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Best Bank for Savings Accounts with Highest Interest Rates in India (2024)
Looking for the Best Savings Accounts with Highest Interest Rates in India? Read through this article!
For anyone and everyone new to the world of investing, savings accounts have always proved to be the ideal choice or the ‘go-to’ way of investing over the years. Also, opening a savings account works best for people with stable and regular sources of earnings and are ready to develop and build their investment portfolios.
There are many private sector and public sector banks in India, and almost all the banks facilitate their customers with the option of opening several different forms of savings accounts that are developed to fulfill the requirements of every individual in a country with such a large clientele. Even though every bank has its interest rate for savings accounts, these rates usually range from 2.50 % per annum to nearly 7.00 % per annum across the nation.
Before finally opening a savings account with a particular bank, you need to be familiar with the various other facilities and rates of interest your chosen bank offers on different savings accounts. Here is a list of the top 10 banks offering India’s highest savings account interest rates.
Table of the Top 10 Banks in India
Reasons to Open a Savings Bank Account
How Does a Savings Bank Account Work?
Difference between a Savings Account and a Current Account
Types of Savings Accounts for Different Types of Savings Account Holders
How to Open a Savings Bank Account?
Complete Information on the Top 10 Banks in India
Tips to Choose a Savings Bank Account
Frequently Asked Questions
The Bottom Line
S No.
Bank Name
Interest P.A.
1
RBL bank
4.25% - 6.50%
2
State Bank of India
2.7
3
HDFC Bank
3.0 - 3.5
4
Kotak Mahindra Bank
3.5 - 4.0
5
ICICI Bank
3.0 - 3.5
6
Axis Bank
3.0 - 3.75
7
Yes Bank
5.0 - 6.25
8
DCB Bank
5.65
9
IndusInd Bank
4.0 - 6.0
10
CitiBank
2.5 - 4.0
Opening a savings account has numerous advantages for the account user, making it a necessity for everyone. If you haven't already done so, you should do so right away to take advantage of the following benefits:
A Savings Bank Account is a secure place to save your extra cash. You can effortlessly make withdrawals and deposits into your Savings Account. This eliminates the need to carry cash and your anxiety over probable cash theft. With a Savings Bank Account, you get a lot of flexibility and security for your money.
With the government's recent drive on digital payments, the appeal of a Savings Account has risen dramatically. You can use Internet banking, NEFT, RTGS, IMPS, UPI, and other digital banking services with a savings account. This enables you to manage your account without going to a bank branch.
It is necessary to have a Savings Account to take advantage of government initiatives and obtain subsidies. The government is pushing direct benefit transfer programs to cut out the middlemen, and you can only receive your benefits through a Savings Account. Many banks also provide a Zero Balance Savings Account, free of any requirement to keep a proper balance.
You don't have to go to someone's house to receive or make a payment with a Savings Account. You can send the payment directly to the beneficiary's bank account or receive it in your account. This enables you to handle payments with ease and without worry.
Money lying around your house isn't going to make you any money. If you put this money in a savings account, it will not only be safe but also earn you money in the form of interest. The interest rate on a Savings Account varies depending on the bank. Some banks charge 4% interest, while others charge up to 6% yearly.
Keeping track of your transactions is nearly impossible if you're in the habit of utilising cash. A Savings Account, on the other hand, keeps track of your receipts and payments. This allows you to understand your money better and keep track of them.
Given its growing popularity, you must be tempted to participate in internet buying. If you have a savings account, you can use your smartphone or computer to make purchases for your everyday, travel or entertainment needs. With the use of your Debit Card or Internet Banking, you can get a variety of discounts, rebates, and offers.
Savings accounts serve a critical part in keeping you out of debt. You are not lulled into a false sense of security about your finances, as with credit cards and other types of short-term borrowing. Instead, you use your Savings Bank Account to teach you how to be frugal with your money and live within your means.
