We use savings accounts in our daily life if we need instant cash. A savings account allows you to withdraw or deposit money whenever needed. Most people love to use savings accounts. But, which bank is better for a savings account?
24hr Loan search the question with a list of best savings accounts in India. These lists provide the best interest rates with additional profit.
Top Banks for Savings Account in India
| Banks | Interest Rate (p.a.) |
| State Bank of India | 2.70% – 3.00% |
| Union Bank of India | 2.75% – 3.55% |
| DCB Bank | 2.50% – 5.00% |
| Central Bank of India | 2.80% – 3.25% |
| Bank of India | 2.75% – 2.90% |
| Ujjivan Small Finance Bank | 3.50% – 7.50% |
| HDFC Bank | 3.00% – 3.50% |
| ICICI Bank | 3.00% – 3.50% |
| Federal Bank | 3.05% – 7.81% |
| Axis Bank | 3.00% – 3.50% |
| Bank of Baroda | 2.75% – 3.35% |
| IDFC First Bank | 3.50% – 4.00% |
| Bank of India | 2.75% – 2.90% |
| Kotak Mahindra | 3.50% – 4.00% |
| RBL Bank | 4.25% – 6.75% |
| IndusInd Bank | 4.00% – 6.00% |
How to Choose the Best Bank for a Savings Account
Opening a savings account means you are creating a long-term relationship with the bank. So, you should choose the beneficial savings account that will whenever you go within India. Let’s figure out how to choose a savings account for you:
Supportive Bank Staff
With this busy schedule, you can’t spend a long time on bank-related work such as updating your passbook, KYC form, ATM card application, etc. This work can be done within 30 minutes if the bank staff is supportive. It will save you time and effort.
Interest Rates
If we get a good interest rate on a savings account, it will save the cost of one tea per day. Banks like SBI, DCB Bank, Union Bank, and RBL Bank offer huge interest on savings accounts that give you maximum return. It will motivate you to keep savings.
Maintain Minimum Balance
Urban people have to maintain a minimum balance more than rural people. Also, Banks like HDFC, Axis, and ICICI need to maintain Rs. 3,500 to Rs. 25,000 based on location. Another way State Bank of India and the Union Bank of India are not required to maintain a minimum balance.
So, you have to figure out the needs and facilities you want from a savings account.
Bank Charges
Different types of fees are included with savings accounts such as account maintenance charges, ATM withdrawal fees, Debit Card charges, etc. Customers should be aware of fees whenever opting savings account. Compare with popular banks like SBI, HDFC, Axis Bank, and ICICI Bank to reduce the charges.
Availability
You should check whether branch availability, ATM, and online banking facilities are applicable or not. Pick a bank that has all the features to ensure digital presence. Additional mobile banking facilities provide extra relief.
Also Read: 4 Tips to Minimize Property Loan Interest Rates
Different Types of Savings Accounts
Regular Savings Account
Most people have a regular savings account which is a basic bank account. Customers have to maintain a minimum balance for RSA (Regular Savings Account). This is good for daily banking transactions.
Zero Balance Savings Account
Government bank offers zero-balance savings accounts. You don’t need to maintain a minimum balance for this type of account. Also, you will get a debit card with a zero-balance account. But there are some limitations like you cannot deposit a huge amount.
Women’s Savings Account
Women will get additional facilities in savings accounts. Get higher interest, loan facility, and insurance coverage with a women’s savings account. This account is designed only for women.
Senior Citizens Savings Account
The 60 age up people fall under the senior citizen group. They will get the best interest and investment-related benefits with senior citizens’ savings accounts. FD (Fixed Deposit) interest is also high for senior citizens.
Minors’ Savings Account
Kids below or under 18 years of age are eligible for minors’ savings accounts. This account must be open with parents. You can use a debit card for this account.
Salary-Based Savings Account
A salary account is another type of savings account. The company opened this account on behalf of the employee. This account comes with a zero-maintained balance. The employee uses and handles this savings account himself. Banks like HDFC, SBI, and Axis offer pre-approved loans for salary-based savings accounts.
Required Eligibility for Opening Savings Account
There is no required huge eligibility for opening a savings account. Just maintain the minimum required eligibility:
- Age Required: 18 years for an individual savings account (Minor can open account with parents)
- Identity Proof: Pan Card/ Aadhaar Card / Voter Card / Driving License/ Passport
- Passport photo of a customer
- Application form of savings account
- Required minimum amount to open account (Depend on Banks)
Conclusion
Savings accounts one of important part of our lives. For regular transactions, you will need to open a savings account in your preferred bank. Comparing the best bank for a savings account is one of the hardest tasks. But 24hr Loan make it easy to this article. Choose a savings account that will be reliable for you.
FAQs
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How much amount I can deposit in a savings account?
RBI set a limit of Rs. 10 lakh yearly for deposits in savings accounts.
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Which bank provides 4% interest on savings accounts?
IndusInd Bank offers 4% to 6% interest on savings accounts.
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How much interest rate does SBI offer on savings accounts?
State Bank of India offers 2.70% to 3.00% interest on savings accounts.