Highlights
- Don't know the best banks for savings account? Choose from this list
- Zero balance, higher interest rates should be there in a savings account
What exactly a savings account is, a reserve to meet the expenses, right? As this account is offered by more than 30-40 banks located at around every square of the city you live in, it calls for comparing and choosing the best.
Now, the definition of best can vary according to how one perceives an offering to be. While younger blokes can be swept away by the offerings of zero balance, the working class particularly those in their 30s and 40s would want a higher interest rate to keep depositing the bulk in their savings account.
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Not every savings account you come across would have all such features. Taking that into consideration, the article has segregated the best banks for savings account in terms of aspects such as minimum balance, interest rate, etc. This will help you choose an account of your choice. So, read on to find your true savings account partner.
Which Bank is Best for Saving Account According to Minimum Balance? (Ideally Suited for Students & Early Age Salaried)
If you want to choose the best on minimum balance, it clearly means you are hunting for a zero balance account. So, pick one or more from the following zero balance savings account offered by different banks.
| Bank Name | Savings Account Name | Facilities Offered | Eligibility Criteria |
|---|---|---|---|
| State Bank of India (SBI) | Basic Savings Bank Deposit Account | Basic RuPay ATM-cum Debit Card to come free of cost Free receipt of money via NEFT or RTGS Free deposit or collection of cheques drawn by state or central government No charges on account closure and activation of inoperative accounts | One must not have other savings account with this account. If the customer already has, the same needs to be closed within 30 days of opening the basic savings bank deposit account. A maximum of 4 withdrawals permitted in a month, including ATM withdrawals at SBI and other bank’s ATMs. The 4 withdrawal cap would also apply to NEFT/RTGS/branch cash withdrawal/Internet debits/EMI/Standing Instructions, etc |
| ICICI Bank | Basic Savings Account | Free RuPay Card facility No charges on cash deposits/withdrawal Passbook to be issued free of cost | An Indian national with a minimum of 18 years can open the account HUF Kartas, non-resident Indians (NRIs) and foreign nationals are not permitted to open the account |
| HDFC Bank | Basic Savings Bank Deposit Account | Access to free RuPay Card Four free cash withdrawal allowed in a month Free cash and cheque deposits at bank branches and ATMs Passbook to come free | Resident Indians can operate this account on a single or joint basis Hindu Undivided Families (HUFs) are also allowed to open this account |
| Axis Bank | Basic Savings Account | Free RuPay Debit Card facility Get monthly e-statements, SMS alerts and passbook facility | An applicant must not have any other savings account of Axis Bank before opening this account. If at all is the case, the same needs to be closed within 30 days of opening Basic Savings Account |
| Kotak Mahindra Bank | 811 Digital Account | Open the account and book RD/TD online with Kotak Mobile Banking App Get a virtual debit card to shop, recharge mobile/DTH and pay bills online Scan and pay feature enabled for shopping, groceries, cab, home deliveries, travelling and entertainment | Anyone with 18 years and above is eligible to open the account |
| IndusInd Bank | Basic Small Savings Account | Free ATM card Both deposit and withdrawal facility allowed Walk to up to IndusInd Bank ATMs to enjoy services such as mobile recharge, credit card bill payment, balance enquiry, etc. A total of 5 other bank ATM transactions to be free in a month. These would be cash withdrawal, mini statement, PIN change or balance enquiry Avail free fund transfer facility via NEFT or RTGS Half-yearly and monthly statements 365 days banking at select branches Free nomination facility | A resident individual aged above 18 years is eligible to open the account The sum of credits in the entire financial year must not be more than ₹1 lakh The sum of transfers and withdrawals from the account must not be above ₹10,000 in a month You must ensure the balance does not go past ₹50,000 at any point of time On not following conditions stated above at any point of time, the bank can ask additional documents to complete the KYC. If not submitted, the bank can close your account |
| IDFC Bank | Pratham Savings Account | All the basic banking services such as deposits, withdrawals, money transfer, bill payment, balance enquiry, mini statement would be available Get all your government payments and subsidies on your account | The account can be opened either on an individual or joint basis No other bank account should be there. If that is the case, the same account needs to be closed within 30 days of opening Pratham Savings Account |
| RBL Bank | Abacus Digital Savings Bank Account | Unlimited ATM transactions Anytime Banking Instant and paperless banking Fund transfer via NEFT/RTGS | Any resident Indian and Indian national with a valid Aadhaar and PAN card can open the account The mobile number of the account holder must be linked with Aadhaar The account holder must not have any other savings account The applicant must stay in a city where RBL Bank has its branches |
| Standard Chartered Bank | Basic Banking Account | Get 5 free financial and non-financial transactions in a month from other bank ATMs Basic banking services such as phone banking, internet banking, debit card, doorstep banking, locker facility are also available | Resident Indian, foreign national and Hindu Undivided Family, all three are eligible to open the account |
Above, you must have seen RuPay Card. Now, what is it and why should it matter to you? You must be asking these questions, right? Well, the card comes with the following benefits to interest you.
- Lowers the cost of clearing and settlement for each transaction
- Can be used on platforms such as mobile technology, ATMs, cheques
- Accidental insurance cover of ₹1-2 lakh
Best Banks for Savings Account in Terms of Interest Rate
Till the deregulation of savings rate, there was no competition among the banks as far as the interest rate on a savings account is concerned. The RBI’s regulation on savings rate was on and so the rates remained same across the banks till that time. Post the deregulation of savings rate in 2011, the competition intensified with banks like Kotak, IndusInd and a few more raising the rates to create more customers for them. Let’s check out the banks that give you the best interest rates on your savings account.
| Bank | Savings Account Interest Rate |
|---|---|
| RBL Bank | 4.25% - 7.50% |
| Kotak Mahindra Bank | upto 4.00% |
| Yes Bank | upto 7.00% |
| IndusInd Bank | 3.50% - 6.75% |
