Best Savings Accounts for Balances < ₹1 Lakh

Last Updated : Sept. 30, 2024, 11:25 a.m.

It’s crucial to choose a bank with good interest rates and minimal charges. There are many banks in India for the best savings account balance below ₹1 lakh, with attractive features for those maintaining lower balances.

Mostly you tend to stick with banks which you already have a relationship with. But you might be missing out on a handsome interest amount. Don't be deprived of the privileges that others are enjoying. Check out our best savings accounts list and find the ones you are suitable for. Below there is the table containing several banks with their best savings interest rates -

Best Savings Accounts for Balances below ₹1 Lakh

The list below contains banks offering the best savings account rates to account holders for balances below 1 lakh: -

Best Savings Accounts for Balance Below ₹1 Lakh in Terms of Services

For a balance below ₹1 lakh, the best savings accounts in terms of services typically offer a combination of attractive interest rates, minimal fees, and convenient features. Here are some of the top choices:

SBI Basic Savings Bank Deposit Account

SBI offers a wide range of services to customers having its savings account. So, what are the services that SBI provides to its savings account holders? Take a look below.

• Availability: Accessible at all SBI branches nationwide.
• No Minimum Balance: Enjoy the convenience of maintaining a zero balance account .
• Unlimited Balance: There's no upper limit on the amount you can deposit.
• Withdrawal Options: Withdraw funds using withdrawal forms at branches or conveniently through ATMs.
• Basic Rupay ATM-cum-Debit Card: Receive a basic ATM-cum-debit card for seamless transactions.

HDFC Regular Savings Account

Enjoy the following benefits that await with the opening of this account.

• Discounts: Access exclusive discounts and offers through the online shopping portal offers.smartybuy.hdfcbank.com.
• Lockers: Safe Deposit Lockers are available for added security.
• Debit Cards: Choose between a Millennia Debit Card (metro/urban locations) or a MoneyBack Debit Card (semi-urban & rural locations) based on your location.
• AMC: First-year Annual Maintenance Charge (AMC) waived off for your first Demat Account.
• Free Passbooks: Free passbook and email statement facilities for easy tracking of transactions with personalized cheques with your name printed on each cheque leaf for enhanced security.

Axis Easy Access Savings Account

The benefits of Axis Easy Access Savings Account include:

• Easy Withdrawals: You can easily withdraw your money from your account whenever needed, subject to daily withdrawal limits.
• Interest: You can earn interest on your savings balance, which is calculated daily and credited quarterly. The interest rate offered on the Easy Access Savings Account can vary, so it's important to check with Axis Bank for the current rate.
• Mobile Application: You can easily manage your account online or through the Axis Bank mobile app. This allows you to check your balance, transfer funds, and make payments anytime and anywhere.
• Debit Card: You may be issued a Visa Classic debit card with your Easy Access Savings Account. This debit card can be used to make purchases and withdraw cash at ATMs.
• Complimentary Benefits: The Easy Access Savings Account may also offer other benefits, such as free SMS banking, complimentary personal accident insurance, and rewards program participation. However, these benefits can change, so it's always best to check with Axis Bank for the latest information.

Kotak Classic Savings Account

Kotak Classic Savings Account is designed to provide a convenient banking experience with minimal balance requirements. Here are some of its benefits:

• Unlimited Cash Withdrawals: Free cash withdrawals at any Kotak branch or other domestic ATMs up to a certain limit.
• Interest Rate: Earn up to 3.5% interest on your savings balance. However, the interest rate you receive may vary depending on your daily balance.
• Debit Card: Get a free Classic Debit Card to make purchases and withdrawals.
• Internet Banking: Enjoy free access to Net Banking, Mobile Banking, and Phone Banking to manage your account easily.
• Get 5 free cash pick-up/delivery and instrument pick-up/delivery calls per month for your convenience. You can also avail of free NEFT transfers and free Demand Drafts.
• Monthly Balance: Maintain an Average Monthly Balance (AMB) of Rs. 10,000 to avoid charges.

