I wanted to avoid PSU banks like SBI or Canara because I wanted to know about good customer service, debit card deals, and banks with the latest technology.
I offered to open an account at RBL because they provide one of the best interest rates and provide premium banks fair competition in terms of services and offers.
I researched central Indian banks in 2021 to find the best savings accounts in India, like high-interest rates, zero international balance card debit cards, international debit cards, mobile apps, customer service, and worldwide.
Why do you need a savings account? Importance
The short answer to this question is this: keep your money safe. Storing money at home will be useless and useless. However, it is advisable to include even a small portion of the savings in a bank account. This way, you can quickly transfer and invest the amount deposited into your savings bank account based on your financial goals.
The exact answer to this query is:
- Security: for the security of the money earned.
- Interest: to obtain a fixed rate of interest on the amount deposited.
- Liquidity: Take the money out and use it when you need it.
- Simplicity: This is probably the easiest way to invest your money and get a stable return.
- Net banking facilities: Banks currently offer online banking facilities, where you can quickly transfer amounts whenever you need them.
- Automated payments: You can provide instructions for paying invoices for certain transactions and automatic payments without any problems.
Savings bank accounts: types
Here are some types of savings accounts:
- Regular savings account:
Actual savings account used by the account holder by the basic banking requirements.
- Salary savings account:
Typically, companies open them to their employees, where the employee’s salary is transferred monthly.
- Savings account for the elderly:
They are similar to regular savings accounts but offer older people a higher interest rate and some privileges.
- Savings account with exclusive benefits for women:
Few banks offer this type of account, where women provide unique benefits and features.
- Savings account for minors:
Parents/guardians, on behalf of their children, open these accounts.
- Zero Balance Savings Account:
You will not be charged for this account if your balance is below the lower limit. Many banks offer a zero balance minimum savings account. See the best digital savings bank account in India.
Now, at this point, the next step is to decide which the best bank to open a savings account is. Do you need to consider some important issues when deciding which bank is best to open a savings account?
The best savings bank account in India: features
Here are some of the essential features to consider when choosing the best savings account:
- Interest rate:
This is the first criterion we usually consider when looking for a savings account. We prefer to open a savings bank account with a bank that offers higher interest rates.
Most banks pay only between 3% and 4% of the savings account. Few banks can provide a slightly higher interest rate of around 5-6%. Some banks charge high-interest rates on your account beyond a certain daily balance. For example. If your daily balance is more than Rs.1 lakh, you may have an interest rate of 5% or higher as per bank rules.
Interest is usually credited to your account at the end of each quarter: June 30, September 30, December 31, and March 31.
If you need to keep a large balance in your savings account, you may prefer banks that offer a higher interest rate to get good returns. But if you want to keep the nominal amount in your bank account and diversify the rest of the money, you need to consider other factors as well.
Note: Some banks have recently reduced the interest rate on their savings account to just 3.5%.
Important: You can get a tax deduction section of less than 80TTA on interest earned on your savings bank account up to a maximum of Rs 100,000.
Now I’d think… Which bank offers the highest interest rates? What’s the best bank account?
You do not want to miss the list of interest rates below in India’s savings bank account.
- Minimum Balance Requirement:
There is a minimum balance in your account to keep it active. Private sector banks generally need to maintain a higher minimum balance compared to public sector banks.
If your balance falls below the lower limit, the bank will charge maintenance fees.
According to your rules, the average monthly balance requirement can be a minimum of 100,000 euros or 200,000 euros or even a higher amount. It depends on the type of account you open and the bank you open.
If you allow yourself to maintain a certain balance in your mind, this should not be your primary concern.
- Facilities Offered:
Today, almost all banks offer similar services, such as debit cards, credit cards, ATMs, banking network facilities, mobile banking, and more. However, if we talk about online facilities, banks like BOI, ICICI, and Axis are good. But in terms of physical reach, it can be seen that the SBI has nothing more.
