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Banks that Provide the Best Savings Account to Individuals

Highlights

  • What are the banks that provide Best Savings Accounts to Individuals?
  • Know about the features of some of the top banks providing savings accounts

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Savings Account is something that you and everyone around you must be familiar with. It is one of the most popular banking products among customers across the country. A significant percentage of our country’s population has one or more savings accounts on their names. A savings account is one of the most basic banking services which is used by individuals to deposit their hard-earned money safely in the banks so that you don’t need to carry it with you all the time. Moreover, you can withdraw your money anywhere anytime without any hassle and you will also get interest on your deposited amount.

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But there are so many banks that provide Savings Account for Individuals that it is quite hard to choose the best one from them. There are so many factors that make a bank suitable to open a savings account. These are interest rates given by banks, services & facilities provided by them and a few other factors. In this article, we will be telling you what exactly is a savings account, what are those banks that have the best savings account for Individuals, their interest rates, features, etc. So, this could be an insightful read for you if you are looking to open a savings account in a bank.

Let’s Know about Savings Account in Detail!

Before knowing the banks that provide the best savings account in India, it is important to know what exactly is a savings account. As we told an individual can deposit their money safely in a savings account provided by the bank and in return, banks provide interest on that amount. The savings account interest rates tend to change from one bank to another bank. A savings account is considered to be one of the most liquid investments because you have the freedom to withdraw the amount, anytime, anywhere when needed.

With so much digitalization, you can open a savings account even from your mobile. Leave aside, some banks also provide you the facility of opening a savings account by just calling a number. You don’t need to visit the bank branch with all your documents to open an account. Just fill the application form online, upload the required KYC documents and you will have a Savings Account.

A savings account can be opened by anyone who is an Indian Citizen either individually or jointly. If you are thinking why do you need a savings account, the reasons can be many. You will need a savings account to save your money safely without any fear of theft, you can make bill payments, mobile recharges, accept and receive money, make your credit card bill payment, etc. The advantages are endless. It’s just you need to choose the bank with the best savings account. And we will help you with this.

Top Banks that have the Best Savings Account for Individuals

We are showing details of those banks that have the best savings account for individuals in India. This will help you in choosing the best savings account for you. Have a look.

State Bank of India (SBI) Savings Account

State Bank of India (SBI) is the largest bank of India that provides a wide range of banking products to the customers. SBI Savings Account is one of the popular products in which individuals can deposit their money safely. When it comes to interest rates, the SBI Savings Account provides 2.75% per annum. There are so many features that you can have a look at the below table.

FeaturesDetails
Interest Rates2.75% per annum
Monthly Average BalanceNil
Maximum BalanceNo Limit on Maximum Balance
Debit CardBais Rupay Debit Card
Cheque BookFirst 10 cheque leaves free in a financial year
Thereafter,
10-Leaf Cheque Book at INR 40 plus GST
25-Leaf Cheque Book at INR 75 plus GST
Account OperationSingle or Jointly
Nomination FacilityAvailable
EligibilityAll individuals/Central/State Govt Departments
Other FeaturesMobile Banking
SMS Alerts
Internet Banking
YONO App facility
State App Anywhere
SBI Quick Missed Call Facility

HDFC Bank Savings Account

HDFC Bank, India’s leading private sector bank providing a wide range of financial products to its customer. One of the product is Savings Account that you can open instantly without any hassle and that too from the comfort of your home only . HDFC offers savings account with interest rate ranging from 3.00% – 3.50% per annum. This interest is calculated on Quarterly basis.

HDFC Bank has the Savings Account for all of your needs, Zero deposit to feature rich and customized account. Yes you can choose the type of account you want to open with HDFC Bank.

Here we have curated a list of different savings account basis on your needs with their interest rates and Average Monthly balance, have look at the below table to get to know more about HDFC Savings Account –

Type of AccountInterest RateAverage Monthly Balance
Savings Max Account3.00%-3.50%Rs 25000/-
Women’s Saving Account3.00%-3.50%- Rs. 10000 (Metro/Urban Branches)
- Rs 5000 (Semi Urban/ Rural Branches)
Regular Savings Account3.00%-3.50%- Rs. 10000 (Metro/Urban Branches)
- Rs 5000 (Semi Urban/ Rural Branches)
DigiSave Youth Account3.00%-3.50%- Rs. 5000 (Metro/Urban Branches)
- Rs 2500 (Semi Urban/ Rural Branches)
Senior Citizen’s Account3.00%-3.50%Rs 5000 (Urban / Semi Urban)
Kid’s Advantage Account3.00%-3.50%Rs 5000
Institutional Savings Account3.00%-3.50%NIL
Basic savings Bank Deposit account3.00%-3.50%NIL
Government Scheme Beneficiary Savings Account3.00%-3.50%NIL
BSBDA Small Account3.00%-3.50%NIL
Saving Farmers Account3.00%-3.50%Rs 2500 Average Half Yearly Balance
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Other key features and benefits of opening Savings Account with HDFC Bank

  • The minimum amount required for opening Savings Account in HDFC is Rs. 10,000 for metro Urban branches Rs. 5,000 For Semi Urban branches Rs. 2,500 for Rural branches is required to open a Savings Regular Account.
  • Cheque Book – Free- 25 cheque leaves per financial year & Additional chequebook of 25 leaves will be charged @Rs 75/-per chequebook.
  • HDFC Bank personalized account number and cheque book enhances security and ensures that your money is safe.
  • You can get SMS alerts and e-statement facilities with HDFC Savings Account.
  • You can easily transfer your amount to another bank account through RTGS, IMPS, NEFT & UPI facilities.
  • With HDFC Auto Sweep facility, your account can be linked to Multi Option Deposit (MOD) Account.

