Savings Account is the oldest and most common form of savings. The reason behind people preferring a savings account over any other form of savings is that here the principal amount is always safe no matter how much interest is earned. It can thus be said that the convenience of keeping the money in a savings bank account and earning interest is also the simplest form of investment.

Features & Benefits of Savings Account

Even though there are so many options to save money, the charm of Savings Account is still noticeable. Zero balance savings account has also got so much attention for its advantage of having the privileges of a savings account without maintaining any minimum balance in it. The features and benefits of Savings Account are as follows

  • Safe and secure way to save money
  • You can earn interest up to 8% per annum
  • There is no minimum balance requirement for zero balance accounts
  • Any Indian resident with valid ID proof can open this account
  • There are no restrictions on how many bank accounts you can have
  • You get ATM withdrawal option and Netbanking
  • You can open a joint account with your family member
  • Debit card issued can be used for payments 

What is the minimum balance for a Savings Account?

The minimum balance required to maintain a savings bank account is subject to change from one bank to another just like the rate of interest. There are mainly two types of savings account - regular savings account and zero balance savings account. Banks have a certain minimum balance limit which an account holder has to maintain else he/she has to pay the penalty.

However, with the changes in other banking products, a savings account has also seen a major shift from being minimum balance account to zero balance savings account. Many banks now offer zero balance savings account due to increased demand as compared to the age-old pattern of keeping thousands in the bank account to avoid penalties. The savings account interest rate on these accounts are also high which makes it even more appealing.