A savings account is a deposit used to hold the money you don't need or plan to spend immediately. You may, for example, open a savings account to hold your emergency cash or down payment savings account before purchasing a home.
Savings accounts aren't difficult to understand. You open a savings account with a bank or credit union and put money in it. After that, the bank will pay you interest on your outstanding sum. Depending on the bank, you can continue to add money to your savings account via one or more of the following methods:
Cash or cheque deposits at the ATM or a branch
ACH transfers from the linked bank account
Wire transfers between bank accounts
Mobile cheque deposits
Direct deposits
The interest rate you earn and the annual percentage yield, or APY, might differ from one bank to the next and from one account to the next. When compounding interest is considered, the APY is the rate of interest gained on your savings.
Assume you deposit Rs. 1,000 in a savings account. You put Rs. 200 per month into your account, and the bank offers you an annual percentage yield (APY) of 0.90 %. After a year, your account balance will be Rs. 3,419.84, with Rs. 3,400 in deposits and Rs. 19.84 in interest. The greater your annual percentage yield (APY), the more you deposit, and the longer you save, the more your money can increase.
Savings Account
Current Account
Rate of Interest
A savings account is a type of interest-bearing account that is designed for small sums of money. It provides a minimum saving rate of interest of 4-6 %. The daily balance is used to compute the interest.
It usually does not charge interest and is used to make payments more convenient. Because a current account cannot be opened in a person's name, businesses mostly use it to accept and transmit payments in the company's name.
Transaction Limit
Savings accounts typically limit the number of withdrawals and the number of checks that can be issued. A maximum of 30 cheques can be drawn annually, albeit this number varies by bank.
Unlike a savings account, a current account does not have a transaction limit. A company may need to perform several transactions, and a current account allows unrestricted payment processing. Like a savings account, a current account comes with a debit card, credit card, and internet banking.
Minimum Balance
It also includes a minimum account balance maintenance requirement, which requires the account to keep a certain amount of money in their bank account to avoid penalty penalties. However, some banks may waive it to encourage people to save.
A current account's minimum balance is usually higher than a savings account's. It varies from one bank to the next. And if the balance falls below the minimum, the account will be subject to a severe penalty.
Additional Facilities
Savings accounts are opened in the account holder’s name because they are a sort of personal account. It has an online banking feature and a debit card to make cash withdrawals easier. Banks generally offer additional savings account features that may be charged at an additional cost and vary from bank to bank.
Because it's a business account, the banks will provide you with an overdraft. It enables firms to make payments even when finances are in short supply. The bank charges a nominal interest rate on the overdraft amount, modified when the account holder pays the money back into the account. There is no restriction on the number of checks that can be drawn, and transactions are faster.
Various savings accounts are available, and it's critical to select the one that best suits your financial goals. Knowing how different savings account alternatives compare might help you choose the best location to put your money.
Regular savings accounts, sometimes known as basic savings accounts, allow you to earn interest on your money at lower rates than other savings products. Traditional savings accounts usually enable you to withdraw up to six times monthly without a fee. You may be able to manage your account online, via mobile banking, over the phone, or in a branch, depending on the bank or credit union.
Good for: People who need to save money in the short or long term but aren't concerned with receiving the best interest rate (as measured by the yearly percentage yield) (APY).
Online banks frequently offer high-yield savings accounts to entice depositors who want to earn a higher interest rate than what can be found at traditional banks and credit unions. High-yield savings accounts, like ordinary savings accounts, can be insured by the FDIC or the NCUA. Online banks typically impose less or cheaper fees, such as monthly maintenance or excess withdrawal penalties, and greater rates.
Good for: People who desire a higher interest rate on their investments while avoiding costs.
(MMAs) combine the advantages of both a savings and a checking account. These accounts are available at both traditional and internet banks. Rates are usually higher than those offered by traditional savings accounts. You may also be able to write cheques from your account or use an ATM or debit card to access monies.
Good for: People who desire to receive income on their investments while having better access to their funds.