Kotak Mahindra Bank Savings Account

If you are someone who is looking to choose the best savings account from the options available, Kotak Mahindra Bank Savings Account could be one of them. With an extended range of savings accounts provided by the Kotak Mahindra bank, you could manage your money efficiently. Kotak Mahindra Bank Savings Account interest rates are fixed at 3.50% - 4.00% per annum on balance above INR 1 lakh. There are no transaction or monthly account fees that you need to pay on its savings account. You can choose an account according to your needs from a range of savings accounts such as 811 Digital Bank Account, Edge Savings Account, Sanman Savings Account, Classic Savings Account, etc.

We are showing you some of the details related to the Kotak Mahindra Bank Classic Savings Account in the below table. Have a look!

FeaturesDetails
Interest Rates3.50% - 4.00% per annum
Monthly Average BalanceNil/INR 10,000
Maximum BalanceNo Limit on Maximum Balance
Debit CardVirtual Debit Card
Free Platinum International Chip Debit Card
Account OperationSingle or Jointly
Nomination FacilityAvailable
EligibilityResident Indian
Hindu Undivided Families (HUFs)
Foreign Nationals living in India
Other FeaturesFree NEFT through Internet Banking
Free Cash Withdrawals at Domestic ATMs
Scan and Pay to make payments for shopping, groceries, and much more

DBS Bank Savings Account

A savings account from DBS Bank could also be a useful option for you if you are looking to choose the best savings account for yourself. Do you know that you don’t even need to step out of your home to open a DBS Digi Saving Account? You just need to download the Digibank Mobile Application on your smartphone and fill the required details. With interest rate ranging from 3.50% - 5.00% per annum, you also get welcome benefits on opening a savings account such as you will get INR 150 cashback on adding INR 10,000 in your Savings Account or spending INR 3,000 with your Debit Card.

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However, you need to add this amount within 10 days of account opening. Have a look at some of its features in the table below.

Savings Account AspectsDetails
Interest Rate3.50% - 5.00% per annum
Monthly Average BalanceNil
Maximum BalanceNo Limit
Debit CardDBS Digibank Debit Card
Nomination FacilityAvailable
FeaturesBranchless, Signatureless, Paperless
Tap-to-pay facility
Cashback upto 10% on shopping
Free 24x7 fund transfers via UPI, NEFT, IMPS, RTGS

RBL Bank Savings Account

RBL Bank is one of the leading private banks of India that provides a wide range of banking products among which its Savings Account is one of the popular ones. With the basic savings account, you can get higher interest rates ranging from 4.75% - 6.75% and you can put this account even with zero balance. Though, the interest rates will change according to the balance in your account. To know why this could be the best savings account for you, have a look at the below table where we have shown important details related to it.

FeaturesDetails
Interest Rates4.75% - 6.75% per annum
Monthly Average BalanceNil
Maximum BalanceNo Limit on Maximum Balance
Debit CardFree Rupay Debit Card with a withdrawal limit of INR 50,000
Chequebook Facility2 cheque books per annum(40 Leaves) for free
EligibilityResident Indian
Other FeaturesFree NEFT through Internet Banking
Unlimited Free transaction at RBL ATMs
Free Replacement of Damaged Card
Higher FD rates

IndusInd Bank Savings Account

IndusInd Bank, which is one of the leading private banks of our country, provides the facility for opening the savings account instantly without any hassle. There are so many savings accounts from the IndusInd Bank from which you can easily choose the best savings account for you according to your needs. Some of them are Indus Online, Indus Select, Indus Senior, Indus Classic. With the interest rates ranging from 4.00% - 6.00% per annum, it could be a suitable choice for you to keep your money safe. Other details related to the IndusInd Bank Savings Account are shown in the table below. Please check!

FeaturesDetails
Interest Rates4.00% - 6.00% per annum
Monthly Average BalanceNil/INR 1,500/INR 2,500/INR 10,000 (depends on the location)
Maximum BalanceNo Limit on Maximum Balance
Debit CardIndusInd Titanium Debit Card with INR 50,000 withdrawal limit
Platinum Plus Debit Card @ INR 1000 plus GST charges
EligibilityValid for 1 year only; after which customer has to do face-to-face KYC
Other FeaturesCashback on all your spends with your Debit Card
Upto 15% off on best restaurants across India
Free Movie Tickets worth IRN 3,000
6x Rewards on Shopping as cashback
Offers on Travel, Fashion and Shopping
IndusMobile Application

So, these are some of the banks that provide the best savings account. Now you have so much information about all of them, you can make a better decision for yourself. Choose wisely.

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