Overall, the Kotak Classic Savings Account is a good option for those who are looking for a basic savings account with a variety of features and a relatively low minimum balance requirement.

Bandhan Bank Savings Account

For customers with a balance below ₹1 lakh, Bandhan Bank provides a balanced combination of interest rates, digital services, and low fees, making it a solid choice for managing smaller savings efficiently.

• Interest Rate: Up to 3% p.a. on balances below ₹1 lakh.
• Low Minimum Balance Requirement: Bandhan Bank offers a variety of savings accounts up to ₹5,000 per month.
• Free Debit Card: Most accounts come with a free debit card, offering easy access to funds through ATMs.
• Unlimited ATM Withdrawals at Bandhan Bank ATMs: Enjoy free ATM withdrawals without worrying about charges at Bandhan Bank ATMs.

YES Bank Savings Account

YES Bank’s savings account offers a range of benefits to meet your daily financial needs and savings goals. With curated, customized options, it delivers a rewarding banking experience that includes YES Rewardz for various transactions, lifestyle offers, trading and portfolio solutions, easy account management, and special services for senior citizens all at competitive interest rates.

• Convenience in Banking:
• • Hassle-free online bill and utility payments.
  • Anywhere banking across all YES Bank branches.
  • Free Demand Drafts up to specified limits.
  • Free registration for Email/E-statement facility.
• 24/7 Digital Assistance:
  • YES ROBOT: Your personal banking assistant, available 24/7, to help with:
    • Creating Fixed Deposits.
    • Paying bills and sending money.
    • Recharging services and checking balances.

YES Bank’s savings account provides a comprehensive and flexible banking experience, designed to simplify your financial management and enhance your lifestyle.

ICICI Bank Savings Account

ICICI Bank recognizes the value of securing your money while helping your savings grow, offering an attractive 3% interest rate on its Savings Account.

• 3-in-1 Online Trading, Demat, and Savings Account: Manage your investments and savings seamlessly in one place.
• Pre-Approved Loans with Instant Disbursal: Achieve your dreams faster with easy access to funds and quick approvals.
• Instant Payments & Fund Transfers: Effortless and secure transactions anytime, anywhere.
• Simplified Spending with ICICI Bank Credit Cards: Enjoy exclusive offers, rewards, and privileges tailored to your lifestyle.
• Explore a World of Personalized Offers: Discover deals and discounts that match your preferences and needs.

IDFC First Bank

IDFC FIRST Bank offers a compelling savings account for balances below ₹1 lakh, with a host of services designed to enhance your banking experience. Here’s a detailed overview of its offerings:

• Interest Rate: Up to 3% p.a. for balances up to ₹1 lakh, which is among the highest in the market, helping your savings grow faster.
• Monthly Interest Credit: Earn interest monthly, enhancing your savings growth.
• Free ATM Withdrawals: Unlimited free withdrawals at all IDFC FIRST Bank ATMs and free transactions at other bank ATMs.

Eligibility Criteria for the Best Savings Accounts for Balances < ₹1 Lakh

The eligibility criteria for the best-interest savings account, typically include the following:

1. Age Requirement: Minimum age of 18 years. For minor accounts, a guardian’s supervision is required.
2. Identity Proof: Valid identity proof such as an Aadhaar, PAN card, passport, or voter ID.
3. Address Proof: Address proof like Aadhaar, utility bills, or passport.
4. KYC Compliance: Completion of the Know Your Customer (KYC) process with necessary documents.
5. Minimum Balance Requirements: Some accounts may require maintaining a minimum balance, while others like digital or zero-balance accounts have no such requirement.
6. Existing Relationship with Bank (for some accounts): Certain accounts may be available only to existing customers, such as salary accounts or premium accounts.

These criteria ensure ease of access while offering attractive features and benefits for maintaining a balance below ₹1 lakh.