CDs are time deposits, meaning you agree to leave your money in the account for a specific time. Your money accumulates interest throughout that time, and when the CD matures, you can either withdraw your funds or roll them into a new CD. CDs are available at both traditional and internet banks. Online banks have better interest rates than traditional banks.
Good for: People who want attractive rates and don't require immediate access to their funds.
Cash management accounts aren't the same as savings accounts. Instead, you can keep the money in these accounts until you're ready to put it in a taxable brokerage or retirement account. Cash management accounts are sometimes offered by online brokerages and Robo-advisor platforms to their clients. Money in the account can generate interest, generally higher than you'd get at a bank.
Good for: People who want to maintain money in their brokerage or retirement account ready to invest.
Rather than being a catch-all for the money you don't plan to spend, speciality savings accounts are meant to help you attain specific savings goals. In some situations, they may also be designed for a specific sort of individual rather than a specific purpose. Speciality savings accounts include the following:
Kids’ savings accounts
Student savings accounts
Christmas Club savings accounts
Home down payment savings accounts
Individual Retirement Account
Health Savings Accounts (HSAs)
Good for: People looking out for tailored services for specific savings goals.
It is fairly simple to start a savings bank account online. Follow the steps outlined below to get started:
Step 1: Research several banks and their interest rates to see which fits your needs best. Now select the sort of savings account you want to open at the bank of your choice.
Step 2: Go to the bank's official website you want to register an account with.
Step 3: Complete the application for a savings account of your choice. It must be accompanied by a digital copy of address proof, identification proof, age proof, proof of income/employment, and pictures. Furthermore, certain banks may require you to submit actual copies of your documents, for which an executive will be dispatched.
Step 4: You can use your savings account once the bank’s back-end team has verified your information.
If you don't have access to the internet or the official website of the bank where you want to open an account is down, you can open a savings account offline by following the procedures below:
Step 1: Compare interest rates from various banks and choose one that matches your needs and allows you to start a savings account. Select the type of savings account you want to create.
Step 2: Take a copy of your identity proof, age proof, address proof, income/employment proof (if necessary), and pictures to the nearest bank branch of your choice.
Step 3: When you arrive at the bank, request an application form for the savings account you wish to open from a bank employee.
Step 4: Complete the form and attach copies of supporting papers, such as identification, proof of age, proof of address, evidence of income/employment (if applicable), and pictures.
Step 5: The bank representative will submit the application form for processing. Your account will be opened and functional between 1 and 12 working days after confirming your supplied details.
RBL bank is considered among India's most rapidly emerging scheduled commercial banks. It provides the customers with a range of personalised savings accounts, and the interest amount is paid half-yearly. Some RBL Savings Accounts are Prime Savings Account, RBL Woman’s First Savings Account, RBL Seniors First Savings Account, Digital Savings Account, Advantage Savings Account, Executive Salary Account, and Prime Edge Savings Account.
Monthly average balance - While a few of these accounts do not need any monthly average balance, those that do need it to start from as minimum as INR 500 (rural), INR 1,000 (semi-urban), and INR 2,500 (urban).
Account opening process -
First, fill out the Savings Account eligibility form online and submit it with proper information.
After being given the eligibility status, thoughtfully apply for one of the various savings account options presented by the interface.
Once the instant e-approval is done via the portal, the Savings Account department gets in touch immediately.
Channel of access - Both Online and Offline
Reliability - RBL bank accounts have been consistently reliable regarding special services like virtual debit cards. To ensure data privacy, they do have robust security techniques.
Rates of Interest (p.a.) - RBL bank offers India’s highest savings account interest rates from 4.25 % p.a. to 6.50 % p.a.
Additional Facilities -
Some additional banking products by RBL include; personal loans, credit cards, IFSC codes, fixed deposit rates, etc.