List of All Banks Savings Account Interest Rates and Minimum Balance 2021

List of Savings Account BanksMinimum Balance Required(INR)Savings Account Interest Rates (p.a.)Features
Allahabad Bank10003.00%
  • Only for individuals
  • Initial Deposit- NIL
  • Minimum Balance- NIL
  • No charge will be levied for non-operation/activation of in-operative ‘AllBank Saral Savings Account’
  • Option to switch to normal SB account and to maintain applicable minimum balance
  • No charges for closure of account.
Andhra Bank0/5//100/10003.00%
  • Minimum balance of INR 5/-
  • No Charges on non maintenance of Minimum Balance
  • No other service charges
  • No Restrictions on the number of withdrawals in the account.
  • No cheque book shall be issued
  • No ATM / Debit card facility
  • No ABB facility
Axis Bank0/10000/25000/1000003.50% - 4.85%
  • Instant account number.
  • Auto FD feature for balances above INR 10,000
  • Zero Balance Account
  • Complimentary online debit card/ Optional physical debit card
  • Unlimited ATM transactions at all Axis Bank and other banks' ATM
  • Preferential Pricing on Lockers and De-Mat
  • INR 150 discount on BookMyshow, INR 1,000 cashback on Cleartrip App, 2 months free subscription of Airtel Wynk
  • Minimum 15%* off at our partner restaurants
Bank of Baroda0/5/10002.75% - 3.00%
  • Zero Balance Facility
  • Unlimited Chequebook Facility
  • Free Debit Card
  • Interest on quarterly basis
  • Individuals eligible to open Savings Account singly / jointly and having attained the age of 18 Years
Bank of India500/5000/10000/20000/1000003.00% - 3.25%
  • Internet Banking facility
  • Unlimited ATM transactions (Only at BOI ATMs)
  • Online Income Tax return filing facility
  • Personalised cheque book on request
  • Free utility bills payment facility through Epay
Bandhan Bank0/2000/5000/25000/1000004.00% - 7.15%
  • 24-hour customer care facility
  • Nomination facility
  • Complimentary passbook, monthly e-statement, consolidated annual statement, Debit cum ATM card, Net Banking, Phone Banking, Mobile Banking, Electronic Fund Transfer
Bank of Maharashtra10002.75%
  • Telebanking facility, SMS Banking facility, Mobile banking facility and Internet Banking are available.
  • TDS is not applicable for interest earned on the account.
  • Free Mahabank VISA ATM/Debit Card.
  • Deposit Insurance Cover upto INR 1 lakh.
Canara Bank500/10003.00%
  • ATM-cum-Debit Card, Pass book/Pass sheet, Nomination
  • Standing Instructions,
  • Cheque Collection
  • Instant Credit of Outstation Cheque upto INR 15,000/-, Internet & Mobile Banking etc.
Central Bank of India502.75% - 3.00%
  • An account can be opened with initial deposit of INR 50/-. -Minimum balance of INR 50/-
  • One cheque book per year free of charge
  • 50 (Fifty) withdrawals per year free of charge
  • Annual credit allowed is INR 1,00,000/- lakh
  • Annual balance should not exceed INR 50,000/-
  • Citibank Online Mobile & SMS Banking,CitiPhone Banking, Branch Banking facilities
  • Free SMS & E-mail alerts.
  • Zero transaction fee at Citibank affiliated IndianOil outlets.
Corporation Bank0/250/500/2500/15000/1000003.00%
  • 40 Free Cheque leaves per FY
  • Interest paid quarterly
  • Instant Debit card, Internet Banking
  • SMS/ Mobile Banking & IMPS
  • Personalized Cheque Book
  • Fund Transfer through NEFT & RTGS etc.
  • LIC Premium payment through internet & ATM
  • Advance Tax Payment through ATM
  • e-Payment of Tax
  • Card to Card fund transfer
  • Online opening of Deposit [FD/KCC] through internet
  • Applying IPO through ASBA.
  • Insurance & Mutual Funds
  • Email statement, E –passbook, E- mandate, missed call facility, Apna-App, E-purse
Dena Bank02.75% - 3.00%
  • Basic Savings Bank Deposit Account’ is available to all Indian Residents
  • No minimum balance requirement
  • Nomination facility is also available
  • No charge will be levied for non-operation/activation of the savings account
  • Debit cum ATM card facility.
Dhanlaxmi Bank0/5/1000/5000/10000/250003.50%
  • No minimum balance requirement
  • Door Step Banking facility
  • Free cash withdrawal from any other banks’ ATM
Digibank03.50% - 6.00%
  • Zero balance savings account with no minimum balance charges
  • India’s First paperless, signatureless and branchless bank
  • Open Digibank e-wallet within 90 seconds
  • Convert digibank e-wallet into DigiSavings Account with Aadhaar OTP
  • Earn up to 7% interest per annum
  • Unified Payments Interface (UPI) facility to manage all bank accounts
  • Purchase, track and redeem mutual funds with SIP investments
  • 24X7 Virtual Assistance
  • Up to 10% cashback from a wide range of online merchants
  • Free Visa Virtual Debit Card
  • Make payments using Digibank App
  • Intuitive Budget Optimizer
  • Inbuilt security for easy and secure payments
Federal Bank02.25% - 3.65%
  • No Minimum balance requirements
  • One Free Cheque Book (20 leaves) per financial year
  • Proprietary ATM card
  • 1 monthly statement free (if not opted for Pass Book)Account view facility on Fednet (Internet Banking)
  • Only 4 withdrawals in a month are permitted including branch, ATM, cheque clearing, etc.
  • Aadhaar based credit of subsidy/government benefits are free of charge.
HDFC Bank2500/5000/10000/250003.00% - 3.50%
  • Discounts and offers through online shopping
  • Safe deposit lockers
  • Customized banking service
  • No annual maintenance charges for the first year
ICICI Bank0/1000/2000/2500/5000/100003.00% - 3.50%
  • Choose your own account number
  • Get added advantages with ICICI EPF account
  • 24*7 Banking service
  • Mobile Banking and Contactless Mobile Payments
IDBI Bank500/2500/50003.30% - 3.80%
  • Instant fund
  • Online options to pay your bills or tax
  • International Debit Card
  • Demand drafts and Pay order
  • Easy Payments
  • Travel and Gift Solutions
  • Free five ATM transactions
IDFC Bank250006.00% - 7.00%
  • Aadhaar based account opening facility
  • Free ATM transactions in India
  • Free VISA signature Debit card