Today, most banks offer applications banking mobile convenient for easy access to various services from anywhere. It is a bank that offers better facilities and fast customer service. However, it is a preferred choice among people.
- Customer Service:
Private Banks generally have an image to offer better services and customer service. However, there may be some exceptions. Although banks now provide online facilities, you may need to go to the offices. In this situation, good service and support staff are a bonus for you.
- Expenses / Fees:
Banks usually charge for the extra services they offer, such as publishing a checkbook, not keeping a minimum balance, etc. Therefore, you should explain the hidden charges in advance.
#1 Kotak 811 – Zero Balance Savings Account (Faster Online Account Opening)
Kotak 811 Digital banking quotas are one of the best savings accounts provided by Kotak 811 is no-balance savings account that you can open with your mobile phone or laptop online.
You can complete KYC with one video call at a time. Your account will be activated in a few steps.
Get a 4% interest rate on your savings account, instead of banks like SBI, HDFC, ICICI.
Advantages of Account Elevation 811
- Open an account immediately
- Balance zero
- Virtual debit card (with the possibility of physical debit card)
- The whole accounting process has no role
#2.Indusind Bank Savings Account
Indusind Bank offers 3 zero excess balances (savings account, trading, and discount) in partnership with Upstox.
IndusStox includes a smart transfer feature, and no money needs to be transferred from a savings account to a trading account to trade on the stock exchange. The money will be saved in your savings account, and you will earn interest on the amount.
Up to 6 per cent interest can be paid on your savings account. The savings account’s interest rate is higher than the interest rate on fixed deposits of banks such as SBI.
Benefits of an IndusStox 3 in 1 account
- Bank balance no balance
- Higher interest rate on the savings account
- Customizable bank account number
- Opening free traders’ accounts etc.
- 30 days No mediation (limited time offer)
- Open an online account
#3.Icici Bank Savings Account (Best Technology)
Opening a savings bank account at ICICI is like doing banking with over 200 banking services offered online.
The incredible technological experience begins with the iMobile banking app. It is easy to use and protected by 265-bit powerful PKI encryption.
You can also view transactions and balances, transfer funds, MF, FD, RD PPF, and NPS accounts, pay insurance bills and premiums, book tickets and manage your Demat account portfolio with mobile.
ICICI Internet Banking has a better interface and navigation, and you can find all the information in one place. All the validation factors are on the same page to make money transfer quick and easy.
You do not have to scroll through the pages, but you can access all service requests from one location. This saves time and provides a seamless user experience.
The best options for ICICI bank savings accounts
- ICICI regular savings account
- ICICI money savings account
- ICICI gold privilege savings account
- ICICI Titanium Privilege Savings Account
#4. Hdfc Bank Savings Account (Best Products)
When you make a bank using HDFC, you get the best products on the market: the best credit cards, deposit fees, loans, Payzapp, Smarthub, or Samsung Pay.
HDFC Bank has another set of essential banking products and services where you get exclusive pricing, telephone banking services, and lifestyle benefits.
The big bank features customized solutions.
- Investments in assets and mutuals,
- Tax payments,
- Portfolio management services.
A responsible relationship manager meets the primary banking needs.
To get essential banking services, you need to have a higher average monthly balance in your savings account. Starting at Rs. 1 Lakh on the first classic bench at Rs. 10 lakes for Imperia premium banks.
The best HDFC Bank savings accounts
- HDFC maximum savings account
- The usual HDFC savings account
- Basic HDFC savings deposit account
- HDFC DigiSave Youth Account
#5. Axis Bank Savings Account (Get Good Services)
I have no personal experience with Axis Bank, but I believe it is the only bank that issues points in Axis account-related transactions. You can earn reward points for performing ECS, following strict guidelines, opening an RD, or getting a Demat account.
