Savings Account Interest Rates

Saving Account1592 views

Highlights

  • Check Savings Account interest rate and minimum balance at top banks in India.
  • Open a savings account online.

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 bank account and earning interest is also the simplest form of investment.

The minimum balance required to maintain a savings account is subject to change from one bank to another just like the rate of interest. 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, 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 with high-interest rate which is more in demand as compared to the age-old pattern of keeping a few thousands in bank account to avoid penalties. Here is the list of all Indian banks and the features of their savings account.

Savings Account Interest Rates October 2018

Below are the interest rate, minimum balance requirement and features of all banks offering savings account in India.

S.No.BanksMinimum Balance required (₹)Rate of Interest (p.a.)Features
1Allahabad Bank10003.50%-4%-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.
2Andhra Bank0/5//100/10003.50%-4%-Minimum balance of ₹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
3Axis Bank0/10000/25000/100000/3.50%-4%-Instant Account Number.
-Auto FD feature for balances above ₹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
-₹150 discount on BookMyshow, ₹ 1,000 cashback on Cleartrip App, 2 months free subscription of Airtel Wynk
-Minimum 15%* off at our partner restaurants
4Bank of baroda0/5/10003.50%-4%-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
5Bank of India500/5000/10000/20000/1000003.50%-4%-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
6Bandhan bank0/2000/5000/25000/1000004%-6.55% -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
7Bank of Maharashtra10004% -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 ₹1 lakh.
8Canara Bank500/10004%-ATM-cum-Debit Card, Pass book/Pass sheet, Nomination, Standing Instructions, Cheque Collection, Instant Credit of Outstation Cheque upto ₹15,000/-, Internet & Mobile Banking etc.
9Central Bank of India503.50%-4%-An account can be opened with initial deposit of ₹50/-. -Minimum balance of ₹50/-
-One cheque book per year free of charge
-50 (Fifty) withdrawals per year free of charge
-Total credits in a year should not exceed ₹1,00,000/- lac and balance in the account should not exceed ₹50,000/- in all accounts taken together
10Citibank200000/3.5%-Citibank Online
Mobile & SMS Banking,CitiPhone Banking, Branch Banking facilities
-Free SMS & E-mail alerts.
-Zero transaction fee at Citibank affiliated IndianOil outlets.
11Corporation Bank0/250/500/2500/15000/1000003.50%-4%-40 Free Cheque leaves (per FY), Rs. 4/- per additional leaf
-Interest paid quarterly
-Instant Debit card,
Internet Banking
-SMS/ Mobile Banking & IMPS
-Any Branch Banking
-Personalized Cheque Book
-Fund Transfer through NEFT & RTGS etc
-Mobile Recharge through SMS
-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
12Dena Bank04%-‘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.
13Dhanlaxmi Bank0/5/1000/5000/10000/250004%-6.5%-No minimum balance requirement
-Door Step Banking facility
-Free cash withdrawal from any other banks’ ATM
14Digibank04%-7%-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
15Federal Bank03.50%-6.51%-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.
16HDFC Bank2500/5000/10000/250003.50%-4%-Discounts and offers through online shopping
-Safe deposit lockers
-Customized banking service
-No annual maintenance charges for the first year
17ICICI Bank0/1000/2000/2500/5000/100003.50%-4%-Choose your own account number
-Get added advantages with ICICI EPF account
-24*7 Banking service
-Mobile Banking and Contactless Mobile Payments
18IDBI Bank500/2500/50003.50%-4%-Faster transfer of funds
-Online options to pay your bills or tax
-Good options to grow money at attractive interest rates Instant Banking
-International Debit Card
-Demand drafts and Pay order
-Easy Payments
-Bank on the Move
-Profit from your Account
-Value Added Services
-Travel and Gift Solutions
-International Debit cum ATM card
-Free five ATM transactions at other Bank ATMs at Non Metro Locations
19IDFC Bank250004%-Aadhaar based account opening facility
-Free ATM transactions in India
-Free VISA signature Debit card
-Unlimited fund transfer
20Indian Bank250/500/10004%-ECS/RTGS/NEFT facilities are available
-No charges for Intra city transactions except cash deposit and cash withdrawal charges at host branches for transactions above ₹50000/-
-ATM cards/Debit cards free for the first year
-3 transactions Free at ATMs of other Bank in Metro and 5 transactions Free at ATMs of other Bank in Non Metro Areas.
-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 and ₹15/- will be charged per transaction over and above the free withdrawals.
-No TDS on interest earned on SB deposits
21Indian Overseas Bank500/10004%-International VISA Debit Card
-Instant Credit of Outstation Cheque upto ₹15,000/-
-Internet banking facility.
-Multicity Cheque facility
-Nomination facility
-Standing Instruction Facility
Speedy transfer of funds
-Anywhere Banking
Insurance Product
22IndusInd Bank0/10000/25000/25000004%-6%-Reward points on every card transaction
-Free monthly e-statement
-Insurance and medical discounts
-Cashback through Indus Money Program
23Jammu and Kashmir Bank0/500/10003.50%-Free cash withdrawals at branch (up to 50 withdrawals per half year).
-Free Instant Debit Card issued with an ATM withdrawal limit of ₹0.40 lakh/day & PoS transaction limit of ₹1 lakh.
-Nomination facility available.
-Free e-banking facility.
-Interest paid at quarterly intervals and calculated on daily products
24Karnataka Bank0/500/1000/20003.50%-4%-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 are available for eligible account holders
-Free Internet/Mobile Banking facility.
-Free Mobile Apps -Interbank fund transfer through IMPS
-Demand Drafts from any branch
Nomination facility.
-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
25Kotak Bank0/2000/3000/5000/10000/200005-6%-Digital Bank Account
-Open account through Kotak 811 Plan
-Instant Account opening with Aadhaar card
-Free online transfers (NEFT, RTGS, IMPS) to help you go cashless
26Lakshmi Vilas Bank1000/3000/50004%-6.50%-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
27Oriental Bank of Commerce0/500/10003.50%-4%-Free ATM cash withdrawal
-Nomination facility available
-Free Internet Banking facility
28Punjab National Bank500/1000/2000/500003.50%-4%-Interest calculated on daily product basis payable quarterly.
-20 free presonalized 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 available online also.
-Online opening of account facility
29Punjab & Sind Bank500/10003.50%-4%-Normal banking services available to all
-No minimum balance required
-ATM cum Debit card facility
-Interest Payable on quarterly rest on Daily product
30South Indian Bank0/2500/50004%-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 carried out
-Nomination facility available
31State Bank of India (SBI)0/1000/2000/250003.50%-4%-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
32Syndicate Bank0/100/500/10003.50%-4%-Indian Residents can open the account
-Internet and Mobile banking facility
-Free ATM cum Debit card
-Customized Debit card facility
-SMS alert on transactions
33UCO Bank0/100/250/500/1000/15003.50%-4%-No charge will be levied for closure of account within 14 days
-Nomination is accepted in favour of a single individual only
-Free ATM cum Debit Card
34Union Bank of India0/20/100/250/500/10003.50%-4%-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 Rewardz points on your Debit card spend
-Free Internet Banking facility
35United Bank of India0/50/100/5003.50%-4%-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, illeterate, blind, etc
Instant credit upto ₹15000 against collection of outstation cheques
-Coverage of insurance benefit upto ₹1.25 lac by paying nominal premium of ₹17 per year under United Suraksha Scheme
-ATM-cum –Debit card
-Safe custody of article facility, safety lockers facility
36Vijaya Bank 500/1000/20003.50%-4%-An individual can open the account
-Non-maintenance of minimum balance attracts charges
-Free ATM cum Debit card
-ATM withdrawal facility
37YES Bank05%-6.25%-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