  • Unlimited fund transfer
Indian Bank250/500/10003.00%
  • ECS/RTGS/NEFT facility
  • No charges for Intra city for transactions above INR 50000/-
  • ATM cards/Debit cards free for the first year
  • 5 transactions free at ATMs
  • Intra city, intercity transactions, Internet/ mobile /phone banking facilities are available at all branches
  • Nomination facilities available.
  • 50 withdrawals permitted free per half year excluding debit entries related to ATM / IRCTC transactions /POS / Internet, Mobile transactions
  • No TDS on interest earned on SB deposits
Indian Overseas Bank500-10003.25% - 3.50%
  • International VISA Debit Card
  • Instant Credit of Outstation Cheque upto INR 15,000/-
  • Internet banking facility.
  • Multicity Cheque facility
  • Nomination facility
  • Standing Instruction Facility
  • Speedy transfer of funds
  • Banking Insurance Product
IndusInd Bank0/10000/25000/25000004.00% - 6.00%
  • Reward points on every card transaction
  • Free monthly e-statement
  • Insurance and medical discounts
  • Cashback through Indus Money Program
Jammu & Kashmir Bank0/500/10003.00%
  • Free cash withdrawals at branch
  • Free Instant Debit Card
  • Nomination facility is available
  • Free e-banking facility.
  • Interest paid at quarterly intervals and calculated on daily products
Karnataka Bank0/500/1000/20003.00% - 5.00%
  • Anywhere Cash deposit at Branch
  • Free cash deposit at BNA
  • Cash withdrawal at any branch
  • SMS alert facility on subscription
  • Free monthly e-statement
  • Free 25 Cheque leaves per calendar year
  • Fastest way of Inter Bank fund transfer through RTGS/NEFT/IMPS
  • MoneyPlant Visa/Rupay classic Debit Card/EMV Chip card available for eligible account holders
  • Free Internet/Mobile Banking facility.
  • Free Mobile Apps -Interbank fund transfer through IMPS
  • Demand Drafts from any branch
  • Fastest collection of cheques
  • Account portability facility
  • Free Missed Call Banking facility
  • 24x7 Customer Care Centre with IVR facility
  • Free fund transfer within the bank
Kotak Mahindra Bank0/2000/3000/5000/10000/20000Upto 4.00%
  • Digital Bank Account
  • Open account through Kotak 811 Plan
  • Instant Account opening with Aadhaar card
  • Free online transfers (NEFT, RTGS, IMPS)
Lakshmi Vilas Bank1000/3000/50003.25% - 6.00%
  • Pass Book facility available -Standing instructions facility is available on a nominal charge
  • No restrictions on the number or amount of deposits.
  • Nomination facility is available
Oriental Bank of Commerce0/500/10003.50% - 3.75%
  • Free ATM cash withdrawal
  • Nomination facility available
  • Free Internet Banking facility
Punjab National Bank500/1000/2000/500003.50% - 3.75%
  • Interest calculated on daily product basis payable quarterly.
  • 20 free personalized multi city cheque leaf per half year
  • Free transfer of fund within PNB accounts
  • Free internet banking
  • Transferability of accounts to any P.N.B Branch without changing the account number
  • Deposits are insured by DICGC
  • ATM Cum Debit card(individuals account)
  • Fast remittance of funds through NEFT/RTGS
  • Acceptance of standing instructions
  • Safe Deposit Lockers
  • Online opening of account facility
Punjab and Sind Bank500/10003.10% - 3.50%
  • Normal banking services available to all
  • No minimum balance required
  • ATM cum Debit card facility
  • Interest Payable on quarterly rest on Daily product
South Indian Bank0/2500/50002.35% - 5.00%
  • Accounts can be opened in joint names of family members
  • First cheque book of 10 leaves free
  • Unlimited withdrawal facilities
  • No Income tax deduction at source on interest
  • Standing instruction for remittance of insurance premium, rent and similar payments
  • Nomination facility available
State Bank of India0/1000/2000/250002.70%
  • Safe Deposit Lockers as per availability.
  • Nomination facility is available and recommended.
  • SMS Alerts and e-Statement facility
  • Auto sweep facility
  • Special salary accounts
  • ATM cum Debit card
  • Mobile and Internet Banking facility
  • Banking services on missed call
  • Personal accident and health insurance cover
Syndicate Bank0/100/500/10003.00%
  • Indian Residents can open the account
  • Internet and Mobile banking facility
  • Free ATM cum Debit card
  • Customized Debit card facility
  • SMS alert on transactions
UCO Bank0/100/250/500/1000/15002.50% - 2.75%
  • No charge will be levied for account closure within 14 days
  • Nomination is accepted in favour of a single individual only
  • Free ATM cum Debit Card
Union Bank of India0/20/100/250/500/10003.00%
  • Simplest deposit option available to the depositor.
  • Free ATM cum Debit card
  • 20 leaves of cheque book free per year
  • Free Accidental Insurance cover by Debit Card usage.
  • Tabulous Banking facility to open accounts from your home/office
  • Earn Rewards points on your Debit card spend
  • Free Internet Banking facility
United Bank of India0/50/100/5003.50% - 3.75%
  • Nomination facility for quick disposal of balance in case of death of a/c holder(s)
  • Facility for standing instruction involving credit to another a/c
  • Cheque book / pass book facility
  • Opening joint a/c with relatives / partners / etc
  • Opening of a/c in the name of minor, illiterate, blind, etc
  • Instant credit upto INR 15000 against collection of outstation cheques
  • Coverage of insurance benefit upto INR 1.25 lac by paying nominal premium of INR 17 per year under United Suraksha Scheme
  • ATM-cum –Debit card
  • Safe custody of article facility, safety lockers facility
Vijaya Bank500/1000/20002.75% - 3.00%
  • An individual can open the account
  • Non-maintenance of minimum balance attracts charges
  • Free ATM cum Debit card
  • ATM withdrawal facility
YES Bank0Upto 6.00%
  • Customized savings account facility
  • Higher rate of interest
  • Internet and Banking facility available
  • Mobile and SMS banking
  • Unlimited access to ATMs
  • Free Utility Bill payments
  • Savings Rewards facility