RBL bank clients enjoy good insurance coverage and locker discounts
State Bank of India (SBI) customers can choose from various savings accounts. The advantages and the other features of each sort of savings account differ from each other. SBI facilitates you with different Savings Accounts like Savings Plus Account, Resident Foreign Currency Domestic Account, Savings Bank Account, Basic Savings Bank Deposit Account, Savings Account for Minors, Basic Savings Bank Deposit Small Account, and Motor Accidents Claim Account (MACT).
Monthly average balance - As of 11th March 2020, SBI has fully removed the need to have a monthly average balance to maintain savings bank accounts with them for all the above-listed accounts.
Account opening process -
First, visit the official website of SBI and look for “Deposit Schemes” in the personal banking section. You will get the savings bank account options there.
Then choose “apply online” only after carefully understanding the rules and regulations.
In the online application form, fill up the accurate details required.
On submitting the form, you will receive a Temporary Customer Reference Number on the mobile number you filled in.
Your account will be opened after you visit the SBI branch closest to your convenience with the required original documents within 30 days of applying online.
Channel of access - Both Online and Offline
Reliability - The reliability of SBI accounts lies in their standards of safety. Your details remain safe in sophisticated coded encryption that the designated SBI officials can decode.
Rates of Interest (p.a.) - The SBI’s interest rate on savings account for any of the options mentioned above is 2.70 % p.a.
Additional Facilities -
Personal Accident Insurances
Kiosk, Mobile and Internet Banking facilities
Self Deposit Lockers
Multi-city Cheques
Debit Cards, ATM, Nominations facilities
HDFC bank savings accounts come with top financial features and services to evaluate and select the program that meets all their requirements. A relationship manager will be dedicated to the customer. HDFC has a range of savings bank accounts, each with easily accessible features and benefits. HDFC Bank offers its customers Savings Accounts like Family Savings Group Account, BSBDA Small Account, Savings Max Account, Senior Citizens Account, Institutional Savings Account, Regular Savings Account, Kids Advantage Account, Basic Savings Bank Deposit Account, and Women’s Savings Account.
Monthly average balance - While some savings accounts do not require any monthly average balance (BSBDA). In contrast, other HDFC savings accounts must maintain it from INR 5,000 (Kids Advantage) to INR 25,000 (Savings Max).
Account opening process -
On visiting the HDFC bank official website, click on “Accounts” in the “Select Product Type” segment and then click on “Saving Account”.
Choose to “Apply Online”, confirm whether or not you are already an HDFC client, and then proceed with filling up the form and submitting the asked verification documents.
The designated bank official will thoroughly verify your details with your KYC documents.
Once done, a kit containing a Debit card and other account-related documents will be given to you.
Channel of access - Both Online and Offline
Reliability - HDFC bank accounts are reliable as they are easily accessible from India. They are widely spread over every part of the country.
Rates of Interest (p.a.) - HDFC bank savings account interest rates range from 3.00 % p.a. to 3.50 % p.a. for all the savings accounts offered by the bank.
Additional Facilities -
Open just one savings account to benefit from facilities like investment, health, and more
Monthly account statements are emailed regularly
HDFC has the largest ATM base across India
Mobile and Internet Banking are made free of cost
Kotak Mahindra Bank’s savings accounts are popularly known for their ability to provide several other alternatives. Clients can pick from various financial services and assistance offered by the bank. Kotak Mahindra Bank has different Savings Accounts like Silk - The Savings Programme for Women, Nova Savings Account, My Family Savings Account, Junior - The Savings Account for Kids, Alpha Savings Account, Edge Savings Account, Grand - Savings Programme for the 55+, Sanman Savings Account, Classic Savings Account, Ace Savings Account, and Pro Savings Account.
Monthly average balance - The monthly average balance for the mentioned Kotak Mahindra savings accounts starts from INR 5,000 (Nova) and goes up to INR 50,000 (Ace).
Account opening process -
Before you fill out the online application form, you must submit a set of documents to match the bank’s eligibility criteria.
Fill out every detail asked in the form.
