefit transfer programmes to eliminate the intermediaries. 

  • Cashless transactions

With a savings account, you can receive or send money on a cashless basis. You can receive the payment in your account or send it directly to the beneficiary's bank account.

  • Interest on earnings

You will only make money if it simply lies at your home. This money will be safe and earn you more interest if you deposit it in a savings account. The interest varies between 4% - 6%.

  • Proper record of expenses

Keeping track of cash takes time and effort. On the other hand, savings account records all your receipts and payments. You can better manage and understand your finances.

  • Online shopping benefits

Given its rising popularity, it would be best if you were tempted to engage in online shopping. You can enjoy discounts, rebates, and offers using your debit card or internet banking.

  • Debt Independence 

Savings accounts help you to avoid debt. Unlike credit cards and other short-term borrowing options, you are not given a false sense of security regarding your money. Instead, you use your savings account within your means and be frugal with your money.

Frequently Asked Questions

1. Are online savings accounts a good idea?

Saving money online is secure and dependable. Customer data must pass through numerous security layers and be encrypted. It is challenging to hack into an internet savings account. Every transaction is controlled and secure.

2. Which online bank is the safest?

RBL bank is the safest online bank as all transactions you make take place in a secure and encrypted medium using advanced digital technology.

3. What is the highest-paying online savings account?

RBL bank and AU Small Finance Bank are among the highest-paying banks with savings accounts. The interest goes up to 7.0% p.a.


In conclusion to our blog post on the best online savings bank accounts in India, we advise you to choose the best bank account on the interest rate and other benefits. Before making a decision, weigh the benefits and drawbacks of the various possibilities. These are India's top savings accounts, but there isn't a specific bank in which every person decides to open a savings account. So, choose and invest wisely!

Author Name: Harsh Goyal

Note: "Each article is meticulously crafted by our team of finance experts, incorporating user and community feedback to evaluate and select financial products and brands rigorously. Their thorough approach ensures only the most reliable and relevant financial solutions are recommended to our readers."

Author Bio: Written by Harsh Goyal, a distinguished finance expert, consultant and seasoned researcher. With a strong academic background in finance, Harsh combines in-depth knowledge of financial markets, investment strategies, and economic trends with practical experience. As a part-time writer, he translates complex financial concepts into accessible insights, making him a valuable resource for both industry professionals and casual readers looking to understand the nuances of finance.

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