You get additional benefits by opening a free savings account, such as a subscription to Times Prime, offers, and access to Cashback on Amazon, Zee5, Ganna, and Uber.
Axis Bank also offers two sets of bank accounts. Easy access with lower first account balance requirements and higher Prime Plus, Priority, and Burgundy balance requirements.
#6. Citi Bank Savings Account (Global Presence)
Citibank can quickly meet the banking requirements of relatives and close relatives. You can find help from 42 countries in 4000 Citibank branches to meet all your banking requirements whenever you want.
Citibank has reliable solutions for sending money.
- Citi Global Transfers
- Cable transfers
- Automated cleaning
- Foreign foreign currency
There, you can send money up to Rs. Get three lakes or a maximum of R per day. Thirty lakes per day of your Citibank account between foreign Citibank account relatives.
#7. Idfc Bank Savings Account
IDFC Bank offers one of the highest 7% interest rates in your savings account. The balance required to earn 7% is Rs. 1 from the Lake to Rs. 10 million.
The balance is less than Rs. 1 Lac will get an interest rate of 6%, 2.5% higher than other banks’ interest rate.
But you have to maintain an average monthly balance of Rs. Expenses for not maintaining a minimum balance of approximately 25,000.
IDFC only charges specific transactions, such as issuing checkbooks, paying off branches, replacing debit cards, debit cards a year, and making a free ATM if you do not maintain your average monthly balance.
IDFC’s best bank savings account
- With a signature debit card, the IDFC bank savings account
- IDFC bank savings account with a classic debit card
#8. Rbl Bank Savings Account
RBL Bank offers interest on savings accounts of up to 6.75%, one of the top banks. The FD interest rate of SBI, HDFC, and ICICI is also between 5% and 6%.
You can get the same fixed interest rate in your savings account without stopping your money.
RBL offers a digital savings account that can be opened online without going to the bank branch.
You need to follow three simple steps
Step 1: Enter Aadhar and PAN details
Step 2: Select an account variant
Step 3: Update personal data
#9. Yes Bank Savings Account
You can open a Yes Bank savings account that is customizable. Flexibility to select a debit card, pricing options (instead of maintaining a minimum balance), account-related benefit packages, as well as additional access offers.
Yes, the best bank savings account
- Yes Customizable bank savings account
- Yes Bank savings account
- Yes Digital savings account
#10. Bandhan Bank Savings Account
Bandhan Bank is a good option for people who want to bank with a financial institution rooted in a social cause. The bank has a good range of savings account products for individual consumers with regular benefits.
Best Bandhan Bank Savings Account
- Bandhan Neo + savings account
- Bandhan premium savings account
- Bandhan Standard Savings Account
- Bandhan Special Savings Account
#11. Digibank and DBS
You can open a savings bank account with Digi Bank immediately with Aadhar. There is an online customer service mechanism but no bank branch. The bank has only contact points.
#11. Paytm Payments Bank Savings account
With your PaYtm savings account, your phone is your bank. From your computer, you will enjoy the comfort of banking.
Paytm Pay Bank is for cashless payment transactions and the minimum banking needs of the company’s non-banking divisions.
You can open a no balance savings account with Paytm bank without the hassle of maintaining an average monthly balance.
Unlike traditional banks, you do not need to fill in a form here to open an account. Opening accounts is simple and utterly digital through the Paytm application. But you need to send documents to your location near KYC.
#12. Airtel Payments Bank Savings Account
Airtel Bank is best at doing some banking transactions and making various payments like electricity and gas bills, mobile phones, telephone and water bills, DTH, data card, and Insurance.
The savings bank account can be opened using the Airtel app; you also get a debit card online.
However, there is no physical branch, but you can draw and save money at five banks + lake points. These bank points for pre-loaded stores are airtel outlets.
#13. Baroda Savings Account
Baroda Bank is the second-largest PSU bank with the right products and quality customer service. The bank provides decent service to the banking network, but the applications are average.