Next, you need to go to the nearest Kotak Mahindra Bank branch with the form and documents submitted, along with your KYC documents.
The bank officer will then verify all your documents and recheck your form information on the KYC documents.
Next, you need to make the minimum initial deposit at the cash deposit counter, and the executive will finally give you all the savings account-related documents.
Channel of access - Both Online and Offline
Reliability - Kotak Mahindra bank accounts are considered very secure for banking purposes as they do not come with any risks of instabilities.
Rates of Interest (p.a.) - Kotak Mahindra bank savings account interest rates range from 3.50 % p.a. to 4.00 % p.a.
Additional Facilities -
This is a Risk-Free Investment because there is No Uncertainty
Credit and Debit Cards are issued at No Charge
Easy Payments of Utility Bills online
Mobile and Internet Banking facilities
ICICI bank facilitates customers with various savings accounts, depending on their needs. Among the top banks in India, it enables you to hold an ICICI savings bank account with very little money being invested. The Savings Banks Accounts offered by ICICI Bank are Regular Savings Accounts, Titanium Privilege Savings Accounts, Senior Citizens Savings Accounts, Silver Savings Accounts, Young Stars Accounts, Basic Savings Accounts, Pocket Savings Accounts, Gold Privilege Savings Accounts, and Advantage Women’s Savings Account.
Monthly average balance - You would need to maintain a monthly average balance from INR 1,000 to INR 10,000, depending on geographical parameters (rural, semi-urban, urban, and metro).
Account opening process -
First, you must fill out the “Savings Account Eligibility” form online and the personal data required. The automated system will approve your eligibility.
You can now evaluate and apply for a savings account that meets your needs among the options provided by the automated interface.
You will receive an e-approval from the interface, and the ICICI savings account department will contact you. E-mail and SMS-based status tracking are made available.
Channel of access - Both Online and Offline
Reliability - The reliability of ICICI bank accounts can be noticed in their quick and timely customer care and exclusive benefits.
Rates of Interest (p.a.) - ICICI savings account interest rates vary from 3.00 % p.a. to 3.50 % p.a.
Additional Facilities -
It comes with a range of customised services
Through the ICICI reward point schemes, clients get more than their interests
Huge branch base across India
Exclusive internet and mobile banking facilities
Axis bank provides customers with a wide range of savings account options, exclusive advantages, and customised banking services. The various types of savings account offered by Axis bank are Liberty Savings Account, Easy Access Full Power Digital Account, ASAP Instant Savings Account, Prime Full Power Digital Account, Prestige Savings Account, Small Basic Savings Account, Inaam Personal Account, Insurance Agent Account, Pradhan Mantri Jan-Dhan Yojana (PMJDY), Basic Savings Account, EasyAccess Savings Account, Youth Savings Account, Prime Savings Account, Senior Privilege Savings Account, Women’s Savings Account, Future Stars Savings Account, and Pension Savings Account.
Monthly average balance - While some of the Axis bank savings accounts do not need any monthly average balance, a few others have to be maintained with a minimum balance as less as INR 2,500.
Account opening process -
Initially, visit the Axis bank website and go for the “Apply Online” option.
Application form asking for personal information opens up. Fill that very carefully before attaching the required documents and submitting it.
The designated bank official will verify the application data with your KYC documents.
You get a welcoming set of passbooks and other account-related documents on approval.
Channel of access - Both Online and Offline
Reliability - The reliability of Axis bank accounts is seen in their ability to maintain loyal clients. They offer fast and effective after-sales services.
Rates of Interest (p.a.) - Clients of Axis bank can earn a good interest rate of 3.00 % p.a. to 3.75 %p.a., calculated daily and given out quarterly to the savings account holders.
Additional Facilities -
Clients can track their investments and deposits to plan them even better
It removes the minimum balance needed in some particular cases.
Axis bank customers benefit from many other facilities and privileges alongside a good interest rate on their savings accounts.
