Best Savings Accounts for Balance Below ₹1 Lakh

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Highlights

  • Best savings accounts for depositing a balance below ₹1 lakh here
  • Higher interest rates, premium services - the fulcrum of a top savings account

So you are seeking a saving account wherein you can get the best on maintaining a balance below ₹1 lakh, right? Well, many are searching but are struggling to find so. Most tend to be sticky with banks where they already have a relationship without even looking at how much they have gained by showing the loyalty. As a result, they have been deprived of the privileges that others are enjoying.

So, how do you judge which is best and which is not? For that, you need to compare the savings accounts. The biggest debate, however, remains as to how to compare the accounts. Here, you should see how much earnings you are likely to make and the services you would get on the balances below ₹1 lakh. Both are equally important to a rewarding savings account journey.

Open A Savings Account Now

Say thanks to RBI’s deregulation of savings rate in 2011 that made banks to open the box of higher rates to benefit the consumers at large. Before deregulation, the rates used to be same across banks. Moreover, the growing pace of innovation within the banking space has seen services such as National Electronic Fund Transfer (NEFT), Real-time Gross Settlement (RTGS) and Immediate Payment Service (IMPS) catching among the masses.

So, stay tuned to the article that takes you through the higher interest rates and the best-in-class services offered on different savings accounts.

Best Savings Accounts for Balance Below ₹1 Lakh

The below list contains banks offerings the best of interest rates to account holders on their savings balance below ₹1 lakh.

Bank NameMinimum Balance Requirement (In ₹)Interest Rate (in % p.a.)
Kotak Mahindra Bank0-50,0005.00
Yes BankDepending on the product suite5.00
IndusInd BankDepending on the product suite4.00
ICICI Bank 10,000-25,0004.00
HDFC Bank50004.00
Axis Bank10,000-1,00,0003.50
State Bank of India (SBI)1,000-3,0003.50

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 those savings accounts that can provide you maximum services? Let’s find out.

SBI Regular Savings Account

SBI offers a wide range of services to customers having its savings account. So, what are those services that SBI provides to its savings account holders? Take a look below.

Services on Offer

  • The savings account you open at SBI can be linked to Multi Option Deposit (MOD) account, letting you earn the higher rates of term deposits on money exceeding a certain level above the minimum balance one needs to maintain in the primary account.
  • Get gold, platinum and International ATM-cum debit cards for cash withdrawal, shopping, account balance enquiry, and much more.
  • Enjoy Internet banking and mobile banking services to transfer funds, pay utility bills, etc.
  • Funds can be transferred via NEFT, RTGS, IMPS, etc.
  • Download State Bank No Queue App to book a Virtual Queue Ticket for select services at some SBI branches
  • Get reward points on your purchase made via debit card.
  • Get protected with a personal accident and health insurance cover at discounted rates
  • Safe deposit lockers

HDFC SavingsMax Account

Enjoy the following benefits that await with the opening of this account.

  • Get account access via mobile, laptop or phone
  • Enjoy lifetime free debit cards
  • Unlimited free transactions at HDFC bank and other bank ATMs using Platinum Debit Card
  • Free passbook and e-statement facility
  • 1% cashback on transactions
  • Free personal accidental death cover of ₹10 lakh
  • Enjoy accidental hospitalization cover of ₹1 lakh
  • Daily cash allowance of ₹1,000 per day for a maximum of 10 days in a year for each day of hospitalization due to an accident
  • Enjoy 50% waiver on a 2-wheeler loan processing fee on having SavingsMax account
  • Get 50% discount on the issuance of a Gift Plus Card on loading a minimum of ₹5,000 on the card

Axis ASAP Instant Savings Account

A zero balance account that takes you to unlimited benefits and privileges. Let’s glance at those below.

  • Get virtual Visa debit card or Visa online rewards debit card
  • Daily cash withdrawal limit of ₹50,000 and shopping limit of ₹4,00,000 on online rewards card
  • Daily shopping limit on virtual Visa card is capped to ₹1,00,000
  • Auto sweep facility with balances above ₹10,000 getting converted into a fixed deposit automatically
  • Enjoy a discount of ₹150 on BookMyshow, free subscription of Airtel Wynk for 2 months and a cashback of ₹1,000 on Cleartrip App

Kotak 811 Account

Around a year back, Kotak Mahindra Bank took the initiative of launching a digital account on your mobile. Yes, you can download Kotak 811 Mobile Banking App to open the account. Catch the benefits of the account in the following points.

  • Virtual Debit Card
  • Shop for travel, entertainment
  • Pay utility bills online
  • No minimum balance required

Personal Loan Interest Rates September 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.25%
ICICI Bank10.99% - 18.40%
IndusInd Bank11.25% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank10.99% - 14.49%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2018
State Bank of India/SBI8.65% - 9.20%
HDFC8.70% - 9.40%
Bank of Baroda8.55% - 9.55%
LIC Housing8.60% - 8.95%
PNB Housing Finance8.99% - 10.75%
ICICI Bank8.85% - 9.10%
Axis Bank8.50% - 8.75%
Citibank8.85% - 9.65%
Indiabulls Housing Finance Limited8.70% - 9.85%
Kotak Bank8.65% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
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