Best Savings Accounts for Balances < ₹1 Lakh
Last Updated : April 10, 2021, 5:59 p.m.
A savings account is where you save money from your monthly earnings. If you are successful in maintaining a balance below ₹1 Lakh, do know the interest earned on your deposit. Well, many are searching, but are struggling to find the best savings account for balance < ₹1 Lakh. 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.
Best Savings Accounts for Balances < ₹1 Lakh
The list below contains banks offering the best rate of interest to account holders on their savings balance < ₹1 Lakh.
| Bank Name | Minimum Balance Requirement | Savings Account Interest Rates |
|---|---|---|
| Kotak Mahindra Bank | ₹0-10,000 | 3.50% - 4.00% |
| YES BANK | ₹10,000-25,000 | 3.00% - 7.00% |
| IndusInd Bank | ₹1,500-10,000 | 3.50% - 6.75% |
| ICICI Bank | Up to ₹10,000 | 3.00% - 3.50% |
| HDFC Bank | ₹10,000 | 3.00% - 3.50% |
| Axis Bank | ₹12,000 | 3.00% - 3.50% |
| State Bank of India (SBI) | NIL | 2.70%-3.00% |
Best Savings Account for Balance Below ₹1 Lakh in Terms of Services
You would ideally want services like the flexibility to transfer money online, pay utility bills, and much more. What are the savings accounts that can provide you with maximum services? Let’s find out.
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.
- 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 Rupay ATM-cum-debit card for seamless transactions.
HDFC Regular Savings Account
Enjoy the following benefits that await with the opening of this account.
- Access exclusive discounts and offers through the online shopping portal offers.smartybuy.hdfcbank.com.
- Safe Deposit Lockers are available for added security.
- Choose between a Millennia Debit Card (metro/urban locations) or MoneyBack Debit Card (semi-urban & rural locations) based on your location.
- First-year Annual Maintenance Charge (AMC) waived off for your first Demat Account.
- Extensive network of branches and over 12,259 ATMs for convenient banking.
- Free passbook and email statement facilities for easy tracking of transactions.
- Personalised 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:
- You can easily withdraw your money from your account whenever you need it, subject to daily withdrawal limits.
- 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.
- 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.
- 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.
- 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:
- Free cash withdrawals at any Kotak branch or other domestic ATMs up to a certain limit.
- Earn up to 4% interest on your savings balance. However, the interest rate you receive may vary depending on your daily balance.
- Get a free Classic Debit Card to make purchases and withdrawals.
- 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.
- 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.