To address clients’ differing requirements, Yes bank provides various savings account alternatives. It also allows you to customise your account according to your personal needs and convenience. Yes Bank offers its customers various Savings Accounts like YES GRACE Savings Account, Savings Value, Digital Savings Account, My FIRST Yes, YES RESPECT Savings Account, XLRATE and Customizable Savings Account.
Monthly average balance - To maintain any of the mentioned YES bank savings accounts, the monthly average balance varies from NIL (XLRATE) to INR 5,000 (YES RESPECT).
Account opening process -
First, you must fill out and submit the “Savings Account Eligibility” form on the bank’s official website with the accurate personal information asked.
The website approves your eligibility and presents you with a list of customised savings accounts options to choose from.
On selecting the savings account option you wanted to, the application status tracking is made available through SMS and e-mail. Also, the savings accounts department will contact you by themselves.
Channel of access - Both Online and Offline
Reliability - Yes bank accounts’ reliability lies in their ability to set your money to good use for your benefit, even if you do not have frequent activities in your account.
Rates of Interest (p.a.) - Yes, bank savings account interest rates, depending on the size of deposits made, are split into three categories; 5.00 % p.a., 6.00 % p.a., and 6.25 % p.a.
Additional Facilities -
Doorstep Banking Services
Ability to have Account Number of your Choice
Pay the Utility Bills via this account
Debit Cards with Amazing Offers
Demand Drafts are made available via both branches and digital banking.
DCB Bank is among India’s oldest and topmost scheduled commercial banks, providing people with various savings account options since the 1930s. The different types of DCB Bank Savings Accounts are DCB Classic Savings Account, DCB Family Savings Account, DCB Cashback Savings Account, DCB Elite Savings Account, DCB Shubh-Labh Savings Account, DCB Privilege Savings Account, and DCB Basic Savings Bank Deposit Account.
Monthly average balance - The monthly average balance for these savings accounts can be “NIL”, INR 10,000, INR 50,000.
Account opening process -
First, you must complete the online Savings Account Eligibility form properly before submitting it.
After being made eligible, you may evaluate and select the best from the options presented by the portal.
Finally, the Savings Account department contacts you immediately after a successful e-approval.
Channel of access - Both Online and Offline
Reliability - DCB bank accounts are reliable due to their trustworthy personal benefits. They offer you other financial services alongside attractive rates of interest.
Rates of Interest (p.a.) - DCB bank is yet another bank to offer the highest savings account interest rates in India, up to 5.65 % p.a.
Additional Facilities -
Very Professionally Managed
Large branch bases across the Indian states and UTs
Competitive rates of interest, ensuring more advantages to the clients.
IndusInd bank provides them with a range of savings accounts to effectively address the individual needs of different clients. Indus Senior Savings Account, Indus Diva Savings Account, Indus Privilege Savings Account, Indus Young Saver, Indus Select Savings Account, Indus Easy Savings Account, Indus Classic Savings Account, Indus Exclusive Savings Account, Indus Small Account, and Indus Maxima Savings Account are some of the types of savings account offered.
Monthly average balance - The monthly average balance for these Indus savings accounts ranges between INR 1,500 to INR 10,000.
Account opening process -
To begin, fill up and submit the Savings Account Eligibility form online.
Once declared eligible, understand, compare and choose the savings account that suits your requirements from the given options.
After you are done with the immediate e-approval, the savings accounts department of the bank will update you about your application status through SMS and Emails.
Channel of access - Both Online and Offline
Reliability - IndusInd bank accounts are reliable because your deposits here are comparatively much safer than other banks. They are easy to maintain.
Rates of Interest (p.a.) - IndusInd bank savings account interest rates range from 4.00 % p.a. to 6.00 % p.a.
Additional Facilities -
Clients have access to online banking, mobile banking, and IVR help, among others.
NRIs staying in India for 180 days or more can open an IndusInd saving account by presenting legal passports and other legal paperwork.