List of All Payments Bank Interest Rates and Minimum Balance

Below is the list of payments banks available in India:

S.No.BanksMinimum Balance (₹)Rate of Interest Features
1Paytm04% per month-No account fees and charges
-Free Virtual Debit Card
-Risk-free deposits
-Updated Passbook
-Account security with special Paytm Passcode
-Withdraw cash from any ATM
-Discounts and Cashback across various merchants
-Free insurance cover of upto ₹2 lakh
2Airtel Payments Bank Ltd.05.5% per annum-Airtel Mobile Number is also the account number
-Open a savings account with a scan of your finger.
-Use all banking services with My Airtel app.
-Personal Accident Insurance Cover of ₹1 lakh
-Withdraw cash at any Banking Point
-Enjoy benefits like recharges, ticketing, shopping, UPI, money transfer, bill payments and much more on Savings Account and Wallets.
3India Post Payments Bank05.5% per annumMaximum account balance up to ₹1 lakh
Free Debit Card
Free 4 monthly ATM withdrawals
Nomination facility available
4FINO Payments Bank Ltd.10004% per annum-Instant and paperless account opening
-RuPay Classic Debit card with insurance of ₹1 Lakh in case of death / permanent disability due to accident
-Free 5 ATM withdrawals
-Instant fund transfer with minimal through IMPS at nominal charges across any bank in India
-Free monthly e-statements

How to Open a new Savings Account Online

The procedure for online bank account opening with zero balance is very simple through Wishfin. The portal allows paperless process and is no upfront verification. There is instant approval facility available at this online portal which makes account opening process the easiest thing ever. The details required to apply for savings account online 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 whole process just takes a few minutes.

List of Banks with Zero Balance Savings Account with Interest Rates

Below are the interest rate on some of the top banks with zero balance account facility for a savings account.

BanksInterest Rate (p.a)
Kotak Mahindra Bank6%
DBS Bank7%
State Bank of India (SBI)4%
Axis Bank4%
HDFC Bank4%
YES Bank6.25%
ICICI Bank4%

Difference between Savings Account 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 AccountFor Daily Transactions
Minimum Balance Amount (MAB)0Minimum ₹10,000
Interest EarnedUp to 7%Nil
Transactions AllowedLimitedUnlimited
Overdraft FacilityNoYes

Thus, it can be said that savings account is suitable for people who want to earn interest on their deposits. Current account, on the other hand, is suitable for individuals and firms who require monetary transactions on a day-to-day basis.

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