How to Open a new Savings Account Online

The procedure for online savings account opening with zero balance is very simple through Wishfin. The portal allows paperless process with no upfront verification. There is instant approval facility available which makes account opening process the easiest thing ever. The details required to apply for online savings account are as follows:

  • Full name
  • Mobile number
  • Email ID
  • City

Once the above details are provided, the applicants can compare different banks offering a savings account with zero balance and then apply for the bank as per the choice. The complete process just takes a few minutes.

Savings Account Interest Calculator

Savings Account interest calculator can be used to calculate the estimated investment growth over time. It helps you set a goal and then save money accordingly. The calculation can be done by mentioning the annual interest, invested amount and time period. For a shorter time period, you need to invest more money and vice versa. 

Difference between Savings and Current Account

Savings account and current account have some similarities as well as some differences. A current account, on one hand, is one of the important things to have for businessmen as it allows a higher number of transactions on a regular basis as compared to the savings account. There is no interest provided by a current account by most of the banks but the overdraft facility can be availed easily. The minimum account balance (MAB) required on a current account is also very high as compared to the savings account. For better understanding, have a look at some of the basic difference between savings and current account.

FeaturesSavings AccountCurrent Account
Type of AccountDeposit AccountDaily Transactions
Minimum Account Balance (MAB)0Minimum INR 10,000
Interest RateUp to 7%NIL
Free Transactions AllowedLimitedUnlimited
Overdraft FacilityNoYes

Thus, savings account, especially online savings account, is suitable for anyone who wants to earn interest on their deposits. Current account, on the other hand, is preferred by the individuals and firms who require monetary transactions on a day-to-day basis. Also, the highest savings account interest rate can be earned on a zero balance account and not on a regular bank account.


Below are some of the queries frequently asked about a savings account.

How to check your Savings Account balance?

You can check your Savings Account balance through ATM, NetBanking, SMS and Passbook. 

DoP Internet Banking - Post Office Internet Banking

India Post also facilitates internet banking service through DoP internet banking. You can check your account balance or for any other banking services, you can login through its internet banking portal with the help of a username and password. 

Tax Exemption on Savings Account

Under Income Tax Act 80TTA, interest up to INR 10,000 is exempt from tax. For senior citizens, the tax exemption on a savings account interest rate is up to INR 50,000 under Income Tax Act 80TTB.