Citibank is among the most popular international banks, working efficiently across India. It offers its customers various exclusive savings accounts based on their standards. Citibank offers Savings Accounts: Citigold Private Client, Citigold Account, Citibank Junior Account, Expat Savings Account, Global Banking, Citi Priority Account, Citibank Suvidha, and Citibank Basic Savings Bank Deposit Account.
Monthly average balance - Almost all of the above-mentioned Citibank savings accounts do not require any particular monthly average balance to start running successfully.
Account opening process -
On the homepage of the Citibank banking website, click on Banking and then select the savings account you desire to hold.
Go to “Open A Bank Account” and complete the online application form with accurate details.
Agree with the terms and conditions and choose the “call me” option.
Once you are proven eligible, you will get a call from an executive, and you will need to visit the bank branch nearest to you with your KYC documents.
The designated bank executive will approve your account and give you a welcome kit with all the account-related paperwork.
Channel of access - Both Online and Offline
Reliability - Citibank accounts have proven to be a smart and reliable choice for those who want to enjoy all-around financial solutions.
Rates of Interest (p.a.) - Citibank Savings Accounts rates of interest fall between 2.50 per cent p.a. to 4.00 percent p.a.
Additional Facilities -
Complimentary reward points, debit cards, and privileges
No charges for banking and internet services
Diversified clientele across the nation
With so many Savings Accounts on the market, most of which seem the same, choosing one most suited to your needs can be tough. So, how can you determine which Savings Account is best for you? We'll walk you through some things to think about before deciding on the ideal Savings Account for you.
1. Interest rates
The interest rate offered by your Savings Bank account is one of the most important aspects you should make. Banks provide a variety of interest rates on their Savings Accounts, ranging from 4% to 6.25 % per year. Because interest rates are conditional, this is the case. Even if the interest rate appears to be appealing, you should first determine if you will be able to meet the minimum balance requirements and other terms and conditions that may be connected.
2. Minimum balance criteria
Before you open a Savings Account, make sure it's a zero-balance account or if there's a minimum balance that must be maintained. The bank usually issues a fine if the money deposited in an account falls below the minimum amount.
3. Transactions or service charges
Scrutinise the terms and conditions before opening the account to see whether any fees or charges are linked. You have the option of ignoring costs for features that you use infrequently. Your bank will charge you an administrative fee when your account balance exceeds a specific amount.
4. Ease of online access
Check to see if the bank provides good digital banking services. In today's world, banking from home is the preferred option; therefore, you should be able to use your phone or computer to do basic operations like checking your account balance, moving funds, or starting accounts like Fixed Deposits or PPF.
5. Debit card offers
When you open a Savings Account with a bank, you'll get a free chequebook, additional cards, and discounts on groceries, restaurants, and movie tickets if you use your Debit Card, among other things. Examine whether these freebies are appropriate for you.
6. ATM and branch density:
Though going out to withdraw money during a pandemic will only be necessary for an emergency, it's advisable to choose a bank with a large number of ATMs and branches around the city you're in because you shouldn't have to drive far to get cash or take care of urgent bank-related business.
As per the new RBI regulation, interest in savings accounts is determined daily depending on your closing amount. Depending on the savings account type and the bank's policy, interest will be credited to your account half-yearly or quarterly.
All the banks mentioned above offer the best in class services and are considered equally reliable and safe for banking benefits. You can choose any of the mentioned banks based on your locational convenience and other factors. All these banks offer you the facility of a fixed deposit.
The rate of interest paid on a savings bank account (3% - 6%) is lower than the rate of interest given on a fixed deposit (5% - 8%). Hence, an FD offers the highest rate of interest when it comes to choosing the account type.
There is no conclusive bank that is preferred by everyone going to opening a savings account. But these are the best savings account facilities in India at the moment.
All the account opening processes discussed above are for online services. But, given that you cannot access the online portals, you can do it offline by simply visiting the chosen bank’s branch and consulting the designated bank official.
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